Kraft Foods reported a 5.4% rise in second quarter net profit, more than offsetting higher raw material costs and adverse effects of currency exchange rates, the company said on Thursday.
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 appointed the CEOs and chairmen of its future global snacks and North American grocery companies, following the company's split, scheduled to be completed by the end of 2012.
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 Foods’ CEO Irene Rosenfeld defended the company’s decision to split into two separate entities during a presentation at the Barclay’s Back-to-School Consumer Conference in Boston on Wednesday, saying that both companies will have the scale to succeed.
While the boss of Kraft Foods believes the whole of the business is worth less than the sum of its parts, it is by no means obvious that cutting it up and rearranging it will transform its growth prospects, according to one analyst.
Kraft Foods has said it intends to split into two companies, in a move that would create a global snacks powerhouse separate from its North American grocery business.
