Mondelez Acquires European Snacking Company, Chipita S.A. for $2 Billion
Mondelez International Inc., the packaged-food giant known for Oreo cookies and Ritz Crackers has announced the acquisition of Chipita S.A., a fast-growing key player in the Central and Eastern European croissants and baked snacks market.
Established 4 decades in Greece, Chipita had about $580 million in revenue in 2020 and has a proven track record of consistent growth from its portfolio of croissant and baked snack brands, Mondelez said in a statement
Chipita S.A. has been the forerunner across the globe with its strong presence in innovation and manufacturing capabilities giving higher development and growth to the food industry. The company is based in Greece, employs about 5,100 workers, and produces in 13 plants. Its goods are delivered to more than 50 countries.
“Welcoming Chipita S.A.’s delicious pastry products into the Mondelēz International family advances our strategy to become the global leader in broader snacking,” said Dirk Van de Put, Chairman & CEO of Mondelēz International.
“Their iconic brands and significant scale across so many attractive geographies make them a strong strategic complement to our existing portfolio and future growth ambitions in Europe and beyond.” He added.
The acquisition will allow Mondelez International to offer a diverse bakery portfolio – biscuits, cakes, and now pastry – to meet rising consumer demand in this category.