Kraft Split to Double Its Opportunities

　　Kraft(卡夫)食品的執行長Irene Rosenfeld計畫將其在北美的食品雜貨業務與其全球零食業務分拆，使公司一分為二。其公司宣稱，Kraft的雜貨業務可達到160億美元的年營收，其中將包含肉品以及乳酪等食品項目，這些都是成長較緩慢但是高獲利的事業，仍可帶給股東盈餘。而零食業務的年營收在320億美元，將包含Kraft食品的歐洲和發展中國家部門，以及北美的零食和糖果業務。她聲稱公司實際上已經分別打造了一個全球零食平台和一個北美食品雜貨業務，目前兩者的戰略目標和經營重點已經出現區別。Kraft的大股東- Warren Buffett對此分拆行動也表示認同。而其它消費品公司，像是Sara Lee已進行分拆業務，對Kraft造成壓力，Kraft應該要繼續在兩個事業體當中都帶給消費者“better-for-you”的感受。執行長Rosenfeld保證分拆將會解決公司的難題並讓公司邁向更好的未來。

　　Kraft Foods CEO Irene Rosenfeld plans to accelerate her transformation of the mainstream-foods giant, which boasts 61 brands today, by spinning off its North American grocery unit, a move that she anticipates will free both that business and the remaining snacks business to do better what they do best.

　　According to the company's announcement, Kraft's grocery entity, with about $16 billion in annual sales, will include the U.S. units handling many of Kraft’s most venerable brands including Jell-O desserts, meats under the Oscar Mayer brand, cheese, convenient meals and other food items that are slower-growing but higher-margin businesses. Those established units, Rosenfeld said, can be counted on to continue to return cash to shareholders.

　　The other side of the operation, a snacks company that represents about $32 billion in annual revenues, will be built from European and developing-markets units as well as the North American snacks and candies business. This will be the more dynamic of the two large concerns as it pushes Kraft snack products such as Cadbury chocolates and Oreo cookies into emerging markets.

　　“We are very focused right now on the creation of two world-class companies,” Rosenfeld commented to Bloomberg. “There can be a great deal of value unlocked.”

　　The company stated that the two businesses – “a global snacking platform and a North American grocery business” – now “differ in their future strategic priorities, growth profiles and operational focus.” Warren Buffett blessed the move on CNBC today, saying he's "fine" with the split, and the spinoff will be tax-free to his holdings and to other investors.

　　“Given the different investment priorities and growth trajectories of the two businesses, it makes a lot of sense to separate them,” Sanford C. Bernstein analyst Alexia Howard said today in a note. “The strategic rationale for such a move is strong.”

　　Other consumer-products companies lately have split themselves up, including Sara Lee and Fortune Brands. Pressures in its business today — such as commodity-cost increases and the relentless need to bring forth more “better-for-you” — will persist for both entities that Kraft will create.

　　But Rosenfeld is betting that, for the broader good of the company, its shareholders, employees and brands, there’s a better chance of conquering these obstacles by dividing in order to unlock investor value and brand value. With a nod to Kraft's corporate slogan of "Make Today Delicious," she's clearly determined to make tomorrow even tastier — even as she divides the menu into two portions.

LINK:http://www.brandchannel.com/home/post/2011/08/04/Kraft-Corporate-Split.aspx#continue