Mondelēz finalizes deal for large stake in Vietnam snack maker
DEERFIELD, ILL. — Mondelēz International has completed the acquisition of an 80% stake in Kinh Do for approximately $370 million. Kinh Do, Vietnam’s leading confectionery company, manufactures Kinh Do mooncakes and biscuits, Cosy biscuits, Solite soft cakes and AFC crackers.
“This acquisition 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 Mondelēz. “The addition of Kinh Do’s deep understanding of Vietnam’s consumers and routes to market enhances our capabilities in the region. Combined with our global knowledge and resources, including world-class innovation, marketing, food safety and quality, the future is bright for our business in Vietnam.”