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Mondelēz International has sold its gum business in Canada, the US, and Europe to Perfetti Van Melle for $1.35 billion, or 15 times equivalent to the estimated current year EBITDA.
The beverage and snack food company will retain its emerging market gum business across Latin America, Asia, the Middle East, and Africa.
The sale aims to accelerate growth and reinvestment in Mondelēz's core biscuit, chocolate, and baked snacks categories, where it plans to generate 90 percent of revenue.
According to Dirk Van de Put, chairman and CEO of Mondelēz, as they, double on their core snacking categories, they would transition their developed market gum business to a values-led, family-owned company.
The sale covers manufacturing facilities in Rockford, Illinois, and Skarbimierz, Poland, and gum brands Trident, Dentyne, Stimorol, Hollywood, V6, Chiclets, Bubbaloo, and Bubblicious in the US, Canada, and Europe.
It also includes European confectionery brands Cachou Lajaunie, Negro, and La Vosgienne.
