Cadbury, the owner of the British chocolate brand Cadbury, has announced the acquisition of Clif Bar & Company, a US energy bar maker, for $2.9 billion (£2.4 billion).
Mondelez International, which also owns Oreo, Toblerone, and Milka, says the acquisition will help it “lead the future of snacking.”
The food and beverage conglomerate also stated that it will continue to manufacture Clif’s products at its facilities in Idaho and Indiana.
Mondelez issued a warning in March about the impact of rising production costs.
The American confectionery company said in a statement on Monday that the buyout will increase the value of its snack bar business to more than $1 billion.
It also stated that once the transaction is completed later this year, it will continue to operate Clif’s business from its headquarters in Emeryville, California.
“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondelez International family,” Mondelez’s chairman and chief executive Dirk Van de Put said.
“This transaction further advances our ambition to lead the future of snacking by winning in chocolate, biscuits and baked snacks, as we continue to scale our high-growth snack bar business,” he added.
According to the company’s website, Clif was founded three decades ago by Gary Erickson, who came up with the idea for an energy bar during a 175-mile bike ride.
Clifford Erickson, Mr Erickson’s father and “childhood hero,” was named after the bar, which opened “after countless hours in mom’s kitchen.”
Sally Grimes, CEO of Clif Bar, stated that Mondelez was “the right partner at the right time to support Clif in our next chapter of growth.”
Mondelez, which also owns Daim, Ritz, and Belvita, reported net revenue of nearly $29 billion last year.
