Kraft Foods to rename snacks company Mondelez

[March 22, 2012]  NORTHFIELD (AP) -- Kraft Foods Inc. announced Wednesday that its new global snacks company will be named Mondelez International Inc.

Mondelez was inspired by the suggestions of two Kraft employees. It is intended to evoke the idea of a "delicious world" as "monde" is derived from the Latin word for "world" and "delez" as an expression of "delicious."

Kraft announced in August that it would be splitting in two by the end of 2012 so both sides of the business could focus better on their priorities.

The North American grocery business will continue to carry the company name as Kraft Foods Group Inc., selling products such as Maxwell House coffee and Oscar Mayer meats. Its larger global snacks business will take on the new name creation to sell Trident gum and Cadbury chocolates in fast-growing countries worldwide.

Kraft said it asked employees from around the world to suggest names for the new company. More than 1,000 employees submitted more than 1,700 names for consideration. Mondelez International is a mix of suggestions from two employees -- one in Europe and one in North America.

The company's shareholders will have to approve the name at a meeting in May.

If approved, the name will take effect before the end of the year. The company has also reserved the stock symbol "MDLZ" for trading under the new name. The new stock symbol for its grocery business will be revealed at a later date.

Kraft, based in Northfield, Ill., is one of the world's largest food makers. Its shares fell 14 cents to $38.21 in midmorning trading.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.