Thursday, July 24, 2014

Kraft split preserves local office

February 16. 2013 10:43PM
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NEW YORK — After Kraft Foods Inc. splits into two companies on Oct. 1, the offices in Hanover Industrial Estates will be part of Mondelez International Inc., the global snack business that includes Oreo, Cadbury and Nabisco.

Kraft Foods, its new North American food company, will lease space in the facility.

"Both companies will work in the facility for the foreseeable future," said Joyce Hodel, a Kraft spokeswoman.

About 670 people worked in the office as of January following the elimination of 60 jobs the company attributed to restructuring to prepare for the company split. Employees do information technology, customer service, online sales support and financial accounting work.

Northfield, Ill.-based Kraft told investors at a conference in Boston Friday that it expects the North American grocery company to post a 2013 profit of about $2.60 per share. The prediction includes 26 cents per share in restructuring costs.

Kraft decided to spin off its global snack business in March. That company will trade under the ticker "MDLZ."

The North American grocery business will continue to carry the name Kraft and include Velveeta, Miracle Whip and Oscar Mayer. Its ticker will change from "KFT" to "KRFT."

Kraft also said Friday it expects the North American grocery company's earnings per share to grow in the mid- to high-single digit percentage range long term. Its management team also plans to recommend an annual dividend of $2.

Kraft's Mondelez held an analyst day on Thursday. It expects long-term revenue growth of 5 percent to 7 percent and earnings growth in the double digits.

Kraft shares fell $2.32, or 5.5 percent, to $39.99. The stock had been up 13 percent since the beginning of the year.

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