Kraft Foods acquires Veryfine Products
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Manufacturing News, Source : TheManufacturer.com
Published : 30 Mar 2004 20:28
Northfield, IL-based Kraft Foods, the largest North American branded foods and beverage company, announced that it has closed on its purchase of Littleton, MA-based beverage manufacturer Veryfine Products.
Terms of the sale were not disclosed.
As part of the sale, Kraft will acquire Veryfine's 350,000-square-foot manufacturing facility in Littleton, MA, its 20,400-square-foot manufacturing facility in Berlin, NH, and its 216,000-square-foot distribution center in Ayer, MA. The Veryfine business will be managed out of Kraft's management center in Tarrytown, NY, and the company will continue operating the manufacturing and distribution facilities in Massachusetts and New Hampshire.
This acquisition happens during a time of potential transition at Kraft, as the company announced today that its CEO, Roger Deromedi, had been admitted to a hospital with an undisclosed medical condition over the weekend. The announcement provided no definite date for his return. In the meantime, Kraft executives that directly report to Deromedi will report to Chairman Louis Camilleri.
Kraft Foods markets many of the world's leading food brands, including Kraft cheeses, Maxwell House coffees and Nabisco cookies. In 2003, Kraft Foods' revenues were more than $31 billion, and it employs approximately 106,000 workers. Veryfine Products posted net sales of more than $150 million in 2003.
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