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Mondelez drops Trident and Dentyne chewing gum in America

Another surprising pandemic victim, chewing gum sales fell in the early days of Covid as pedestrian traffic in grocery stores slowed and more people stayed home. And who needs fresh breath when you wear a mask?

And even before the pandemic, Mondelez’s chewing gum revenue fell in certain markets.

So the snack and candy maker announced Tuesday during an investor event that it is divesting its chewing gum business, including Dentyne and Trident, in developed markets such as North America and parts of Europe. (It will stick to its chewing gum business in new markets.)

The company has just started looking for a buyer and there is no timeline for a sale yet, a spokesman told CNN Business. The decision comes after Mondelez launched a review of its chewing gum business last year.

It also plans to completely divest its Halls cough drops business.

Candy sales rose sharply during the pandemic as stressed consumers bought sweet cozy foods in abundance. Rubber? Not so much. The rubber market has since improved, however Mondelez (MDLZ) bets that its chocolates and baked goods, such as Oreos, Chips Ahoy, Toblerone and Cadbury, will be better for business.

Mondelez says goodbye to its American chewing gum business.

“Mondelez International is transforming its portfolio with a long-term vision to accelerate growth and generate 90% of revenue in chocolate and biscuits, including baked snacks,” the company said in a statement Tuesday.

The company has increased its baked goods portfolio with a number of acquisitions in recent years.

Earlier this year, for example, it completed its acquisition of Chipita, a company that sells croissants and other baked goods in Europe. Mondelez plans to use brands like Chipita to develop new products that combine chocolate with baked goods.

The latest Acquisitions have helped drive sales. In the first quarter, the company reported a 7.3% increase in net sales, thanks in part to the addition of more brands to the fold.