Kraft Shareholders OK 'Mondelez' Name for Snacks Company
Rosenfeld emphasizes it is name of corporation, not brand
NORTHFIELD, Ill. -- The shareholders of Kraft Foods Inc. have voted to change the name of the company to Mondelez International Inc. The proposal was approved by more than 90% of the shareholders who cast a vote. The new name will become effective at the time of the planned spinoff of the company's North American grocery business.
On Aug. 4, 2011, Kraft Foods announced plans to divide and create two independent public companies: a high-growth global snacks business (Mondelez International) and a high-margin North American grocery business (Kraft Foods Group Inc.).
The transaction is expected to be completed before the end of 2012.
"Mondelez has an appealing international sound that perfectly evokes the idea of a 'delicious world.' That's the essence of our global snacks company," said Irene Rosenfeld, chairman and CEO. Rosenfeld emphasized that Mondelez International will become the new name of the corporation, not a consumer brand. Mondelez will serve as an umbrella for the company's many brands, including Cadbury, Jacobs, LU, Milka, Nabisco, Oreo, Tang and Trident.
The company has also reserved the symbol MDLZ for the company's common stock, which will trade under this new symbol after the spinoff. The stock symbol for Kraft Foods Group will be KRFT.
Until the new companies launch, however, the name and stock trading symbol for Kraft Foods Inc. will not change.
With 2011 revenue of $54.4 billion, Northfield, Ill.-based Kraft Foods is a global snacks company with a portfolio of biscuits, confectionery, beverages, cheese, grocery product and convenient meal brands in approximately 170 countries; 12 of the company's brands--Cadbury, Jacobs, Kraft, LU, Maxwell House, Milka, Nabisco, Oreo, Oscar Mayer, Philadelphia, Tang and Trident--generate revenue of more than $1 billion annually.