NORTHFIELD, Ill., May 23 (UPI) -- Kraft Foods shareholders voted Wednesday to change the name of the U.S. company to Mondelez International.
The proposal was approved by 90 percent of shareholders, the company said.
The new name will become effective when the North American grocery business, Kraft Foods Group Inc. is spun-off from the global snacks business.
"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 Chairman and Chief Executive Officer Irene Rosenfeld said in a statement.
Mondelez International will become the new name of the corporation, not a consumer brand, Rosenfeld said. It will serve as an umbrella for the company's many product brands, including Cadbury, Jacobs, LU, Milka, Nabisco, Oreo, Tang and Trident.
The company will trade under they symbol MDLZ after the spinoff. The stock symbol for Kraft Foods Group Inc. will be KRFT.
Kraft last year announced plans to create two independent public companies. The transaction is expected to be complete before the end of 2012.
|Additional Business News Stories|
ALGIERS, Algeria, May 24 (UPI) --Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
ARLINGTON, Va., May 24 (UPI) --BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.