Mondelez International Inc (NASDAQ:MDLZ) has completed the take over of Tate’s Bake Shop.
Chief Executive Officer and Chairman, Dirk Van de Put said the takeover of Tate’s Bake Shop will increase shareholder value by driving the growth. The Bake shop offers baked goods and premium cookies produced using quality ingredients. It will complement the biscuit products of Mondelez. The company will also get access to the premium cookies of Tate.
Dirk Van de further said the takeover will help to increase the product reach of Tate’s Bake Shop authentic brand worldwide.
Following the takeover, Mondelez will operate Tate’s Bake Shop as a separate entity under the current management. It will provide the necessary resources to promote growth. Tate’s will benefit from Mondelez’s distribution channels as well as marketing and sales capabilities to extend its reach to the overseas customers and record rich dividends.
Mondelez International Inc Beats Wall-street Estimates
Mondelez International Inc has reported better than expected results in Q1. It is on the backdrop of increasing demand for belVita biscuits and Oreo cookies in emerging markets and in Europe.
The company has reported an increase of 14.4% in sales in Europe. The sales in Asia and Latin America is reported an increase of 7.6%.
According to CEO, the trend for snacks in emerging markets is very positive. Mondelez has reported sales of $5.4 billion, an increase of 8.2%, from its power brands such as Oreo cookies, Milka Chocolate, and Cadbury Dairy Milk. The company is expecting a drop in sales in Q2 due to freight and commodity expenses.
The packaged foods producers in the US are expecting an increase in expenses on account of higher diesel prices and new regulations etc.
Its rival Hershey Co (NYSE:HSY) has anticipated a drop in full year sales citing higher freight and commodity expenses.
Mondelez International Inc Recruits MARTIN RENAUD As Global CMO
Mondelez International Inc has appointed Martin Renaud as a Global Chief Marketing Officer (CMO). The newly appointed CMO is responsible for the marketing activities of power brands such as Trident gum, Milka Chocolate, belVita biscuits and Cadbury Dairy Milk. He is also responsible for overseeing the teams engaged in agency relationships, brand strategy, and marketing capability.