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Kraft Foods Inc. shares fell 2.4 percent on Friday, a day after the packaged foods company said its 2011 forecast included an extra week.
The maker of Maxwell House coffee, Cadbury chocolate and Velveeta cheese also said that Starbucks wants to end the companies’ 12-year-old deal whereby Kraft sells packaged Starbucks coffee. Get the full story »
Northfield-based Kraft reported strong earnings of 47 cents per share on Thursday afternoon. But the company’s sales, up 26.6 percent to $11.9 billion, just missed expectations of $12 billion. Analysts had expected earnings of 46 cents per share.
Earnings for the world’s second-largest food company were lower than the year-ago period, of 55 cents, because of increased advertising investment, higher taxes, and commodity cost increases.
“We had another good quarter, and we’re executing well,” Kraft CEO Irene Rosenfeld said in a statement. “The Cadbury integration has proceeded smoothly and quickly, and we’re already benefiting from significant cost synergies. I remain confident that we will achieve our goals for 2010 and accelerate our growth in 2011.” Get the full story »
Starbucks Corp. informed Kraft Foods Inc. that it plans to end a more-than-a-decade-old deal under which Kraft distributes packaged Starbucks coffee to stores and other outlets.
Kraft, which also surprised Wall Street with its profit report, said it was too early to say what the impact of the lost agreement would be on its results. “We know this has been on their minds, but we haven’t entered into any specific conversations about the when or the why or the how,” said Kraft Chief Financial Officer Tim McLevish on a conference call with analysts. Get the full story »
Animals, chemicals, and astronomical phenomena have disguised some of 2010’s takeovers, and dealmakers may have to come up with more aliases to keep their plans secret as mergers and acquisitions accelerate.
Speaking in code is nothing new in a world of “bear hugs,” “poison pills,” and “white knights” but the colourful terms are an important guard against leaks that could torpedo a deal or facilitate insider trading. Get the full story »
The U.S. Securities and Exchange Commission questioned Warren Buffett’s Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft and US Bancorp, but the company insisted its accounting was right. Get the full story »
Kraft Foods Inc. has opened a gum and candy research center in Switzerland, where it will develop products for top brands such as Trident.
The company said Tuesday it has spent more than $14 million on the European Kraft Foods Gum and Candy Research & Development Center in Eysins. Get the full story »
Pepperidge Farm Inc. says it will cut the sodium levels in the majority its breads, rolls and bagels by 2011, making it the latest of many food makers to respond to demands for healthier products. A number of food makers have announced recently that they are lowering sodium in their products based on consumer demand and increasing scrutiny by health groups, including Kraft Foods, Bumble Bee Foods, General Mills Inc., and PepsiCo Inc.
Kraft executives laid out a strategy to deliver more growth and higher returns following its Cadbury acquisition, at the company’s annual investor conference in New York Wednesday.
In a presentation some analysts described as short on specifics, chief executive officer Irene Rosenfeld and key members of the executive team described a strategy of focusing on so-called “power brands” and regional brands in each area of the world, and a system for sharing best practices throughout the world. Get the full story »
Eight Illinois companies were among the 100 companies nationwide deemed best by Working Mother magazine, whose 2010 list opens a window onto a widening array of corporate assistance programs.
Tuition assistance, a concierge service to help with errands, leadership training for women, assistance for employees with special-needs children, paid maternity and paternity leave, and extensive flexible work arrangements were among the benefits at the top 10 firms. Get the full story »
Oreo products packaged for distribution in China. (Lane Christiansen /Tribune)
Kraft Foods, North America’s largest food company, is looking to double the number of Chinese cities in which it distributes Cadbury products within the next two years, its China head said on Monday.
The number of cities in China in which Cadbury confectionary is sold would rise to about 40 by tapping Kraft’s distribution network, Lorna Davis, president and chairman of Kraft’s China operations told Reuters in an interview on the sidelines of the World Economic Forum in China. Get the full story »
A trifecta of bad news has sent coffee futures soaring 44 percent since June, and companies like Dunkin’ Donuts, Green Mountain and Maxwell House are passing on those costs. Bad weather in South America is threatening crops. Brazil and top exporter Vietnam are talking about hoarding their stocks. And U.S. stockpiles are reportedly at 10-year lows. Get the full story »
Employees talk outside the scene of a workplace shooting at the Kraft facility in Philadelphia. (For the Daily News/ Joseph Kaczmarek)
Minutes after a woman was suspended from her job at a Kraft Foods Inc. plant and was escorted out, she returned with a handgun and opened fire, killing two people and critically injuring a third before being taken into custody, police said.
The shootings occurred shortly after 8:30 p.m. Thursday inside a northeast Philadelphia plant where workers for the nation’s largest food manufacturer, headquartered in Northfield, makes cookies and crackers. Get the full story »
Barry Callebaut AG said Thursday it has signed a supply contract with Kraft Foods Inc., a deal that will increase the Zurich-based chocolate company’s global reach and spark heavy investment. Get the full story »
Northfield-based Kraft Foods Inc. confirmed Tuesday that Mary Beth West, its chief marketing officer, has also taken on the role of chief category officer.
West has served as marketing chief for three years, and will now head the gum, candy, chocolate and business global category teams, along with Kraft’s multi-billion-dollar marketing division. She will continue reporting to chief executive officer Irene Rosenfeld.
Kraft confirmed West’s promotion, but did not provide further comment. Get the full story »
Warren Buffett’s company has partially rebuilt the stake in Johnson & Johnson he reduced over the past two years to raise cash for other investments, and Berkshire Hathaway Inc. boosted its investment in Wal-Mart Stores Inc. during the second quarter. Berkshire detailed its $46.4 billion U.S. stock holdings Monday in a filing with the Securities and Exchange Commission.
The document revealed several changes in the Omaha-based company’s portfolio between March 31 and the end of June, including decreases in Berkshire’s holdings in Kraft Foods, ConocoPhillips, Procter & Gamble and M&T Bank. Berkshire also increased its stakes in Becton Dickinson & Co., Nalco Holding Co. and Sanofi Aventis. Get the full story »
