Reports: Mondelez Int'l looking to sell Terry's
Manufacturer reportedly exploring the sale of several European brands.
Mondelez Int'l has reportedly hired an investment bank to explore the sale of several European brands.
According to a report by Sky News, Mondelez is looking to sell a portfolio of brands based mostly in France, with assets in Spain and the Netherlands as well. Included in that portfolio is Terry's, a U.K.-based chocolate brand known for products like Terry's Chocolate Orange and Terry's All Gold.
Terry's traces its roots back to the 18th century, according to Reuters. It was bought by Kraft in 1993 and came under Mondelez ownership in 2012 when its former parent split into two publicly traded companies. Its signature Chocolate Orange and All Gold products were created in the 1930s, with manufacturing moving out of the United Kingdom when its York factory closed in 2005.
Terry's is reportedly not considered core to the Mondelez business, and is understood to be a miniscule sale compared to Mondelez's broader portfolio, which includes brands such as Cadbury, Milka and Toblerone.
The sale is handled by Lazard, the investment bank that led Kraft's £11.5bn ($17.2bn) takeover of Cadbury in 2010.
Mondelez declined to comment on the possible sale.