Mondelez said it will continue to operate its Clif Bar business from its headquarters in Emeryville, Calif.
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said it would acquire Clif Bar & Co. for at least $2.9 billion, in a deal that adds the Clif Bar, Luna and Clif Kid brands to Mondelez’s food business.
The global food giant said Monday that it will continue to run Clif Bar’s business out of the company’s headquarters in Emeryville, California, and will continue to manufacture products at facilities offices in Indiana and Idaho.
Mondelez said it expects the deal, which could pay more for sellers over time, to close in the third quarter.
Snack manufacturers and other food companies have said they will price continue to increase amid rising costs. This month, Mondelez CEO Dirk Van de Put said the company’s price increase did not reduce purchases, which he said was surprising. But there will be more bull runs next year, he said.
Clif bar was founded in 1992 by Gary Erickson, who came up with the idea for the company’s eponymous snack while cycling 175 miles near San Francisco two years earlier, according to the company’s website. Mr. Erickson, who is still on the company’s board, worked with his mother to develop what he considers to be a tastier energy bar than the products available at the time. Company refused the sale of 120 million dollars to Quaker Oats in 2000.
Mr Erickson led the company as Co-CEO with his wife, Kit Crawford, until Sally Grimes Appointed chief executive officer in May 2020. Mr. Erickson and Ms. Crawford have remained on Clif Bar’s board of directors since then, according to the company’s website.
Mondelez said in April that it would pay $1.3 billion to acquire confectionery company Ricolino from
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Appears June 21, 2022, print edition titled ‘Mondelez pays $2.9 billion for Clif Bar.’
