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Friday, July 11, 2014

Mondelez to separate cheese & grocery business in Europe, (NASDAQ: MDLZ)

Mondelez International Inc, maker of Cadbury chocolate and Oreo cookies, said it would create a "stand-alone" European cheese and grocery business to focus on its fast-growing snacks business, including biscuits, gum and candy.Mondelez shares were up 1.3 percent at $38.49 in afternoon trading on the Nasdaq.The company has been increasing its focus on its portfolio of snack foods and refreshments, which includes 53 brands that each generated annual revenues of $100 million or more in 2013."Given the impact of the coffee transaction on our European operations, we've decided to create a predominantly stand-alone cheese and grocery category in Europe," Mondelez spokesman Mike Mitchell said in an e-mail.

Mondelez International, Inc. (Mondelez International) is a snack manufacturing company. Shares of MDLZ traded higher by 1.15% or $0.435/share to $38.42. In the past year, the shares have traded as low as $29.75 and as high as $38.47. On average, 7611470 shares of MDLZ exchange hands on a given day and today's volume is recorded at 11986328.