Kraft Foods stock is up on Thursday after the company announced that it would split its North American grocery business and global snack companies into two separate ventures by Dec. 2012. The tax-free spinoff will give Kraft greater flexibility in the business sphere, enabling the company to acquire other businesses and boost profits further, according to chief executive officer Irene Rosenfeld.
With the split, Kraft Foods can expand its grocery business and introduce its snack products to emerging markets without sacrificing shareholders' investments. "There can be a great deal of value unlocked in the creation of these two companies," Rosenfeld added.
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