Kraft to Change Name of Global Snack Business
It was revealed on Wednesday that Kraft Foods is considering changing the name of its global snack business to Mondelez International (pronounced moun-duh-leez) when it splits into two companies later this year.
According to the Chicago Tribune, the name is meant to convey “delicious world” using the Latin word for “world”, the company-coined word “delez”, designed to signify “delicious”.
By itself, the newly-named company, including brands like Oreo, Ritz, Tang and Trident, will do at least 80% of its business outside of the U.S.
KFT's North American grocery business, which has revenue of $18 billion, will retain brands including Kraft Singles, Kraft Macaroni & Cheese, and Planters. That company will hold onto the existing Kraft Foods name, but will be forgoing “KFT” in favor of a new stock ticker.
In addition, Kraft said on Wednesday that its North American grocery business will be staying in Northfield. The global snack business will be headquartered in Deerfield.
Kraft global CMO Mary Beth West said in an interview with the CT that, “We're trying to create the thought of a house of brands, as opposed to a branded house," she said. "We really want a unifying umbrella under which all of our fabulous iconic global brands can live.”
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.