TWIN FALLS — Clif Bar & Co., a business with a Twin Falls bakery, has been bought by Mondelez International, according to a press release.

The company will continue to manufacture its products at the Twin Falls facility and at another location in Indianapolis, Indiana. Clif Bar & Co. will remain headquartered in Emeryville, California, according to a Monday statement.

The company was acquired for $2.9 billion with additional payments if specific earning targets are met. The acquisition is subject to closing conditions and a regulatory review.

Mondelez International will also obtain LUNA and CLIF Kid, expanding its global snack bar business to more than $1 billion. The company also owns popular brands such as Cadbury, Chips Ahoy, Sour Patch, Trident and Triscuit.

“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondelez International family,” said Dirk Van de Put, chairman and CEO of Mondelez International. “As a leader and innovator in well-being and sustainable snacking in the U.S, Clif Bar & Company embodies our purpose to ‘empower people to snack right’ and we look forward to advancing this important work with Clif’s committed colleagues in the years ahead.”

Started in 1992 by Gary Erickson and Kit Crawford, Clif Bar & Company held the number one position in the U.S. protein and energy bar market in 2021, according to market research data company Euromonitor.

The company founders turned down a $120 million offer from Quaker Oats in 2000. The $90 million Twin Falls facility opened in 2016.