Chicago-based snack food giant Mondelez International will sell its gum business, which includes brands such as Trident, Chiclets and Bubblicious, to the European gum and confectionary maker Perfetti Van Melle Group for $1.35 billion, the company said in a news release Monday.
The deal includes the sale of a manufacturing facility in Rockford.
In a news release, Mondelez said the sale would allow it to focus on growth in its core categories of chocolate, biscuits and baked snacks. This summer, the Oreo and Ritz cracker-maker announced plans to buy the California-based Clif Bar & Company in a deal valued at $2.9 billion.
“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,” Mondelez CEO Dirk Van de Put said in a statement Monday.
The company will also sell several European candy brands to Mentos-maker Perfetti as part of the deal. Mondelez will hold onto its gum business outside the U.S., Canada and Europe.
The deal is expected to close in the fourth quarter of 2023, the company said.