Kraft Inc. Apologizes For UK Plant Closure (KFT)
Kraft Foods Inc. (NYSE: KFT) has promised UK lawmakers that it will not close any more UK factories bought under Cadbury deal. The food giant also apologized for the “broken pledges” made during the Cadbury takeover. Speaking at an investigation by the UK Parliament’s Business, Innovation & Skills committee, Kraft’s (KFT) executive vice president for corporate and legal affairs Marc Firestone admitted that the closure of Cadbury’s Somerdale plant has damaged Kraft’s reputation in the UK.
The committee has accused Kraft of making flimsy promises. Marc Firestone said, “We have worked very hard to build a reputation for honesty. You can build a reputation for a hundred years and lose it in a second." His comments were met with scorn from the committee.
