(RTTNews) - Mondelez International Inc. (MDLZ) said that it agreed to acquire a significant majority stake in Evirth, a manufacturer of cakes and pastries in China, subject to customary closing conditions, including regulatory approval.
Founded in 2013, Evirth is a leading company in the frozen-to-chilled cakes and pastries market in China, a sector currently valued at approximately $3 billion and experiencing a compound annual growth rate of about 15 percent.
Mondelez already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its iconic brands, including Oreo and Philadelphia.
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