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Mondelez International to acquire Evirth, a leader in fast-growing cakes & pastries
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Monday, 30 September, 2024, 15 : 00 PM [IST]
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Chicago, USA
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Mondelez International, Inc., has announced that it has signed an agreement to acquire a significant majority stake in Evirth, a leading manufacturer of cakes and pastries in China, subject to customary closing conditions, including regulatory approval. The move represents an important step forward in its strategy to accelerate growth in the cakes and pastries category – a core focus for the company, alongside chocolate and biscuits.
Founded in 2013, the brand is a leader in frozen-to-chilled cakes and pastries in China, a category currently estimated at $3 billion, growing at a compound annual growth rate of about 15 percent. Chinese consumers increasingly seek fresh, premium options with innovative and sophisticated taste profiles to meet a growing range of snacking occasions.
The company already has a minority investment in the brand to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its iconic brands, including Oreo and Philadelphia. The brand is growing rapidly, driven by its strong distribution in club stores across China, as well as its R&D and technical expertise.
Dirk Van de Put, Mondelez chair and CEO, said, “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.”
Linfeng Xu, chairman, founder and general manager of Evirth, said, “We are excited that Mondelez International is increasing its investment in Evirth, and this is a historic moment for us. By bringing in Mondelez's brand experience, technical strength, and international network, Evirth can be better positioned to provide premium products for our customers and consumers.”
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