Mondelez to Acquire Clif Bar for $2.9 Billion

Mondelez mentioned it could proceed to function the Clif Bar enterprise from its headquarters in Emeryville, Calif.

Photo:

Smith Collection/Gado/Getty Images

Updated June 20, 2022 6:05 pm ET

mentioned it could purchase Clif Bar & Co. for not less than $2.9 billion, in a deal that provides the manufacturers Clif Bar, Luna and Clif Kid to Mondelez’s meals enterprise.

The world meals big mentioned Monday that it could proceed to function Clif Bar’s enterprise out of the corporate’s headquarters in Emeryville, Calif., and would proceed to manufacture merchandise out of amenities in Indiana and Idaho.

Mondelez mentioned it expects the deal, which it mentioned might pay out extra to the sellers over time, to shut within the third quarter.

The snack maker and different meals corporations have mentioned they might continue to raise prices amid escalating prices. Mondelez CEO

Dirk Van de Put

mentioned this month that the corporate’s value will increase haven’t curtailed purchases, which he mentioned was stunning. But there can be extra value will increase to come over the subsequent 12 months, he mentioned.

Clif bar was began in 1992 by

Gary Erickson,

who got here up with the concept for the corporate’s eponymous snack whereas on a 175-mile bicycle trip close to San Francisco two years earlier, in accordance to the corporate’s web site. Mr. Erickson, who stays on the corporate’s board, labored along with his mom to develop what he thought was a tastier vitality bar than the merchandise out there on the time. The firm rebuffed a $120 million sale to Quaker Oats in 2000.

Mr. Erickson led the corporate as co-CEO alongside his spouse,

Kit Crawford,

till

Sally Grimes

was named chief executive in May 2020. Mr. Erickson and Ms. Crawford have remained on Clif Bar’s board of administrators since then, in accordance to the corporate’s web site.

Mondelez mentioned in April that it could pay $1.3 billion to purchase the Ricolino confectionery enterprise from

Grupo Bimbo.

Write to Salvador Rodriguez at salvador.rodriguez@wsj.com

Appeared within the June 21, 2022, print version as ‘Mondelez To Pay $2.9 Billion For Clif Bar.’