Kraft Foods will split into two companies, one focused on snacks and the other on groceries, the food giant announced this morning.
The snack portion of the Kraft business is reportedly $32 billion in revenue while groceries, including cheese and dairy, are $16 billion. The move will allow each entity to focus on its core competencies, company officials say.
The creation of the two companies will take some time to facilitate, but Kraft expects the deal to be done by the end of 2012.
