Mondelez to Sell Kraft Cheese Business in Middle East, Africa

   By Colin Kellaher 
 

Mondelez International Inc. (MDLZ) on Thursday said it agreed to sell its Kraft-branded cheese business in the Middle East and Africa to Danish co-operative Arla Foods for an undisclosed amount.

The Deerfield, Ill., maker of snack foods and beverage products said the sale is part of its recently announced strategic plan under which it will focus on faster-growing snacks categories.

Mondelez said the sale includes all Kraft-branded cheese products in the Middle East and Africa markets, along with its cheese manufacturing plant in Bahrain, but it excludes the Philadelphia cream-cheese brand and Jocca cottage cheese. The company said it expects to complete the transaction in the next few months.

Arla, a co-operative owned by more than 11,000 farmers across Europe, is one of the world's largest dairy processors.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

December 13, 2018 06:17 ET (11:17 GMT)

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