Mondelez International said Tuesday it will invest $370 million to acquire an 80 percent stake in the Kinh Do Corporation’s snacks business in Vietnam to accelerate the company’s growth strategy in Asia.
Kinh Do brands include Kinh Do mooncakes and biscuits, Cosy biscuits, Solite soft cakes and AFC crackers. Mondelez officials say these brands complement the company’s portfolio of iconic snacks brands in the region, including Oreo cookies, Ritz crackers and Cadbury chocolates.
“Our significant investment in Kinh Do and Vietnam is a perfect fit for our growth strategy in Asia Pacific, strengthening our core snacking categories in a high-growth dynamic market,” said Tim Cofer, executive vice president and president, Asia Pacific and Eastern Europe, Middle East & Africa for Mondelez International.
The deal is subject to the approval of Kinh Do’s shareholders with the transaction expected to close in the second quarter of 2015.