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Bloomberg
Mondelez International Inc agreed to sell its gum business in some of its major markets to European rival Perfetti Van Melle SpA.
The deal values the business at about $1.35 billion, the companies announced. The sale includes brands such as Trident, Bubblicious, Chiclets, Dentyne and some European candy. Perfetti will own the portfolio in the US, Canada and Europe, as well as manufacturing facilities in Illinois and Poland.
Mondelez will continue to operate the gum business outside of those regions, led by the Stride brand in China.
The deal would boost the North American footprint for Perfetti, which owns Mentos and Chupa Chups.
“We have long admired the product and brand portfolio of the gum business and look forward to combining them with the Perfetti Van Melle brand family,†said Daniele Perfetti, vice chairman of the company.
The deal is expected to close in the fourth quarter of next year, the statement shows.
Mondelez announced in April that it would sell its chewing gum business to focus on food and chocolate. It also said at the time that it would sell its Halls cough-drop business.