KFT Says It Does Not Need CBY To Deliver A Top-Tier Performance

Kraft Foods Inc (NYSE: KFT) boosted its earnings projections for 2009 late Tuesday to a minimum of $2.00 per share, up from a previous forecast of "at least $1.97." KFT Chairman and Chief Executive Irene Rosenfeld said that the company will start delivering high-quality earnings as it completes its turnaround effort.

In her statement, Rosenfeld said that KFT is performing well, despite investing in its businesses. KFT is currently seeking to acquire Cadbury Plc (NYSE: CBY) and is facing issues, with CBY rejecting the bid on grounds of it being insufficient.

Rosenfeld stated that Kraft Foods will continue to deliver a high top-tier performance, with or without CBY.