Nov 2 Kraft Foods Group Inc, which
sells Planters peanuts, Oscar Mayer lunch meat and Velveeta
cheese, said it approved a $650 million restructuring plan
related to its spin-off from Kraft Foods Inc in October.
The company said the restructuring cost involves severance
related to the spin-off, asset disposals and other one-time
Kraft Foods Group said about half of the total restructuring
cost is expected to result in cash expenditures. In addition to
the restructuring, the company also approved related capital
expenditures of $200 million.
It expects to complete the restructuring by the end of 2014.
Kraft Foods Inc spun off its North American grocery business
on Oct. 1 as Kraft Foods Group. Mondelez International Inc
, whose brands include Oreo cookies, Cadbury chocolate
and Trident gum, is the name of what remains from Kraft Foods
Inc after the spinoff.