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NEW YORK (AP) -- Kraft Foods (Nasdaq: KFT ) will spin off of its North American grocery business after the market closes today, a move intended to let it focus on its global snack brands.
The remaining company will be called Mondelez International and will be home to brands such as Oreo, Cadbury, and Nabisco. It will trade on the Nasdaq under the ticker "MDLZ."
The spinoff company will take brands such as Velveeta, Miracle Whip and Oscar Mayer, along with the Kraft name. Its official name will be Kraft Foods Group; it will also trade on the Nasdaq, under the ticker "KRFT."
Kraft has said that it expects the North American grocery company's earnings per share to grow in the mid- to high-single digit percentage range over the long term. Mondelez meanwhile is expected to have long-term revenue growth of 5 to 7 percent and earnings growth in double digits.
Kraft Foods will stay at the current headquarters in Northfield, Ill. Mondelez will move to nearby Deerfield, Ill., in coming weeks.