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US food giant Kraft to split company in two
"We have built two strong, but distinct, portfolios," said Kraft chairman Irene Rosenfeld in announcing the split.
"Our strategic actions have put us in a position to create two great companies, each with the leadership, resources and strong market positions to realize their full potential."
A series of strategic acquisitions including Cadbury "have made Kraft Foods the world's leading snacks company," Kraft said in a statement. A review by the company board and management "has shown that these two businesses would now benefit from being run independently of each other," Kraft said.
The snacks business is expected make some US$32 billion in yearly revenue, while the grocery spin-off was expected bring in approximately US$16 billion.
The company's current target is to launch the new firms soon.
Source: AFP
Source: I-Net Bridge
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