Vegemite has returned to the hands of the Australian people, delivered unto them by cheese company Bega Cheese Limited. Mondelēz International announced the sale of the infamous spread along with a number of other grocery products to the Australia and New Zealand business for $460 million AUD (about $346.80 million USD).
"We're extremely proud of our history as the custodian of the Vegemite brand for over 90 years, transforming it from its local roots into a global icon that's synonymous with Australia," said Amanda Banfield, Vice President Australia, New Zealand, and Japan for Mondelēz International. "It's been a privilege stewarding this brand, which is found in almost every Australian household and is part of the fabric of the nation. As we continue to execute our strategic growth plan, with a keen focus on core snacks categories and global Power Brands, we're excited to see Vegemite and these much-loved brands continue to grow and thrive under Bega's ownership."
According to a press release, the deal includes all the company’s grocery brands in Australia and New Zealand, excluding the Philadelphia business.
Mondelēz said that the move allows the company to focus its portfolio and drive profitable growth by investing in its core snacks categories and Power Brands, such as Cadbury Dairy Milk chocolate and Oreo biscuits.
"We feel privileged to be taking on the responsibility and guardianship of one of Australia's most loved brands, Vegemite, and look forward to working with the people at 1 Vegemite Way in Port Melbourne to continue the legacy of this great company,” said Bega Cheese's Executive Chairman, Barry Irvin. "We believe these iconic brands alongside the Bega Cheese brand are strong building blocks to enable Bega Cheese to become a great FMCG business.”
Along with Vegemite, those sold are Mondelēz International owned brands ZoOsh and Bonox, as well as others that use the Kraft brand under license, which Bega will receive a license for use in Australia and New Zealand, such as:
The transaction is expected to close in the coming months.
