Kraft Foods yesterday (21 December) announced that a deal had been struck with Brynwood Partners over the sale of Stella D’oro.
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It is estimated that the Stella D’oro business, which includes cookies, breakfast treats, bread sticks and biscotti, will make a net income of US$30m in 2005.
The sale includes Krafts manufacturing facility in New York. As part of the transaction approximately 180 Kraft employees will join Stella D’oro Holdings. David Tovar, spokesperson for Kraft, told just-food that the terms of the deal would not be further disclosed.
“This decision is consistent with Kraft’s strategy to shift our portfolio toward businesses in which we have sustainable competitive advantage,” said Dave Johnson, president of Kraft North America Commercial.
The deal is expected to go through in January 2006.
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