Mondelez sells Trident, Dentyne and more gum brands in $1.35B deal
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MondelÄz International (NASDAQ:MDLZ) announced an agreement to offload its US, Canadian, and European gum business to European conglomerate Perfetti Van Melle Group for $1.35B on Monday.
The sale will move the well-known gum brands Trident, Dentyne, Stimorol, Hollywood, V6, Chiclets, Bubbaloo and Bubblicious in the United States, Canada and Europe, as well as the European candy brands Cachou Lajaunie, Negro, and La Vosgienne to Perfetti Van Melle. The latter currently owns both Chupa Chups and Mentos brands. 
Mondelez explained that the deal is in line with aims to reshape the company portfolio and focus on the core chocolate, biscuit and baked snacks categories. By 2030, the company expects to derive 90% of its revenue from these three categories, up from about 80% at present. 
âAs we continue progressing our Vision 2030 focus and acceleration strategy, doubling down on our core snacking categories, we are pleased to transition our developed market gum business to a values-led, family-owned company whose portfolio is a strategic fit, and where our brands and people can thrive,â CEO Dirk Van de Put, Chairman and CEO, MondelÄz International.
The company will retain the Stride brand in China, as well as all of its other candy brands and products outside of the US, Canada, and Europe. The transaction is expected to close in the fourth quarter of 2023. 
Read more on why UBS is less sweet on the prospects for the company.