Jun 21, 2022
Cadbury owner buys US energy bar maker Clif for $2.9bn
The owner of iconic British chocolate brand Cadbury has announced that it is buying US energy bar maker Clif Bar & Company for $2.9bn.Mondelez International - which also owns Oreo, Toblerone and Milka - says the deal will help drive its plans to "Lead the future of snacking". In a statement on Monday, the American confectionary maker said the buyout will increase the value of its snack bar business to over $1bn.It added that it would continue to operate Clif's business from Emeryville in California, where the firm is headquartered, once the transaction is completed later this year. "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. Like many of its rivals it is facing increasing costs and in March said it would cut the size of Cadbury Dairy Milk sharing bars by 10%.It reduced the bars' size from 200g to 180g, without lowering the price for customers. "We look to absorb costs wherever we can, but in this difficult environment, we've had to make the decision to slightly reduce the weight of our medium Cadbury Dairy Milk bars for the first time since 2012," a Mondelez spokesperson said.
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