NORTHFIELD, Ill., May 23, 2012 /PRNewswire/ -- The shareholders of
Kraft Foods Inc. (NYSE: KFT) voted today to change the name of the
company to Mondelez International, Inc. The proposal was
approved by more than 90 percent of the shareholders who cast a
vote(1). The new name will become effective at the time of
the planned spin-off of the company's North American grocery
business.
(Logo:
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(Logo: http://photos.prnewswire.com/prnh/20090420/KRAFTLOGO)
As previously announced, Kraft Foods Inc. is dividing to create
two industry-leading public companies: a high-growth global snacks
business (Mondelez International, Inc.) and a high-margin North
American grocery business (Kraft Foods Group, Inc.).
"Mondelez has an appealing international sound that perfectly
evokes the idea of a 'delicious world.' That's the essence of
our global snacks company," said Irene
Rosenfeld, Chairman and CEO. Rosenfeld reinforced that
Mondelez International will become the new name of the corporation,
not a consumer brand. Mondelez will serve as an umbrella for
the company's many iconic product brands, including Cadbury,
Jacobs, LU, Milka, Nabisco,
Oreo, Tang and Trident.
The company has also reserved the symbol MDLZ for the company's
common stock, which will trade under this new symbol after the
spin-off. The stock symbol for the North American grocery
company (Kraft Foods Group, Inc.) will be KRFT. Until the new
companies launch, however, the name and stock trading symbol for
Kraft Foods Inc. will not change.
The name change will not in any way affect the validity or
transferability of any currently outstanding stock certificates,
and the company will not ask shareholders to surrender for exchange
any Kraft Foods Inc. certificates that they currently hold.
Other Voting Results from the Annual Meeting
Shareholders also approved all 11 nominees to the Board of
Directors; approved the compensation paid to named executive
officers; and ratified the selection of PricewaterhouseCoopers LLP
as independent auditors for 2012. Shareholders rejected three
proposals submitted by shareholders regarding new reporting
requirements related to deforestation, extended producer
responsibility and lobbying. Final voting results will be
posted on www.kraftfoodscompany.com and filed in a Current Report
on SEC Form 8-K on or before May 30,
2012.
About Kraft Foods
Kraft Foods Inc. (NYSE: KFT) is a global snacks powerhouse
with an unrivaled portfolio of brands people love. Proudly
marketing delicious biscuits, confectionery, beverages, cheese,
grocery products and convenient meals in approximately 170
countries, Kraft Foods had 2011 revenue of $54.4 billion. Twelve of the company's
iconic brands – Cadbury, Jacobs, Kraft,
LU, Maxwell House, Milka, Nabisco,
Oreo, Oscar Mayer,
Philadelphia, Tang
and Trident – generate revenue of more than $1 billion annually. On Aug. 4, 2011, Kraft Foods announced plans to
divide and create two independent public companies: a high-growth
global snacks business and a high-margin North American grocery
business. The transaction is expected to be completed before
the end of 2012. A leader in innovation, marketing, health
& wellness and sustainability, Kraft Foods is a member of the
Dow Jones Industrial Average, Standard & Poor's 500, Dow Jones
Sustainability Index and Ethibel Sustainability Index. Visit
kraftfoodscompany.com and facebook.com/kraftfoodscorporate.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words, and variations of words such as "expect,"
"will," and similar expressions are intended to identify our
forward-looking statements, including but not limited to, our plan
to create two industry-leading public companies; timing of the
spin-off; and expectations for the North American grocery company
and for the global snacks company. These forward-looking
statements are subject to a number of risks and uncertainties, many
of which are beyond our control, which could cause our actual
results to differ materially from those indicated in our
forward-looking statements. Such factors include, but are not
limited to, our failure to successfully separate the company,
increased competition, continued weakness in economic conditions
and tax law changes. Please also see our risk factors, as
they may be amended from time to time, set forth in our filings
with the SEC, including our most recently filed Annual Report on
Form 10-K and subsequent reports on Forms 10-Q and 8-K. Kraft
Foods disclaims and does not undertake any obligation to update or
revise any forward-looking statement in this press release, except
as required by applicable law or regulation.
- make today delicious -
(1) This represents more than 75 percent of shares
outstanding.
SOURCE Kraft Foods Inc.