kraft foods group inc (KRFT) Key Developments
Kraft Foods Group to Close the Hill Street Complex by the End of 2016, Result in the Loss of 200 Jobs
Jul 3 14
Kraft Foods Group announced that it will close the Hill Street complex by the end of 2016, a move that will result in the loss of jobs for the plant's nearly 200 employees. The company expects to shut down the gelatin production at the plant by the second quarter of 2015, and the manufacture of flavorings and other ingredients by the end of 2016. Kraft will discuss a severance package for the hourly workers with the union representing them, Local 1295 of the Office & Professional Employees International Union. Kraft's decision to close the plant comes despite millions that the company has invested in equipment and capital upgrades to reduce odors from the plant that have prompted persistent complaints from neighbors.
Kraft Foods Group, Inc. Declares Quarterly Dividend, Payable on July 25, 2014
Jun 23 14
The Board of Directors of Kraft Foods Group, Inc. has declared a regular quarterly dividend of $0.525 per share of common stock, payable on July 25, 2014, to shareholders of record on July 11, 2014.
Kraft Foods Group Voluntarily Recalls Small Quantity of Velveeta Original Pasteurized Recipe Cheese Product Due to Low Levels of Preservative Ingredient
Jun 19 14
Kraft Foods Group is voluntarily recalling 260 cases of Velveeta Original Pasteurized Recipe Cheese Product because it does not contain appropriate levels of sorbic acid, a preservative ingredient. While unlikely, the affected product could spoil prematurely and/or lead to food borne illness. Therefore, the company is issuing this recall as a precaution. This recall affects one batch of product made on one manufacturing line during a few hours of production. The product was shipped to three Walmart distribution centers and may have been redistributed to stores in up to 12 Midwest states. The affected products may have been shipped to Walmart stores in Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. These products were not shipped outside of the U.S.
Kraft Foods Group, Inc. Presents at Retail Investor Conference, Jun-05-2014 10:45 AM
Jun 4 14
Kraft Foods Group, Inc. Presents at Retail Investor Conference, Jun-05-2014 10:45 AM.
Kraft Foods Group, Inc. Announces Executive Changes
Jun 3 14
Kraft Foods Group, Inc. announced the appointment of George Zoghbi to the newly created executive position of Vice Chairman, Operations, R&D, Sales and Strategy, reporting directly to CEO Tony Vernon. The creation of this new role brings together the expertise of several key areas under one leader, including research & development, which creates innovative new products and manages quality improvements, to the manufacturing and sales teams that make and ultimately deliver Kraft's products to customers. With Zoghbi's transition to Vice Chairman, the company announced the appointment of Howard Friedman to Executive Vice President and President, Cheese & Dairy, reporting to CEO Vernon. Most recently, he was President of Sales responsible for Kraft's Wal-Mart Stores, Inc. In addition, Friedman is a 16-year Kraft veteran and has held positions of increasing leadership responsibility in Marketing, where he managed such iconic brands as Philadelphia, Kraft Singles, Jell-O and Kool-Aid. He served as Senior Vice President of Marketing for Cheese & Dairy before moving into his current Sales role.