(MENAFN - Khaleej Times) Mondelez International, the newly-formed company that emerged from the split-up of global snack giant Kraft Foods, expects the Middle East and Africa region to generate a "mid to high teens" revenue growth rate over the next five years.
Vishal Tikku, Mondelez International's managing director for GCC and Middle East Shared Services, said the region, currently accounting for 10 per cent of the snack food giant's developing markets' business, would continue to be a significant driver of the company's global growth.
The Middle East and Africa accounts for 1.6 billion in revenues for Mondelez International. The company's long-term global revenue growth target is five to seven per cent reflecting a double-digit growth in developing markets, he said.
Currently, North America accounts for 19 per cent, Europe 37 per cent and developing markets 44 per cent of Mondelez global sales.
He said the 19 billion acquisition of Cadbury by Kraft in 2010 has given Mondelez a wider geographical footprint.
Following the split-up of Kraft in May, Mondelez has become home to some of the most popular global brands to position itself as the world's biggest chocolate, candy and biscuit maker, while Kraft's North American grocery business became another entity called Kraft Foods Group.
Food and beverage brands of Mondelez, which now has operations in more than 80 countries, include Tang, Kraft Cheese, Cadbury, Toblerone, LU Biscuits, Milka, Oreo, Nabisco and Trident. The company name evokes the idea of a world of "delicious products", Vishal explained.
As head for the GCC business of the world's largest chocolate and biscuit maker, Vishal has overall responsibility for marketing, finance and logistics support for the wider Middle East region, including manufacturing facilities in Saudi Arabia and Bahrain.
"While our name might be new, we have had a strong heritage in the GCC for decades and millions of times a day consumers choose our iconic brands. We use our successful global approach, adapting global recipes to local tastes. Our inspiration comes from listening to consumers to create foods that fit their lives. [This] marks the start of a very exciting future as we become the world's largest chocolate and biscuit maker," said Vishal.
He said Mondelez, generating 36 billion in global sales, is commemorating its launch as a new company with events taking place across its GCC operations in the UAE, Saudi Arabia and Bahrain.
"Our celebration will bring together around 550 employees and commemorate what we are all about: creating delicious moments of joy through our much-loved products," Vishal told Khaleej Times.
The regional celebration is part of a worldwide event involving around 100,000 Mondelez International employees across more than 80 countries and 300 offices, research and development facilities, distribution centres and manufacturing sites.
The Kraft Foods Middle East and Africa division is part of the Mondelez International family of companies and certain legal entities within that division will change their names in due course, to reflect the name of the new global company, Vishal said. He said Mondelez International, operating as Kraft Foods or other predecessor companies, has sold brands in the GCC for close to 100 years and operations based here since 2000.
The company employs around 680 people in the region, including 182 people employed as part of its Pakistan operations, which is led from the company's regional head office based in Dubai. From here, the company oversees sales, distribution and operations in the GCC and other markets including Libya, Iraq, Algeria, and Yemen.
Its largest-selling products in the region include Kraft and Philadelphia Cheese, Tang, Cadbury Dairy Milk, Cadbury Flake and Oreo.
"We are making our debut as Mondelez International and unleashing a global snacking powerhouse that is uniquely positioned to delight consumers," chairman and chief executive officer Irene Rosenfeld said.
"We are the world's greatest start-up. We have 36 billion in momentum and brands like Oreo, Cadbury and Milka that have been loved by consumers around the world for generations."