WHEN: Today, Tuesday, February 21st
WHERE: CNBC's "Squawk on the Street"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Irene Rosenfeld, Mondelez Chairman and CEO, on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today, Tuesday, February 21st. Following are links to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000594908 and http://video.cnbc.com/gallery/?video=3000594909.
All references must be sourced to CNBC.
ROSENFELD ON CONSUMERS WANTING INDULGENCE
CONSUMERS STILL WANT INDULGENCE. I THINK THERE IS ALWAYS A SENSE THAT OH, EVERYBODY IS MOVING TO WELL-BEING. WE CERTAINLY, ON OUR INDULGENT BRANDS, WE ARE CONTINUING TO EVOLVING THEM WITH PRODUCTS LIKE OREO THINS, WITH PRODUCTS LIKE BUBBLY CHOCOLATE. AND MAKING SURE WE HAVE PORTION CONTROL PACKAGES. SO THERE'S ALL SORTS OF WAYS TO MEET THE CONSUMER'S NEEDS. BUT AT THE END OF THE DAY, THERE IS NO QUESTION, IT IS A TREND EVERYWHERE IN THE WORLD. AND AS THE WORLD'S LARGEST SNACKING COMPANY, WE INTEND TO CAPITALIZE ON IT.
ROSENFELD ON DEAL SPECULATION
THERE IS A LOT OF SPECULATION OUT THERE. WE CAN'T SPEND A LOT OF OUR TIME THINKING ABOUT IT. IF YOU STEP BACK A SECOND, THOUGH, WHEN I SPLIT THE COMPANY, I DID IT BECAUSE THESE WERE TWO VERY DIFFERENT PORTFOLIOS AND THEY ACTUALLY HAVE SHOWN THEMSELVES QUITE CAPABLE OF CREATING GREAT VALUE FOR THEIR RESPECTIVE SHAREHOLDERS AS SEPARATE COMPANIES. OUR COMPANY HAS CREATED OVER $60 BILLION OF MARKET CAP AS A RESULT OF FOCUSING ON SNACKS. AND WE'RE JUST GOING TO CONTINUE THAT FOCUS.
ROSENFELD ON KRAFT HEINZ CHASING UNILEVER
YOU KNOW, THERE'S LOTS OF FOLKS THAT COME IN AND OUT OF STOCKS. AND AS I SAID, OUR FOCUS REMAINS ON CONTINUING TO DELIVER WHAT WE BELIEVE IS A MORE SUSTAINABLE MODEL OF TOP AND BOTTOM LINE GROWTH.
ROSENFELD ON ACTIVISTS INVOLVEMENT IN DEAL SPECTULATION
I'D LIKE TO THINK IT IS BECAUSE WE'VE CREATED A GREAT COMPANY. I THINK THAT THE OPPORTUNITY – WE'VE SHOWN OUR ABILITY TO GENERATE SIGNIFICANT MARGIN EXPANSION. DOUBLE-DIGIT EPS GROWTH, EVEN IN THE CURRENT ENVIRONMENT. I THINK THE POSSIBILITY OF HAVING A PORTFOLIO THAT HAS STRONG CATEGORIES AND GOOD GEOGRAPHIC FOOTPRINT IS AN ATTRACTIVE PROPERTY.
ROSENFELD ON THE PORTFOLIO
I'M QUITE PLEASED WITH OUR PORTFOLIO. I THINK WE ARE IN VERY VIBRANT CATEGORIES. SOME OF THEM ARE SOMEWHAT MUTED IN TODAY'S ENVIRONMENT, GIVEN THE CHALLENGING MACROS AROUND THE WORLD. BUT I'M QUITE CONFIDENT THAT THEY WILL RECOVER OVER TIME.
ROSENFELD ON MARGINS
WE'VE COMMITTED TO MID 16s IN 2017. WE'VE DELIVERED ABOUT 500 BASIS POINTS SINCE 2013. SO OUR MARGIN EXPANSION, DRIVEN BY OUR SUPPLY CHAIN REINVENTION, ZERO BASED BUDGETING, THE GLOBAL SHARED SERVICES INITIATIVES THAT WE PUT IN PLACE – ALL OF THAT IS ALIVE AND WELL. AND IT BECOMES AN IMPORTANT SOURCE, NOT JUST OF MARGIN EXPANSION, BUT THEN OF FUEL, TO BE ABLE TO INVEST IN OUR GROWTH OPPORTUNITIES.
ROSENFELD ON REGULATIONS
AS A GLOBAL MULTI-NATIONAL COMPANY HEADQUARTERED HERE IN THE U.S., THESE REGULATIONS ARE VERY IMPORTANT TO US. WE'RE GOING TO NEED TO WAIT AND SEE HOW THE POLICIES EVOLVE. YOU CAN'T REALLY JUST TAKE ONE PIECE OF IT. MY HOPE IS THE PRESIDENT HAS INDICATED HIS DESIRE TO CREATE A VIBRANT GLOBAL ECONOMY. AS A COMPANY THAT DOES BUSINESS IN 165 COUNTRIES IN THE WORLD, THAT'S VERY IMPORTANT TO US.
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