Mondelez International Inc. (MDLZ) has announced its agreement to acquire a substantial majority stake in Evirth, a prominent cake and pastry manufacturer in China. This transaction is contingent upon customary closing conditions, including regulatory approval.
Established in 2013, Evirth holds a leading position in China's frozen-to-chilled cakes and pastries market. This sector, currently estimated to be worth approximately $3 billion, is experiencing a compound annual growth rate of around 15 percent.
Mondelez already maintains a minority investment in Evirth for the development, manufacturing, and supply of frozen-to-chilled cakes and pastries in China, incorporating its renowned brands such as Oreo and Philadelphia.