Kraft Foods to Sells Beverage Brands
Kraft Foods Inc. agrees to sell its Fruit2O water and Veryfine juice brands and related assets to Sunny Delight Beverages Co. These brands had net revenues of approximately $135 million in 2006. "As we restore Kraft to reliable growth, we're focusing our investments on the brands that best fit with our long-term growth strategies," says Rick Searer, Kraft executive vice president and president, Kraft North America. "Fruit2O and Veryfine are great brands that have found a wonderful home in Sunny Delight. However, for Kraft, we believe we will create greater long-term shareholder value by selling, rather than investing in, these brands." The sale includes the Fruit2O, Fuel2O and Veryfine brands, certain manufacturing equipment and the Littleton , Mass.