Kraft Foods CEO outlines strategic growth priorities for Mondelez International
BOSTON — Speaking this week at the Barclays Capital Back-to-School Consumer Conference, Kraft Foods chairman and CEO Irene Rosenfeld outlined how the soon-to-debut global snacks company Mondelez International is "uniquely positioned to win in the marketplace."
Rosenfeld said the company touts such competitive advantages as leading positions in fast-growing categories; an advantaged geographic footprint with significant exposure to developing markets; a portfolio of the world's favorite snacks brands; proven global innovation platforms; strong routes to market and world-class talent and capabilities.
As previously announced, Kraft Foods plans to spin off Kraft Foods Group, which will hold Kraft Foods' North American grocery business on Oct. 1. Kraft Foods Group will trade on the NASDAQ stock exchange under the ticker symbol "KRFT." Following the spinoff, Kraft Foods will be renamed Mondelez International. Mondelez International will trade on the NASDAQ stock exchange under the ticker symbol "MDLZ."
"As our results show, we've significantly changed the trajectory of our business to deliver sustainable, profitable growth," Rosenfeld said. "With the spinoff of our North American grocery business, we're now ready to unleash a global snacking powerhouse that's poised to deliver top-tier revenue and earnings growth."
During the conference, Kraft Foods EVP and CFO Dave Brearton also outlined the company's financial targets.
"Over the long term, we're targeting organic revenue growth of 5% to 7% and double-digit operating EPS growth on a constant-currency basis," Brearton said. "These rates are higher than our previous long-term targets for Kraft Foods prior to the spin. For 2013, we expect to deliver results that are consistent with our long-term profile, specifically, organic net revenue growth of 5% to 7% and Operating EPS of $1.50 to $1.55, including a significant foreign exchange headwind of about 15 cents versus 2011 currency rates."