04 Aug '11, 9pm

US food giant Kraft to split in two

US food giant Kraft to split in two

NEW YORK: Kraft Foods said on Thursday it will split in two, spinning off one company to target fast-growing emerging markets with its global snacks portfolio and another to focus on its US grocery business. The announcement came after the global food giant made a series of major acquisitions in recent years, notably its takeover of storied British confectionery firm Cadbury. "We have built two strong, but distinct, portfolios," Kraft chairman and chief executive Irene Rosenfeld said in a statement announcing the split. "Our strategic actions have put us in a position to create two great companies, each with the leadership, resources and strong market positions to realise their full potential." A review by Kraft's board and senior management "has shown that these two businesses would now benefit from being run independently of each other," the company said. The spun-off sn...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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