The company that makes Oreos, Mondelez International Inc, announced on Monday that it had reached an agreement to sell Perfetti Van Melle Group its gum business in the US, Canada, and Europe, including brands like Trident and Dentyne, for $1.35 billion.
The creator of Cadbury has been reorganising its portfolio to put more of an emphasis on its baked snacks, chocolates, and biscuit businesses.
Following a sharp decline in demand during the COVID-19 lockdowns, Mondelez undertook a strategic evaluation of its gum division, which also houses the brands Bubbaloo and Bubblicious.
The corporation declared that it would keep running its gum business outside North America, Western Europe, and Australia.
The early market activity saw a decline in the company’s share price.