By Dave Sebastian

Mondelez International Inc. said Tuesday it has bought the paleo chocolate-bar maker Hu Master Holdings for an undisclosed amount, the latest effort by a food company in tapping into growing demand for healthier snacks.

The Wall Street Journal on Monday reported that the two companies were nearing a deal. The snack-food giant sees growth opportunities in chocolate and cracker products and the chance to expand distribution, including in e-commerce and premium conventional retail, said Glen Walter, who leads Mondelez International North America.

Mondelez said Hu will continue to make products at its current manufacturing facilities. Hu's senior leadership will receive additional payments based on future performance, Mondelez said.

Mondelez took a minority stake in Hu in 2019. The buyout values Hu at around $340 million, people familiar with the matter told The Wall Street Journal.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

01-05-21 0836ET