USA: Kraft Foods announces Latin American business sales, plant closings
Kraft Foods Inc. (NYSE: KFT), a global leader in branded foods and beverages, Friday (12 October) announced an agreement to sell the assets of its dairy business in Brazil to Parmalat. The sale, which is expected to close by the end of November, includes the Gloria and Avare brands and the manufacturing facilities in Cerqueira Cesar, Itaperuna, and Jaragua do Sul, all of them located in Brazil. The dairy business, with close to 600 employees, had sales of R$175.4 million (US$63 million) in 2000. Terms of the agreement were not disclosed.
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