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Article: Philip Morris completes Nabisco purchase; Nabisco's Rudnitsky to head Kraft Foods.
- Article from:
- Automatic Merchandiser
- Article date:
- January 1, 2001
CopyrightCOPYRIGHT 2001 Johnson Hill Press, Inc. 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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PHILIP MORRIS COS. INC. RECENTLY COMPLETED ITS PURCHASE OF NABISCO Holdings Corp. while R.J. Reynolds Tobacco Holdings Inc. bought Nabisco's former parent, giving it $1.5 billion in cash, the companies reported. Philip Morris' Kraft Foods Inc. unit can now stock its cupboard with the Nabisco Holdings food line of Oreo cookies, Ritz crackers, Lifesavers candies and Gray Poupon mustard. Philip Morris, also the world's largest cigarette company, paid about $14.58 billion plus the assumption of about $4 billion in debt. The combined Kraft/Nabisco creates a packaged food giant with annual revenues of $35 billion. Steven Rudnitsky, former president of Nabisco Food Service, has ...