Mondelez International Inc. on May 26 announced it will pay $2 billion to acquire Chipita SA, a Greek baked snacks company with sales of $580 million.
Mondelez called the acquired firm "a high-growth key player in the Central and Eastern European croissants and baked snacks category." Chipita was first established in Greece over 40 years ago, has 13 manufacturing plants, more than 5,100 employees and delivers products to more than 50 countries, reaching two billion consumers. Its brands include 7Days, Chipicao and Fineti.
Chipita would bring a new category, snack-sized pastries, to Mondelez's portfolio and significantly increase the American firm's presence in the fast-growing Central and Eastern European markets.
The acquisition " advances our strategy to become the global leader in broader snacking,” said Dirk Van de Put, Chairman & CEO of Mondelez 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.”
The transaction does not include P.G. Nikas S.A., a meat-processing business, or Chipita’s minority interest in its Indian joint venture.