Name of Kraft Foods' global snacks biz OKed by shareholders
NORTHFIELD, Ill. — More than 90% of Kraft Foods shareholders (who cast a vote) gave the company the green light to change its name to Mondelez International.
Kraft Foods said the name change of its global snacks business will become effective at the time of the planned spinoff of the company's North American grocery business. As previously announced, Kraft Foods is dividing to create two industry-leading public companies: a high-growth global snacks business (Mondelez International) and a high-margin North American grocery business (Kraft Foods Group). The company also has reserved the symbol MDLZ for the company's common stock, which will trade under this new symbol after the spinoff.
"Mondelez has an appealing international sound that perfectly evokes the idea of a 'delicious world.' That's the essence of our global snacks company," Kraft Foods chairman and CEO Irene Rosenfeld said, who 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.