Spin-off of former Kraft Foods business completed
by Meat&Poultry Staff
NORTHFIELD, Ill. – On Oct. 1 Mondelez International, Inc., previously known as Kraft Foods Inc., completed its spin-off of the North American grocery business known that will be known as Kraft Foods Group, Inc.
Mondelez completed the spin-off by distributing all outstanding shares of Kraft Foods Group common stock that it owned to shareholders on the ratio of one share of Kraft Foods Group common stock for every three shares of Mondelez common stock.
With the spin-off Kraft Foods Inc. officially changed its name to Mondelez International, Inc. and will be trading on the NASDAQ Global Select Market under the symbol “MDLZ,” and Kraft Foods Group will trade under the symbol “KRFT.” The symbol “KFT” will no longer be used.
Kraft Foods Inc.’s decision to split into two publicly-traded companies was first announced in August 2011. The plan is for the global snacks company, Mondelez, to have estimated annual sales of about $32 billion, 75 percent of which will come from snacks around the world and about 42 percent coming from developing markets.
The business includes the Kraft Foods Europe, Developing Markets and North American Snacks divisions. The North American Grocery Co., Kraft Foods Group, Inc., will have about $16 billion in annual sales and includes the Kraft US Beverages, Cheese, Convenient Meals and Grocery segments and non-snack categories in Canada and Food Service.