Mondelēz International, Inc., Deerfield, Ill., reached an agreement to sell most of its Australia and New Zealand grocery business to Bega Cheese Ltd., Australia, for $460 million, adding the VEGEMITE and other grocery brands to Bega's portfolio. 

"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," says 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."

"We believe these iconic brands alongside the Bega Cheese brand are strong building blocks to enable Bega Cheese to become a great FMCG business,” says Barry Irvin, Bega Cheese's executive chairman. "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."

Included in the sale are Mondelēz International owned brands — VEGEMITE, ZoOsh, Bonox — and other products that use the Kraft brand under license, such as processed cheese slices, parmesan cheese and more. Bega will receive a license to the Dairylea brand for use in Australia and New Zealand. The Philadelphia business is not included in the deal.

The Port Melbourne manufacturing site and its 200 employees will transfer to Bega.