Mondelēz to sell off Philadelphia
In addition to its cost cutting measures, Mondelēz International has confirmed plans to sell its Philadelphia cream cheese brand, as part of a wider $3bn (€2.7) sell-off of its grocery brands.
The company will start to accept offers in March, with French dairy business Lactalis and private equity firms such as Advent International and Carlyle seeming the most likely to bid for Philadelphia.
Despite performing well for Mondelēz, Philadelphia now appears to have been deemed ‘surplus to requirements’ an article in the Times newspaper said.
Mondelēz was created in 2012 after the US food giant Kraft spun off its snacks business. Kraft kept hold of the rights to most of its American and Canadian cheese and grocery brands, including Philadelphia in the US, while Mondelēz assumed the rights to Philadelphia across mainland Europe and the UK.
