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Mondelez stockpiling food ingredients in case of hard Brexit

Mondelez International Inc. is stockpiling "higher levels of ingredients and finished products" in case the U.K. decides on a hard Brexit, The Times (London) reported Sept. 11, citing Mondelez Europe president Hubert Weber.

Weber reportedly said the country is not self-sufficient in terms of food ingredients. Mondelez has created a contingency plan in case a no-deal Brexit occurs.

The executive hopes that a deal can be agreed upon by 2019 in order to prevent shoppers from dealing with higher prices, the report added. Weber said the maker of Cadbury and Oreo snacks prefers an agreement that would allow "the free flow of products."