Mondelez International Inc. is arranging its European cheese and grocery business into a separate unit, possibly ahead of a sale or spinoff, Bloomberg reports. The standalone unit will have about $1.4 billion in sales.
Deerfield-based Mondelez announced in May it was combining its coffee business with D.E. Master Blenders to form a new company called Jacobs Douwe Egberts. The Netherlands-based company will have annual sales of more than $7 billion and brands including Gevalia, Tassimo and Senseo.
Dispatching the coffee business was part of $3.5 billion restructuring underway at Mondelez, which is expected to create $1.5 billion in savings by 2018.