Kraft Continues Divestments With Sale of Century-Old Brand

25 January 2007

CHICAGO: Kraft Foods' program of secondary brand divestment continues apace with the sale of its 114-year-old hot cereal brand Cream of Wheat. The not-so-golden oldie, along with sibling brand Cream of Rice, has been acquired for $200 million (€153.55m; £100.77m) by B&G Foods, headquartered in Parsippany, New Jersey.

B&G, which specialises in the acquisition and development of smaller brands - among them Ortega Mexican foods and Polaner fruit spreads - will fund the acquisition via additional debt.

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