Kraft plans demerger as figures rise
Source: Agencies |
August 5, 2011, Friday
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Print Edition
Print Edition
KRAFT Foods is to split itself into two listed companies, a global snacks business and a North American grocery business, and has raised its full-year outlook on better-than-expected quarterly results.
The maker of Cadbury chocolate bars, Oreo cookies and Velveeta cheese said it expects to spin off its high-margin North American grocery business by the end of next year.
The grocery business - with annual revenue of about US$16 billion - would include US beverages, cheese and convenience meals with brands like Maxwell House coffee and Jell-O desserts. The company would also include non-snack categories in Canada and its food service business.
The high-growth snacks company, with annual sales of US$32 billion and brands such as Oreo and Cadbury, would include its Europe and developing markets units and its North American snacks and confectionery businesses.
Kraft raised its full-year outlook after quarterly results were boosted by higher prices. Shares rose 3.5 percent on the news to US$35.50 in pre-market trading yesterday.
The maker of Cadbury chocolate bars, Oreo cookies and Velveeta cheese said it expects to spin off its high-margin North American grocery business by the end of next year.
The grocery business - with annual revenue of about US$16 billion - would include US beverages, cheese and convenience meals with brands like Maxwell House coffee and Jell-O desserts. The company would also include non-snack categories in Canada and its food service business.
The high-growth snacks company, with annual sales of US$32 billion and brands such as Oreo and Cadbury, would include its Europe and developing markets units and its North American snacks and confectionery businesses.
Kraft raised its full-year outlook after quarterly results were boosted by higher prices. Shares rose 3.5 percent on the news to US$35.50 in pre-market trading yesterday.
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