Mondelēz sells Australian brands including Vegemite for 345 million dollars | Progresiv
Mondelēz International will sell most of its grocery business in Australia and New Zealand, including the famous Vegemite brand, to Australian dairy manufacturer Bega Cheese. Under the agreement, Mondelēz will also sell Bega Cheese other products that use the Kraft brand under license, including peanut butter and processed cheese slices. The overall cost of the sale is AUD 460 million (345 million dollars). 
Bega will receive a license to the Dairylea brand for use in Australia and New Zealand, but Kraft’s flagship Philadelphia brand is not included in the sale.
Bega Cheese executive chairman Barry Irvin said: “We believe these iconic brands alongside the Bega Cheese brand are strong building blocks to enable Bega Cheese to become a great FMCG business.
The move will enable Mondelēz International to hone its focus, and drive profitable growth by investing in its core snack categories and so-called ‘power brands’, including Cadbury Dairy Milk chocolate and Oreo biscuits.
Mondelēz International vice-president for Australia, New Zealand and Japan, Amanda Banfield, said: “We’re extremely proud of our history as the custodian of the Vegemite brand for over 90 years, transforming it from its local roots into a global icon that’s synonymous with Australia.
“It’s been a privilege stewarding this brand, which is found in almost every Australian household and is part of the fabric of the nation. As we continue to execute our strategic growth plan, with a keen focus on core snacks categories and global power brands, we’re excited to see Vegemite and these much-loved brands continue to grow and thrive under Bega’s ownership.”
Bega Cheese will take ownership of Mondelēz’s manufacturing site in Port Melbourne, with around 200 employees based at the plant set to be offered roles on comparable terms with Bega Cheese. The transaction is expected to close in the coming months. (www.foodbev.com)
