American food company Kraft Foods has announced that its board of directors have approved the spin-off of its North American grocery business.
The spin-off is scheduled to be completed on 1 October 2012. The split will result in the formation of a global snacks business called Mondelez International, and a North American grocery business called Kraft Foods.
On the date of spin-off, each Kraft Foods shareholders will receive one share of the spun-off business Kraft Foods, for every three shares they own.
Previously, the company noted that both the companies will trade on the Nasdaq exchange. Kraft Foods will trade under the symbol KRFT, while its global snacks business, which is being named Mondelez International, will trade under the symbol MDLZ.
The key brands in global snacks business will include Oreo and LU biscuits, Cadbury and Milka chocolates, Trident gum, Jacobs coffee, and Tang powdered beverages, while the key brands in grocery business will include Kraft macaroni and cheese, Oscar Mayer meats, Philadelphia cream cheese, Maxwell House coffee, Capri Sun beverages, Jell-O desserts and Miracle Whip salad dressing.
