https://www.engineeringnews.co.za
Africa|Business
Africa|Business
africa|business

South Africa's Bakers biscuit owner AVI in deal talks with Oreo maker Mondelez

25th November 2021

By: Reuters

  

Font size: - +

South African food producer and fashion retailer AVI Ltd said on Wednesday it is in talks with Oreo cookie maker Mondelez International regarding a potential sale of its snacks and biscuits business.

The Choice Assorted biscuits maker had been hinting since September that it had entered into negotiations, without providing a name of the other party or any details.

"The company advises shareholders that it has progressed discussions with Mondelez International regarding the potential acquisition of AVI's Snackworks division," it said in a brief statement.

AVI's Snackworks division houses biscuit maker Bakers and chip brands Willards and Baker Street Snacks, which make cheese curls chips, Jumpin Jack flavoured popcorn and Tennis biscuits.

That division brought in revenue of R4.3-billion ($270.17-million) in the year ended June 30 and contributes about 32% to group revenue.

Packaged food makers have been spending billions of dollars to boost their snacking portfolios and keep sales growth levels high, after the Covid-19 pandemic helped them book outsized gains last year from people mainly staying at home.

Chicago, Illinois-based Mondelez has been doubling down on the snacking category, saying in May it would buy Greece-based snacks maker Chipita, which houses croissant and baked snack brands, including 7Days, Chipicao and Fineti, for about $2-billion.

Edited by Reuters

Comments

Array

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.073 0.124s - 138pq - 2rq
Subscribe Now