NORTHFIELD, IL -- Mondelez International Inc. is official. The contentious new name of Kraft Foods was approved by a unanimous vote on May 23 by the food kingpin's shareholders over more conservative and obvious choices like Kraft Foods International.
Brands that will be marketed under the Mondelez umbrella include Fig Newton, Oreo, Cadbury and Trident after the split of the company into two parts, which is expected to happen later this year. The second company, a high-margin North American grocery business, will be called Kraft Foods Group Inc.
"Mondelez has an appealing international sound that perfectly evokes the idea of a 'delicious world.' That's the essence of our global snacks company," said Kraft chief executive Irene Rosenfeld, who underscored that Mondelez will be the new corporate name and not a consumer brand.
Kraft has also reserved the symbol MDLZ for the company's common stock, which will trade under the new symbol after the spinoff. The stock symbol for the new grocery company will be KRFT. Until the new companies launch, the name and stock-trading symbol for Kraft Foods Inc. (NYSE: KFT) will not change.
Separately, Kraft announced on May 18 that the U.S. Internal Revenue Service indicated that it will approve the company's plan to spin off a new division in a tax-free split. Kraft said the IRS gave the company a letter confirming the tax-free status of the planned spinoff.