Kraft Foods on July 7 announced it has signed an agreement to sell Cadbury's Kandia-Excelent chocolate, soft cake and sugar confectionery business in Romania to Oryxa Capital, an international investment fund, for an undisclosed sum.
The sale includes Kandia-Excelent brands (Rom, Magura, Kandia, Laura, Sugus and Silvana and others), related trademarks and the manufacturing facility in Bucharest. Approximately 530 Cadbury Romania employees work for Kandia-Excelent. Kraft Foods will retain the Cadbury international brands, including Halls candy.
This sale follows the European Commission's decision to approve Kraft Foods' acquisition of Cadbury plc conditioned on the divesture of the Cadbury Kandia-Excelent chocolate and soft cake business and Cadbury's E. Wedel business in Poland, which was announced on June 28. Both these sales are subject to the commission's approval.
With annual revenues of approximately $48 billion, Kraft Foods is a global powerhouse in snacks, confectionery and quick meals. The company is the world's second-largest food company, making products for billions of consumers in more than 160 countries. The portfolio includes 11 brands with revenues exceeding $1 billion – Oreo, Nabisco and LU biscuits; Milka and Cadbury chocolates; Trident gum; Jacobs and Maxwell House coffees; Philadelphia cream cheeses; Kraft cheeses, dinners and dressings; and Oscar Mayer meats. Approximately 70 brands generate annual revenues of more than $100 million.
