Kraft moves forward with spin-off
by Eric Schroeder
NORTHFIELD, Ill. — The North American grocery business of the Kraft Foods Group, Inc. filed an initial Form 10 Registration Statement with the US Securities & Exchange Commission, paving the way for the company to divide and create two public companies before the end of 2012.
“The filing of the Form 10 Registration Statement is an important step in the process of establishing the North American grocery business as a new, stand-alone company with its own strategic focus and priorities,” said Irene Rosenfeld, chairman and chief executive officer. “We believe that this business is well-positioned for success as an independent company.”
Kraft Foods Inc. intends to spin-off its North American grocery business through a tax-free distribution of shares to shareholders. Following the transaction, the North American grocery business will be an independent, public company operating under the Kraft Foods Group name.