Kraft expects long-term growth at new foods company
ASSOCIATED PRESS September 7, 2012 9:50AM
Updated: September 7, 2012 2:52PM
Kraft says its new North American food company will be poised to deliver long-term profit and revenue growth, while also returning cash to its shareholders.
Kraft Foods Inc. is set to split into two companies next month. One will keep the Kraft name and focus on North American grocery brands such as Velveeta and Oscar Mayer. The other will be called Mondelez and focus on snacks such as Oreos that are sold internationally.
Northfield-based Kraft told investors Friday at a conference in Boston that it expects the North American grocery company to post a 2013 profit of about $2.60 per share. The prediction includes 26 cents per share in restructuring costs.
Its management team also plans to recommend an annual dividend of $2.