As part of its growth and expansion plans, the owner of British chocolate brand Cadbury has announced it’s acquisition of US energy bar maker Clif Bar & Company for the sum of $2.9bn (£2.4bn).
Mondelez International, also owns Oreo, Toblerone and Milka explained that buying Clif Bar & Company will play a huge role in driving its plans to “lead the future of snacking.”
The company added that it will continue to make Clif’s products at its facilities in Idaho and Indiana.
It should be recalled that in March, Mondelez had warned over the impact of rising production costs.
In a statement on Monday, the American confectionery maker revealed that the acquisition will increase the value of its snack bar business to over $1bn.
It added that Cliff’s business would retain it’s operational base in Emeryville in California, where the firm is headquartered, once the transaction is completed later this year.