Kraft to Sell Yogurt Business to CoolBrands
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Kraft Foods Inc. said it had agreed to sell its yogurt business to Canadian ice cream company CoolBrands International Inc. for $59 million.
The sale of the Breyers, Creme Savers and Light ‘n Lively brands is the latest move by Kraft to cull its portfolio and focus on larger brands. The three yogurt brands had estimated sales of $90 million in 2004, a Kraft spokesman said.
The deal is expected to close in the first quarter of 2005, the spokesman said.
Kraft shares fell 25 cents to $35.05 on the NYSE.
From Reuters
* San Diego-based tuna producer Bumble Bee Seafoods agreed to buy the canned meat businesses of Castleberry/Snow’s Brands Inc. and Sara Lee Corp. for a combined $138 million.
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