KRAFT FOODS ANNOUNCES FILING OF FORM 10 REGISTRATION STATEMENT FOR PLANNED SPIN-OFF OF NORTH AMERICAN GROCERY COMPANY
NORTHFIELD, Ill., April 2, 2012 /PRNewswire/ -- Kraft Foods Inc. (NYSE:KFT) today announced the North American grocery business of its wholly owned subsidiary Kraft Foods Group, Inc. filed an initial Form 10 Registration Statement with the U.S. Securities & Exchange Commission. This filing relates to the company's previously announced plan to divide and create two industry-leading public companies before the end of 2012: a high-growth global snacks business and a high-margin North American grocery business.
"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 Chairman and CEO Irene Rosenfeld. "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.Kraft Foods Group, with 2011 combined net revenues of $18.7 billion, will operate one of the largest and most-admired food and beverage businesses in North America. It will manufacture and market food and beverage products, including convenient meals, refreshment beverages and coffee, cheese and other grocery products, primarily in the United States and Canada, under a stable of iconic brands. Its diverse brand portfolio consists of many of the most popular food brands in North America, including three brands with annual net revenues exceeding $1 billion each — Kraft cheeses, dinners and dressings; Oscar Mayer meats; and Maxwell House coffees — plus more than 20 brands with annual net revenues of between $100 million and $1 billion each. Kraft Foods Group's goal as an independent public company is to deliver superior operating income, strong cash flows and a highly competitive dividend payout while driving revenue growth in its key product categories. To achieve this, the company intends to build on its leading market positions, remain sharply focused on cost structure and superior execution and invest in employee and organization excellence.
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