Mondelez To Sell Kraft-branded Cheese Business In Middle East And Africa To Arla

(RTTNews) - Mondelez International Inc. (MDLZ) said that it has reached an agreement to sell its Kraft-branded Cheese Business in Middle East and Africa to Arla Foods of Denmark. Financial details of the transaction will not be disclosed.

All Kraft-branded Cheese products in the MEA markets, as well as the cheese manufacturing facility in Bahrain, are subject to this sale transaction. The cream cheese brand Philadelphia and Jocca cottage cheese are not included in the deal and remain under the ownership of Mondelez International. The recently opened Biscuits manufacturing facility in Bahrain is also not affected by the transaction. This plant will also now start producing Tang powdered beverages.

There are no changes to the Cheese & Grocery business of Mondelez International in other markets around the world as a result of today's announcement.

The transaction is expected to close in the next few months, subject to regulatory approvals.