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Cadbury Owner Mondelez Stockpiles Products, Prepares For Hard Brexit: Report

Mondelez International Inc, the owner of Cadbury brand, is stockpiling ingredients, chocolates and biscuits in case of a no-deal Brexit, the Times reported on Tuesday, citing president of Mondelez's European division.

The United Kingdom is due to leave the European Union on 29 March, but there is no full exit deal and Britain's ruling party is split over Prime Minister Theresa May's "Chequers" plan to largely accept a "common rulebook" over goods.

Mondelez would prefer a good Brexit deal that would allow free flow of products, the Times quoted Hugh Weber, the president of Mondelez Europe, as saying.

"However, we are also preparing for a hard Brexit and ... we are stocking higher levels of ingredients and finished products," Weber said, according to the report.

The company has a contingency plan in place as UK is not self-sufficient in terms of food ingredients, the paper reported.

Mondelez was not immediately available for comment outside regular business hours.

News by Reuters, edited by Donna AhernClick subscribe to sign up for the Checkout print edition.

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