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Kraft Sells Hot Cereals Division
NEW YORK - Jan 23/07 - SNS -- Kraft Foods Inc. will sell its hot cereals business, including the Cream of Wheat brand and related assets to a wholly owned subsidiary of B&G Foods, Inc. for approximately $200 million.
The sale includes the Cream of Wheat and the Cream of Rice brands as well as certain manufacturing equipment. In anticipation of the sale, in the fourth quarter of 2006 Kraft recorded a pre-tax asset impairment charge of $69 million. The sale, which is subject to regulatory approval, is expected to be dilutive by approximately $(0.01) per share in 2007.
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