Philip Morris Completes Nabisco Purchase

12 December 2000

Consumer products conglomerate Philip Morris yesterday completed the $18.9 billion purchase of comestibles company Nabisco Holdings, following last week’s approval by the Federal Trade Commission.

The operations of PM’s Kraft Foods North America division will now absorb those of Nabisco, comprising three divisions: Nabisco Biscuit & Snacks, Confections and Planters.

The new units come under the control of Rick Lenny, quondam president of Nabisco Biscuit Company, now group VP-Kraft Foods and president of Nabisco Biscuit & Snacks.

News source: Advertising Age - Daily Deadline