Mondelēz International is set to acquire a majority stake in Chinese company Evirth, in a major move to strengthen its presence in the cakes and pastries market.
This acquisition is part of Mondelēz’s broader strategy to expand in high-growth snack categories, alongside its core focuses of chocolate and biscuits.
Dirk Van de Put, Chair and CEO of Mondelēz, expressed excitement about the acquisition.
“We’re excited about the opportunity to accelerate our growth in cakes and pastries through continuous innovation, leveraging our high-value brands to create more premium tastes and formats.”
Founded in 2013, Evirth is a leader in the frozen-to-chilled cakes and pastries sector in China, a market currently valued at around US $3 billion and growing at an impressive 15 per cent annually.
This acquisition follows Mondelēz’s previous ventures in the bakery space, including its purchase of North American bakery leader Give & Go in 2020, and the acquisition of Chipita Global SA in 2022, a European leader in croissants and baked snacks.
Linfeng Xu, Chairman, Founder and General Manager of Evirth, said this is a historic moment for Evirth.
“By bringing in Mondelēz’s brand experience, technical strength, and international network, Evirth can be better positioned to provide premium products for our customers and consumers.”
The deal is subject to customary closing conditions, including regulatory approval.
Source: https://www.c-store.com.au/
