financetom
Business
financetom
/
Business
/
After repairing its war-damaged factory, Mondelez resumes making Oreos in Ukraine
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
After repairing its war-damaged factory, Mondelez resumes making Oreos in Ukraine
May 31, 2024 12:27 AM

NEW YORK, May 31 (Reuters) - Snack maker Mondelez ( MDLZ )

resumed its production of Oreo cookies in Ukraine,

after its plant in a small city in the eastern part of the

country was badly damaged during Russia's invasion roughly two

years ago.

Mondelez's ( MDLZ ) plant in Trostyanets is now fully rebuilt after

opening partially last year to make chocolates, according to a

company statement.

The company said the Oreo cookies and other chocolates

produced at the Ukrainian factory are not being exported to

neighboring Russia. Mondelez ( MDLZ ) has three factories in Russia and

sells its cookies and snacks there despite boycotts and calls

for it to stop from employees, activists and investors.

Mondelez ( MDLZ ) said it was making its business in Russia

"stand-alone" with a self-sufficient supply chain by the end of

2023. It appointed new leadership in Europe including Russia

earlier this year.

Mondelez's ( MDLZ ) rivals including Nestle, the world's

biggest food company, continue to sell their products in Russia.

Food does not fall under international sanctions.

While the plant in Trostyanets was being repaired, Mondelez ( MDLZ )

imported Oreos to Ukraine, said a source familiar with the

company's plans, who is not permitted to speak to media.

The company said products made in the Trostyanets plant are

exported into Eurasian countries such as Georgia and Kazakhstan

in addition to being sold in the domestic Ukrainian market.

Plants in Russia previously helped supply those countries,

the source said.

"We continue to increase our investments in supporting and

rebuilding Ukraine," the company said in the statement.

Mondelez ( MDLZ ) previously told Reuters there were no more exports

from Russia into Europe.

Chocolate wafers with a cream vanilla filling, Oreos are one

of Mondelez's ( MDLZ ) biggest brands, and hit about $4 billion in sales

revenue last year, according to a LinkedIn post from CEO Dirk

Van de Put. Mondelez's ( MDLZ ) other top brands include Milka and

Cadbury chocolates. It also makes local-brand cookies and

crackers.

A little over 30% of Mondelez's ( MDLZ ) shareholders last week

backed a resolution calling for the company to conduct an

independent study of the risks of continuing to do business in

Russia, according to a company filing.

Norges Bank, Mondelez's ( MDLZ ) 11th-largest shareholder according

to LSEG's Eikon, backed the proposal, according to the fund's

disclosures. The fund said in the disclosure that when a company

"does not meet our needs as a financial investor, we will

consider supporting a well-founded shareholder proposal."

(Reporting by Jessica DiNapoli in New York; Editing by Lincoln

Feast.)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Nayax Acquires Inepro Pay to Expand Reach in Benelux Region
Nayax Acquires Inepro Pay to Expand Reach in Benelux Region
Apr 2, 2025
09:05 AM EDT, 04/02/2025 (MT Newswires) -- Nayax ( NYAX ) is acquiring Inepro Pay in a move to expand its reach in the region of Belgium, the Netherlands, and Luxembourg. The acquisition will accelerate the payment platform's growth in Europe, one of its core markets, Nayax ( NYAX ) said Wednesday. Inepro Pay, a subsidiary of Inepro, will become...
Lomiko Metals Raising Up to $1 Million in Private Placement
Lomiko Metals Raising Up to $1 Million in Private Placement
Apr 2, 2025
09:10 AM EDT, 04/02/2025 (MT Newswires) -- Lomiko Metals ( LMRMF ) said Wednesday that it is raising up to $1 million in a private placement of units. The company plans to use the proceeds to advance the La Loutre graphite project in Quebec, explore the Yellow Fox property in Newfoundland, for regional graphite exploration, and for general working capital...
Proxy adviser ISS recommends Pfizer shareholders to vote against CEO compensation
Proxy adviser ISS recommends Pfizer shareholders to vote against CEO compensation
Apr 2, 2025
April 2 (Reuters) - Institutional Shareholder Services is recommending Pfizer's ( PFE ) investors to reject a management proposal on annual compensation for CEO Albert Bourla and other executives, the proxy adviser said on Wednesday. Pfizer ( PFE ) shareholders are expected to vote on the proposal at their annual meeting scheduled for April 24. (Reporting by Bhanvi Satija in...
Alarm.com's EnergyHub Partners With GM Energy to Integrate EVs, Home Energy Storage Products
Alarm.com's EnergyHub Partners With GM Energy to Integrate EVs, Home Energy Storage Products
Apr 2, 2025
09:07 AM EDT, 04/02/2025 (MT Newswires) -- Alarm.com's ( ALRM ) EnergyHub unit said Wednesday that it has partnered with GM Energy, a General Motors ( GM ) business unit, to integrate GM's electric vehicles and home energy storage products into its network of utility and market programs across the US. The company said the collaboration will allow owners of...
Copyright 2023-2026 - www.financetom.com All Rights Reserved