PRNewswire reported that, on 2 October, Tony Vernon, CEO of Kraft Foods Group, joined employees to ring the Opening Bell of the NASDAQ Stock Market and kick off the new food and beverage company’s first day of trading as an independent company. The spin-off of Kraft Foods Group was completed by Mondelez International on 1 October.
‘This is the beginning of a great new company, a totally new Kraft, one with the spirit of a startup and the soul of a powerhouse,’ commented Vernon. ‘We are proud of our rich history and deeply passionate about Kraft’s future. We see this as an opportunity to build something extraordinary, to create a renaissance in the North American food and beverage industry.’
A company of makers
Kraft Foods Group has been around 109 years. Today, it is a $19 billion food and beverage company with a portfolio of iconic brands in the beverages, cheese, convenient meals and grocery categories. Ten of the company’s brands achieved sales of $500 million or more in 2011, while an additional 17 brands posted sales of $100 million or more last year. Approximately 80 per cent of Kraft Foods Group’s revenue comes from categories in which the company holds the No. 1 or No. 2 market position.
North America’s fourth largest consumer packaged food and beverage company, Kraft Foods Group became an independent company on 1 October and is a member of the Standard & Poor’s 500 index.