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Acquisitions and Divestitures
9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures
Note 2. Acquisitions and Divestitures

Acquisitions

On September 20, 2024, we announced that we signed an agreement to acquire a majority stake of Evirth (Shanghai) Industrial Co., Ltd ("Evirth"), a leading manufacturer of cakes and pastries in China. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the fourth quarter of 2024. We recorded acquisition-related costs of $2 million in the three months ended September 30, 2024.

Divestitures

On October 1, 2023, we completed the sale of our developed market gum business in the United States, Canada and Europe to Perfetti Van Melle Group, excluding the Portugal business which we sold on October 23, 2023 after obtaining regulatory approval.

We reversed $2 million of previously recorded divestiture-related costs no longer required in the three months ended September 30, 2024 and recorded divestiture-related costs of $14 million in the three months ended September 30, 2023 and recorded net divestiture-related costs of $2 million in the nine months ended September 30, 2024 and $66 million in the nine months ended September 30, 2023.

This disposition was not considered a strategic shift that would have a major effect on our operations or financial results; therefore, the results of the disposed business were not classified as discontinued operations.