Kraft to sell E. Wedel business to Lotte
June 28, 2010
by Keith Nunes
NORTHFIELD, ILL. — Kraft Foods Inc. has signed an agreement to sell Cadbury’s E. Wedel chocolate and sugar confectionery business in Poland to the Lotte Group, Tokyo. Terms of the agreement were not disclosed.
The sale follows the European Commission’s decision to approve Kraft Foods’ acquisition of Cadbury P.L.C. conditioned on the divesture of the Cadbury E. Wedel business in Poland and the Cadbury chocolate confectionery and soft-cake business in Romania. The divestiture of the Romanian business has yet to be announced. Kraft Foods said it will keep the remaining Cadbury business in Poland.
The Lotte Group is a diversified company with annual sales of approximately $40 billion. The company’s confectionery portfolio includes such brands as Xylitol, Koala March and Ghana. The Lotte Group is the largest chewing gum manufacturer in Asia.