US: Mondelez confirmed the offload of Philadelphia cream cheese brand | Progresiv
Mondelez International has confirmed plans to sell its Philadelphia cream cheese brand, as part of a wider 3 billion pounds sell-off of its grocery brands. The company will begin listening to offers next month, with American banks JPMorgan and Goldman Sachs being brought in to assist with the sale of the brand. 
Mondelez was first rumoured to be looking to offload its cheese and groceries business in Europe last year, with French dairy business Lactalis and private equity firms such as Advent International and Carlyle seeming the most likely now to bid for Philadelphia.
“Both have reportedly eyed other Mondelez brands for several years,” the Times newspaper claimed. Despite performing well for Mondelez, it now appears to have been deemed surplus to requirements, it added.
Mondelez was created in 2012 after the US food giant Kraft spun off its snacks business. Kraft kept hold of the rights to most of its American and Canadian cheese and grocery brands, including Philadelphia in the US, while Mondelēz assumed the rights to Philadelphia across mainland Europe and the UK. (www.foodbev.com)
