USA: Kraft Foods Announces Equity Investment in EthnicGrocer.com, Inc.
Kraft Foods, the nation's largest packaged foods company, announced today that it has made an equity investment in EthnicGrocer.com, Inc., the privately held Internet-based retailer targeting ethnic communities. "Kraft's new strategic partnership with EthnicGrocer.com provides exciting opportunities for both companies," said Alene Korby, Senior Vice President of Procurement for Kraft, who will join EthnicGrocer.com's board of directors. "We will gain insights into an Internet-based food company's operations, while sharing our supply chain and quality systems expertise with EthnicGrocer.com." "EthnicGrocer.com is a leader in the procurement, distribution and online retailing of ethnic consumer products from across the globe using our proprietary technology and supply chain platforms," said Parry Singh, President and CEO of EthnicGrocer.com, Inc. "Leveraging this expertise on top of Kraft's existing systems knowledge, EthnicGrocer.com is well-positioned for future growth." "This e-partnership -- along with others like Food.com -- further expands our participation in online food solutions," noted Paula Sneed, President of Kraft's E-Commerce Division. "We will continue to explore joint strategic initiatives that offer synergies and growth potential for Kraft."
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