Kraft Foods Inc today announced plans to change its corporate name to Mondelez International Inc. Mondelez (pronounced mohn-dah-LEEZ) is a newly coined word that evokes the idea of “delicious world”, the company said in a press release.
“Monde” derives from the Latin word for world and “delez” is a fanciful expression of delicious. In addition, International captures the global nature of the business, it explained.
As previously announced, Kraft Foods is dividing to create two industry-leading public companies before the end of 2012: a high-growth global snacks business and a high-margin North American grocery business.
The North American grocery company will become Kraft Foods Group Inc, retaining the Kraft brand for its corporate identity and as the brand for many of its consumer products. As a result, the global snacks company will require a new name when it launches later this year.
Employees helped choose name
“The Kraft brand is a perfect fit for the North American grocery business and gives it a wonderful platform on which to build an exciting future,” said Chairman and CEO Irene Rosenfeld.
“For the new global snacks company, we wanted to find a new name that could serve as an umbrella for our iconic brands, reinforce the truly global nature of this business and build on our higher purpose – to ‘make today delicious’. Mondelez perfectly captures the idea of a delicious world and will serve as a solid foundation for the strong relationships we want to create with our consumers, customers, employees and shareholders.”
Said Executive Vice President and Chief Marketing Officer Mary Beth West: “It’s quite a job for a single word to capture everything about what we want the new global snacks company to stand for. I’m thrilled with the name Mondelez International. It’s interesting, unique and captures a big idea – just the way the snacks we make can take small moments in our lives and turn them into something bigger, brighter and more joyful.”
Last fall, the company invited employees worldwide to suggest names for the new global snacks company. As part of this co-creation process, more than 1,000 employees participated, submitting more than 1,700 names for consideration. Mondelez International was inspired by separate suggestions from two employees, one in Europe and another in North America.
Next steps
The Board of Directors has approved and will submit an amendment to the company’s Amended and Restated Articles of Incorporation for shareholder approval at the company’s annual meeting on 23 May 2012. If shareholders approve the amendment, the company expects the new name to become effective when the global snacks company launches before the end of 2012.
About Kraft Foods
Kraft Foods Inc is a global snacks powerhouse, marketing biscuits, confectionery, beverages, cheese, grocery products and convenient meals in about 170 countries. Kraft Foods had 2011 revenue of US$54.4 billion.
A dozen 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 US$1 billion annually.
On 4 August 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.
Visit www.kraftfoodscompany.com
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