Chipita – Acquisition by Mondelēz International completed

The formal completion of the acquisition of Chipita Global was announced by Mondelēz International in an announcement, through which, as it states, it will strengthen its access to the markets of Europe and the Middle East, where Chipita maintains a strong presence.

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At the same time, the Olayan Group left the other company created by the split of Chipita, Chipita Foods, with Spyros Theodoropoulos acquiring their share (80%) through Cryred’s company. Now the latter controls 92% of Chipita Foods, which essentially controls Chipita’s activity in India but also its 95% stake in Nikas SA.

In particular, according to the relevant announcement, Mondelēz International pointed out the “strong prospects that are formed for the creation of innovation, connecting emblematic brands of Mondelēz International, such as Cadbury and Milka, with favorite croissants and snacks of Chipita Global S.A. like 7Days. ”

The Olayan Group’s participation in Chipita Global S.A. is more than thirty years old, while since 2010 the Group held a majority stake in the company. Speaking today, Olayan Group CEO Camile Saba said: “With Mondelēz, Chipita’s further growth is certain. We look forward to its future development. ”

Mr. Saba, referring to the CEO of Chipita, Mr. Spyros Theodoropoulos, who in 1986 acquired for the first time a share in the then small company of production of snacks based on corn, stressed “All of us at the Olayan Group are grateful to Spyros for the innovation he brought, the perseverance he showed, but also his hard work for decades. His devotion to Chipita has remained steadfast all these years.”

In 1991, Mr. Theodoropoulos pioneered the market by creating packaged croissants, which are now sold worldwide and represent two thirds of the company’s sales. In the following decades, Mr. Theodoropoulos led the development of Chipita, forming one of the largest producers of baked products in Central and Eastern Europe, with revenues that in 2020 reached 580 million dollars. Nearly 2 billion consumers in 56 countries around the world now enjoy the company’s packaged snacks.

Mr. Theodoropoulos commented: “It was my honor and special pleasure to work all these years with the Olayan Group. Together we shared a common vision for Chipita and worked systematically to transform Chipita into the modern, industry-leading company it is today. “I am confident in the positive future of Chipita and its people as a member of the Mondelēz International family.”

92% of Chipita Foods is owned by Sp. Theodoropoulos

The company Chipita Foods announces that the company Cryred, of interests of Mr. Spyros Theodoropoulos, acquired 80% of its shares and now holds 92%.

Chipita Foods emerged from the split of Chipita SA. and owns the latter’s business in India and a 95% stake in Nikas