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The board of directors at Kraft Foods Inc. ( ) has approved the spin-off of the company’s North American grocery operations. The board also declared a pro rata distribution of shares of Kraft Foods Group, Inc. to holders of Kraft Foods Inc. common stock.
The spin-off process will be completed on October 1, 2012. Following the process, North American grocery operations will be called Kraft Foods Group, Inc.
Kraft Foods Group, which includes North American grocery operations, consists of the current US Beverages, Cheese, Convenient Meals and Grocery segments and the non-snack categories in Canada and Food Service.
The company will focus on achieving reasonable revenue, optimizing cost structure, maintaining robust margins and liquidity going forward.
Following the divestiture, the global snacks operations would include Kraft Foods Europe and Developing Markets units as well as the North American snacks and confectionery businesses. The company will market popular brands like Cadbury, Jacobs, LU, Milka, Nabisco, Oreo, Tang and Trident.
The spin-off will allow Kraft Foods Inc. to grow its position in the fast growing snacks business, particularly in emerging markets. The company intends to focus on increasing its revenue and earnings, optimizing its cost and improving its margin through better volume and product mix.
The nature of the two businesses is vastly different. The spin-off will enable the businesses to focus on their respective operational strategies.
In a separate development, on August 14, 2012, the board declared a cash dividend of $0.29 per share on the company's common stock. The dividend is payable on October 15, 2012 to stockholders of record as of September 19, 2012.
We currently have a Neutral recommendation on Kraft Foods Inc. The stock carries a Zacks #3 Rank (a short-term Hold rating).
Overall, we like Kraft Foods’ diverse brand portfolio, focus on innovation, strong momentum of power brands and significant exposure to the fast growing emerging markets. We consider the spin-off of its North American business a positive, since it will enable Kraft to focus on its distinct strategic priorities and allocate resources optimally.