Mondelez to Acquire Vietnamese Snacks Company
Mondelez International announces that it will acquire an 80 percent stake in Kinh Do Corporation's snacks business in Vietnam, subject to the approval of Kinh Do Corporation's shareholders.
The landmark investment in Vietnam's fast-moving consumer goods industry will leverage Kinh Do's manufacturing capabilities, comprehensive distribution network and some of the best Vietnamese talent in the industry. Kinh Do's well-loved brands include Kinh Do mooncakes and biscuits, Cosy biscuits, Solite soft cakes and AFC crackers. These brands complement Mondelez International's portfolio of iconic snacks brands in the region, including Oreo cookies, Ritz crackers and Cadbury chocolates.
"Our significant investment in Kinh Do and Vietnam is a perfect fit for our growth strategy in Asia Pacific, strengthening our core snacking categories in a high-growth dynamic market," says Tim Cofer, executive vice president and president, Asia Pacific and Eastern Europe, Middle East & Africa for Mondelez International. "Kinh Do is a successful Vietnamese business with decades of heritage. Its deep understanding of local consumers, the commercial environment and complex routes to market in Vietnam, provide a strong foundation to grow the business. Our companies share a passion for making brands people love, so I'm tremendously excited about what our businesses can achieve together."
The proposed transaction is expected to close in the second quarter of 2015, subject to approval at the Kinh Do Corporation Extraordinary General Meeting and certain other regulatory requirements.
The landmark investment in Vietnam's fast-moving consumer goods industry will leverage Kinh Do's manufacturing capabilities, comprehensive distribution network and some of the best Vietnamese talent in the industry. Kinh Do's well-loved brands include Kinh Do mooncakes and biscuits, Cosy biscuits, Solite soft cakes and AFC crackers. These brands complement Mondelez International's portfolio of iconic snacks brands in the region, including Oreo cookies, Ritz crackers and Cadbury chocolates.
"Our significant investment in Kinh Do and Vietnam is a perfect fit for our growth strategy in Asia Pacific, strengthening our core snacking categories in a high-growth dynamic market," says Tim Cofer, executive vice president and president, Asia Pacific and Eastern Europe, Middle East & Africa for Mondelez International. "Kinh Do is a successful Vietnamese business with decades of heritage. Its deep understanding of local consumers, the commercial environment and complex routes to market in Vietnam, provide a strong foundation to grow the business. Our companies share a passion for making brands people love, so I'm tremendously excited about what our businesses can achieve together."
The proposed transaction is expected to close in the second quarter of 2015, subject to approval at the Kinh Do Corporation Extraordinary General Meeting and certain other regulatory requirements.