Gum sales are still down for the category's second largest player, but the segment might be showing its first signs of recovery, according to Mondelez’s CEO.
Mondelēz International was weighed down by operational issues in Brazil and Russia in the third quarter (Q3) which harmed overall performance in its first results since it split from Kraft Foods in October.
Kraft Foods is set to split into two companies next year, with Irene Rosenfeld at the helm of a new $31bn global snacks firm and Anthony (Tony) Vernon to head the $17bn North American grocery company. FoodNavigator-USA looks at the paths they each took...
Kraft Foods has reported a 22% rise in net profits for the third quarter, citing higher prices, which offset increased commodity costs, and a spate of successful product introductions.
Kraft, in its second quarter results, reports continuing challenges ahead for its gum and candy division in developed markets, and claims the Cadbury takeover is a fundamental earnings driver, with its global chocolate earnings up 9 per cent.
Several major food manufacturers are struggling to offset higher commodity costs with price increases, according to company executives at the Consumer Analyst Group of New York (CAGNY) conference.
Kraft Foods’s reneging on a decision to keep a Cadbury factory near Bristol in the UK open will result in the loss of 400 jobs and has drawn criticism from politicians and unions alike.
Hershey has confirmed that it is “reviewing its options” regarding a possible joint bid with Ferrero for British confectioner Cadbury, following media speculation about talks yesterday.
One of the leading investors in Cadbury has revealed he would consider a bid from Kraft if it were in the region of 820p per share, according to recent media reports.
