Globall confectionery giant Mondelez has announced its plan to sell its chewing gum business in “developed markets” to confectionery company Perfetti Van Melle Group.

The deal, valued at $1.350 billion USD, covers the Trident, Dentyne, Chiclets and Bubblicious brands, among others, in Canada, the U.S. and Europe. It is subject to customary closing conditions and regulation approvals, and is expected to close in Q4 of next year.

Mondelez will continue to sell gum in Latin America and Asia, Middle East and Africa regions.

Perfetti Van Melle’s portfolio also includes the Mentos and Chupa Chups brands.

At its investor day in May, Mondelez first announced its intention to focus on categories with the highest growth potential, which meant offloading its chewing gum business. Later dubbed its “Vision 2030” strategy, the company plans to have 90% of its revenue generated by chocolate, biscuits and baked snacks by 2030, which would be up from 59% in 2012 and 80% currently. As part of this, the company also announced its plans to sell its Halls business in May, but has yet to find a buyer.

Featured image by Mehaniq/Vecteezy