(Reuters) – Oreo maker Mondelez International Inc said on Monday it had agreed to sell its gum business, including brands such as Trident and Dentyne, in the United States, Canada and Europe to Perfetti Van Melle Group for $1.35 billion.
The Cadbury maker has been reshaping its portfolio to focus more on its chocolates, biscuits and baked snacks businesses.
Mondelez put its gum unit, which also includes brands such as Bubbaloo and Bubblicious, under a strategic review after demand took a severe hit during the COVID-19 lockdowns.
The company said it will continue to operate its gum business outside the United States, Canada and Europe.
Shares of the company fell marginally in early market trading.
(Reporting by Deborah Sophia and Granth Vanaik in Bengaluru; Editing by Maju Samuel and Krishna Chandra Eluri)
