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==External links==
==External links==

Revision as of 20:56, 14 March 2007

Kraft Foods Inc.
Company typePublic (NYSE: KFT)
ISINUS50076Q1067 Edit this on Wikidata
IndustryBranded foods and beverages [1]
Founded1903
HeadquartersNorthfield, Illinois, USA
Key people
Irene Rosenfeld, CEO
ProductsSee brands listing.
RevenueIncrease $34.356 billion USD (2006)
Number of employees
94,000 (2005)
Websitewww.kraft.com

Kraft Foods Inc. (NYSE: KFT) is the largest food and beverage company headquartered in North America and the second largest in the world after Nestlé SA. The Philip Morris Company, a company that produces Tobacco products; now known as Altria Group, acquired Kraft for $12.9 billion in 1988, eventually merging it with another food subsidiary, General Foods, which it had acquired in 1985. In 2000 Philip Morris acquired Nabisco and merged it with Kraft. Altria sold 280 million Kraft shares via an initial public offering in 2001, retaining an 88.1% stake. On January 31, 2007, after months of speculation, the company announced that these shares would be spun off to Altria shareholders on March 30, 2007.

Kraft is headquartered in Northfield, Illinois, USA, a Chicago suburb. Kraft Foods markets many popular brands in more than 155 countries.

Kraft Foods is named after James L. Kraft.

Diversity

Kraft received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report. In addition, the company was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. In June 2006, Kraft appointed Irene Rosenfeld, a woman, to succeed Roger Deromedi as CEO.

Kraft Foods in the news

In 1992, the gelatin industry, in particular Kraft's Atlantic Gelatin plant in Woburn, Massachusetts, which supplies the vast majority of Jell-O, came under scrutiny for a history of noxious smells, toxic waste releases into Boston Harbor, and a policy of corporate secrecy. Heading off a rash of local complaints, industry lobbyists invited Massachusetts state representatives Paul Casey and Carol Donovan into the plant. However, the representatives were barred from going past the conference room. Repeated requests for a plant tour by journalists were refused. In 1993 the plant was hit with a $250,000 fine for violating the Clean Air Act of 1970. In a February 4 1996 article, the Associated Press reported that a Massachusetts Department of Environmental Protection official was one of only a few outsiders who had seen the inside of the Woburn plant.

File:Kraft van.jpg
1950's Kraft delivery van in Australia, advertising "Velveeta", "Vegemite" and "Kraft Cheddar"

In 2005, Kraft was sued for spamming its Gevalia coffee brand by Hypertouch, an ISP. Kraft was accused of sending multiple waves of spam to the ISP, and the action brought under the CAN-SPAM Act of 2003 act. At the time of writing, the suit had not yet been ruled upon.

Kraft began a major restructuring process in January 2004, following a year of poor sales, (blamed largely on the rising health consciousness of Americans), and the sacking of co-CEO Betsy Holden. The company announced closures of 19 production facilities worldwide and the reduction of 5500 jobs, as well as the sale of 10% of its branded products. It has since revealed that Kraft Foods expects to eliminate 8000 jobs, roughly 8% of its workforce.

Kraft Foods sold several brands after its Nabisco merger. It sold Lifesavers Co. to Wrigley, its certain Canada grocery items, particularly Del Monte and Aylmer to CanGro, its sugar confectionery business and its pet snacks business under the Milk-Bone brand to Del Monte Foods.


Kraft bought several brands parallel to its portfolio, like Boca Burger Co., which makes Boca meat alternatives, Fruit20, and Veryfine beverages.

There is also a possible spin-off from Altria that can cause short-term volatility in trading volume and the price of its common stock. Altria owns 87.2% of the company's capital stock, and has 98.3% voting power.

There are also speculations that it will acquire Danone--after confirming that PepsiCo's alleged acquisition of this dairy, snack and beverage giant will not happen. Kraft and Danone are not stating anything about this issue. And as Altria will spin off all of its Kraft shares, Kraft has the ability to use their stock as a currency for acquisitions, and the Danone acquisition is another hot topic among stockholders.

Also, Kraft was stopped in producing a controversial sweet called Gummi Roadkill, after animal rights groups said this would encourage animal cruelty. These gummy sweets were in the shape of animals that had been victims of roadkill.[1]

In 2006 Kraft Foods announced that it was closing down a plant in Rupert, Idaho.

Altria announced on January 31, 2007 that it will sell all the remaining Kraft Foods' shares to Altria's shareholders, each will be given 0.7 share of Kraft for every Altria share they have. This was done for Kraft to acquire companies using its stock as its currency to compete effectively in the industry, and for the two entities to be managed effectively.

Sponsorships

Kraft Foods is an official partner and sponsor of Major League Soccer and sponsors the Kraft Nabisco Championship, one of the four "majors" on the LPGA tour.

Brands

Kraft Foods' core businesses are in beverage, cheese and dairy, snackfoods and confectionery, convenience foods and cereals.

Notable products produced by Kraft Foods are

Former Brands

See also

  1. ^ [2]
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