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Article: Outlook promising for Kraft Foods.(Brief Article)
- Article from:
- The Food Institute Report
- Article date:
- October 21, 2002
CopyrightCOPYRIGHT 2002 The Food Institute. 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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Kraft Foods, the biggest food company in North America, expects cost savings resulting from its $19.2 billion takeover of rival Nabisco to reach $300 million this year and $600 million in 2004, reported BusinessWeek Online (Oct. 3). The combined Kraft Foods was spun off from Philip Morris, which remains the majority owner, in a June 2001 initial public offering.
In 2002, Kraft is looking to increase its total units shipped by 3% (the low end of its 3% to 4% long-term goal) as it rolls out new products and expands into new markets. Analysts expect 2002 profits to increase about 15% to $2.04 per share, or net income of about $3.5 billion. Kraft's acquisition of ...