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Article: Philip Morris plans offering of Kraft Foods.(Brief Article)
- Article from:
- Feedstuffs
- Article date:
- April 30, 2001
- Author:
CopyrightCOPYRIGHT 2001 Miller Publishing Company, 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 Companies Inc. plans to conduct an initial offering of its Kraft Foods Inc. business in the next 60 days, selling 20% of the world's largest cheese company to the public.
The event is projected to raise $5 billion and would be the third-largest public offering in history. The business recorded global earnings of $4.6 billion and sales that were $26.5 billion last year.
Kraft, acquired by Philip Morris in 1988 and merged with Philip Morris' General Foods Corp., is now far more than a historic cheese company. Kraft Foods North America is the largest branded beverage and food company in the U.S., holding leading market shares in 23 categories ...