Mondelēz International announced on Wednesday that it has completed the sale of its Kraft-branded cheese business in Middle East and Africa to Arla Foods of Denmark.
As previously announced, all Kraft-branded cheese products in the MEA markets, as well as a cheese manufacturing site in Bahrain, are part of this agreement.
The transaction will enable Mondelēz International to focus on faster-growing snacks categories, including chocolate, biscuits, powdered beverages and gum and candy offerings, it said in a statement.
“I am confident that this successful business will further develop under Arla Foods’ ownership and we wish them every success,” said Maurizio Brusadelli, EVP and president, Asia Pacific, Middle East, and Africa for Mondelēz International.
“We will continue to be a leading player in the MEA snacking business. Our recently inaugurated state-of-the-art factory in Bahrain will serve biscuits and Tang powdered beverages to our customers in Middle East and Africa.”
The cream cheese brand Philadelphia and Jocca cottage cheese are not included in the deal and remain under the ownership of Mondelēz International, the statement added.
Mondelēz International, which operates in about 150 countries around the world, reported 2018 net revenues of $26 billion.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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