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Article: Kraft Foods Continues to Focus Its Brand Portfolio Through Sale of Fruit Snacks.
- Article from:
- Business Wire
- Article date:
- April 12, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NORTHFIELD, Ill. -- Kraft Foods Inc. (NYSE: KFT), a global leader in branded food and beverages, announced today that is has agreed to sell its fruit snacks operation to the Kellogg Company, for approximately $30 million. The fruit snacks business generated net revenues of approximately $80 million in 2004.
"This sale is part of our key strategy of transforming our portfolio," said Dave Johnson, Kraft's President, North America Commercial. "Through innovations, investments, acquisitions and divestitures, we're focusing our portfolio on businesses that offer Kraft sustainable competitive advantage."
The sale includes Kraft's 31st Street manufacturing ...