US branded food maker Kraft Foods has said that it has realigned the financial reporting structure for its North American businesses following its agreement to sell its sugar confectionery brands.
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Kraft announced in mid-November that it had agreed to sell its Life Savers, Creme Savers and Altoids brands to chewing gum maker Wrigley.
The new segment reporting structure separates the former US Beverages & Grocery segment into a US Beverages segment and a US Grocery segment to provide more focus on each business. Additionally, Kraft said the cereals business has been moved from the former US Beverages & Grocery segment to the new US Snacks & Cereals segment in order to “benefit more fully from synergies among grain-based products like cereals, cookies and crackers”.
Under the new structure, the company has five North American segments for the purposes of financial reporting: US Beverages, including coffee and refreshment beverages; US Cheese, Canada & North America Foodservice; US Convenient Meals, including pizza, meats and meals; US Grocery, including desserts and enhancers; and US Snacks & Cereals, including biscuits, salted snacks and cereals.
Kraft will continue to report its international results within the same two geographic segments: Europe, Middle East & Africa; and Latin America & Asia Pacific.
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By GlobalData
