Nabisco integration with Kraft Foods approved by Trade Commission
USA –, The United States Federal Trade Commission has approved the takeover of food company Nabisco by Kraft Foods, the North American food business of Philip Morris.
The takeover will see Nabisco’s North American businesses integrated with Kraft Foods in Illinois. All international businesses will be integrated with Kraft Foods International, headquartered in New York. The deal will create a company worth over $35 billion (40 billion euro), with $5.5 billion (6.2 billion euro) in underlying operating income.
The new North America venture will comprise four divisions –, cheese, meals and enhancers, Oscar Mayer and pizza, biscuits, snacks and confectionery, and beverages, desserts and cereals.
Betsy Holden, president and CEO of Kraft Food North America, said: “This is a landmark event. Nabisco brings to Kraft exceptional brands and outstanding people. As these two great companies come together, we are creating an industry leader committed to growth, focused on innovation, and powered by world-class quality, productivity and customer service.”
