Mondelez on Wednesday announced plans to expand its chocolate offerings in the U.S. in the wake of an unsuccessful bid for industry titan Hershey.
The snacks giant told a conference in Boston that the effort would primarily involve its Oreo cookie brand in combination with its European chocolate brand Milka. The Oreo Milka chocolate bars are already available in more than 20 countries.
In addition, the company will bolster its Green & Blacks premium chocolate brand, which will feature sustainably sourced, 70 percent dark chocolate tablets, along with sharing and gift packs.
The move reflects Mondelez's optimism about the domestic chocolate market. The company already owns the Cadbury brand, but in June offered a reported $22 billion — along with its name and the headquarters of its chocolate business — to acquire Hershey.
Hershey reportedly turned down two bids and Mondelez officially halted talks last week.
"The U.S. is the world's largest chocolate market, valued at $14 billion," Mondelez Chief Growth Officer Tim Cofer said in a statement. "However, per capita consumption is only about half that of many developed European chocolate markets."
Mondelez also told the conference that it hopes to improve margins and cash flow in coming years, as well as generate at least $1 billion in revenue from e-commerce by 2020.
