Kraft outlines ambitions for snacks arm Mondelez
The US food group, set to split in two next month, told investors its plans for the global snacks giant it will create, Mondelez International, which will own Trident gum, Cadbury chocolate and Oreo gum.
Kraft Foods has said earnings from Mondelez International, the global snacks business the split of the US food giant will create next month, will be affected by currency headwinds in 2013.
A year on from an announcement that stunned the industry, Kraft Foods has revealed the formal split of its business in two will take place this autumn. There have been concerns over the performance of the company that will focus on the North American grocery sector but Kraft's first-half results indicated some resilience.
The chief executive of Kraft Foods has asserted that the planned split of the company into two separate units is vital to face the “new reality” of the food industry.
Kraft Foods' decision to split itself in two has surprised industry watchers, not least because the US food giant believes the two companies - a North American grocery business and a global snacks maker - will benefit from greater focus. However, as Dean Best writes, we have had that argument before - when Cadbury tried to fend off Kraft's takeover bid in 2009.
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