Mondelēz International to Invest More than $5 Million USD in Biscuit and Baked Snacks Lab and Innovation Kitchen in Singapore
Rhea-AI Summary
Mondelēz International has inaugurated its Regional Biscuit and Baked Snacks Lab and Innovation Kitchen in Singapore, investing over $5 million USD. This new facility aims to enhance innovation and product development across Southeast Asia, Australia, New Zealand, and Japan. The lab will serve as a Centre of Excellence, promoting co-innovation and creative development in the biscuits and baked snacks category.
Established within the existing Singapore Technical Centre, this lab expands on capabilities in Product Development, Packaging, Process Technology, Consumer Science, Analytical Science, Ingredient Research, and Regulatory Affairs. The facility aims to accelerate Mondelēz’s mission to create 'the right snack, for the right moment, made the right way' and supports the company's focus on mindful snacking, portion balance, and flavor innovation.
Positive
- Investment of over $5 million USD into the new lab and innovation kitchen.
- Focus on innovation and product development in Southeast Asia and other regions.
- Expansion of capabilities within the existing Singapore Technical Centre.
- Promotion of mindful snacking and flavor innovation.
- Enhancement of operational effectiveness and upskilling of existing talent.
- Strategic location in Singapore, benefiting from a vibrant food ecosystem.
Negative
- Significant capital expenditure of over $5 million USD, which may impact short-term financials.
News Market Reaction – MDLZ
On the day this news was published, MDLZ declined 0.95%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SINGAPORE, May 28, 2024 (GLOBE NEWSWIRE) -- Mondelēz International, Inc. (Nasdaq: MDLZ) today announced the inauguration of its Regional Biscuit and Baked Snacks Lab and Innovation Kitchen in Singapore, reaffirming its commitment to innovation and product development across Southeast Asia and Australia, New Zealand and Japan. This new facility was officially opened today by Mr Chan Ih-Ming, Executive Vice President, Singapore Economic Development Board.
The Lab and Innovation Kitchen will serve as a strategic Centre of Excellence and regional hub driving creative development and innovation in the biscuits and baked snacks category. Backed by more than
"At Mondelēz International, we are dedicated to pushing the boundaries of food innovation and product development. Through collaborative efforts, we aim to create a dynamic space where creative ideas can flourish and contribute to the development of new innovative products for our consumers,” said Deepak Iyer, Executive Vice President & President AMEA, Mondelēz International. “This expansion further enhances the capabilities of our Singapore Technical Centre and reaffirms our commitment and contribution to the country, which serves as the headquarters for our Asia Pacific, Middle East and Africa business.”
With a focus on co-innovation, this expansion is designed to help accelerate MDLZ’s mission to create "the right snack, for the right moment, made the right way.” The establishment of the Biscuit and Baked Snacks Lab and Innovation Kitchen marks a significant step in MDLZ's commitment to mindful snacking, including developing products that encourage portion balance and mindful indulgence whilst exploring flavor innovation and different product formats.
Today, the Singapore Technical Centre houses expertise and technical capabilities in Product Development, Packaging, Process Technology Development, Consumer Science, Analytical Science, Ingredient Research, and Scientific and Regulatory Affairs. Through this expansion MDLZ aims to build on these skillsets, upskilling existing talent and evolving employee capabilities to drive deeper consumer-driven innovation and advance operational effectiveness.
Commenting on the inauguration of the Regional Biscuit and Baked Snacks Lab and Innovation Kitchen, Mr Chan said: “The expansion will capitalise on opportunities presented by the rising Asian middle class, and a growing appetite for premium and responsible snacking experiences. Singapore, which is at the heart of Southeast Asia and boasts a vibrant food ecosystem, presents an ideal location for such endeavours. We are proud to stand alongside Mondelēz International as they embark on this new and exciting journey to delight consumers with every bite!”
About Mondelēz International
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2023 net revenues of approximately
| Media contact: | Maninder Kaur +65 9040 6152 maninderjit.kaur@mdlz.com |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a08d87ab-f286-448d-9458-5dfaeecc79ba
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