In a move expected to accelerate the company’s growth in the cakes and pastries category, Mondelēz inked an agreement to acquire a “significant majority stake” in Evirth, a producer of such products in China.
In announcing the agreement, Mondelēz noted that the cakes and pastries category is a key sector for growth for the company. Evirth manufactures frozen-to-chilled cakes and pastries, a category currently estimated at US $3 billion, and reportedly growing at a compound annual growth rate of about 15 percent.
Mondelēz already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China that feature some of its iconic brands, including Oreo and Philadelphia, the company noted in a statement.
Previously, Mondelēz acquired Give & Go, a manufacturer of frozen-to-fresh brownies, cookies, cupcakes and related bakery products in North America in 2020, Chipita Global SA, a high-growth producer of croissants, baked rolls and related snacks for Central and Eastern Europe in 2022.
