NORTHFIELD, Ill.--(BUSINESS WIRE)--March 29, 2004--Kraft Foods Inc. (NYSE:KFT), a global leader in branded foods and beverages, today announced that it has closed on its purchase of Veryfine Products Inc., a privately held beverage manufacturer. Terms of the sale were not disclosed.
Veryfine Products, based in Littleton, MA, was established in 1865 and has been owned by the Rowse family since 1900. In 2003, it posted net sales of more than $150 million, led by Fruit2O, the number-one-selling flavored water in the United States.
As part of the sale, Kraft will acquire Veryfine's 350,000-square-foot manufacturing facility in Littleton, MA, its 20,400-square-foot manufacturing facility in Berlin, NH, and its 216,000-square-foot distribution center in Ayer, MA. The Veryfine business will be managed out of Kraft's management center in Tarrytown, NY, and the company will continue operating the manufacturing and distribution facilities in Massachusetts and New Hampshire.
"The Veryfine family of products offers consumers convenient beverages that taste delicious and help them meet their healthy living goals," said Roger K. Deromedi, Kraft's CEO. "We're excited about the growth potential of these brands, and look forward to building on the strong foundation of quality established by the Rowse family."
"One of the biggest reasons we chose Kraft as our partner was their reputation for treating their employees fairly and well, and the fact that they intend to operate and grow our New England-based operations," said Samuel B. Rowse, Veryfine's President and CEO. "We think this turns a good deal into a great deal and are thrilled to have Kraft as the stewards of our brands and our great people."
Ready-to-drink beverages are an important growth driver for Kraft, and the addition of Veryfine will build on the success of popular Kraft product lines such as Capri Sun and Kool-Aid Jammers.
Kraft Foods markets many of the world's leading food brands, including Kraft cheese, Maxwell House and Jacobs coffees, Nabisco cookies and crackers, Philadelphia cream cheese, Oscar Mayer meats, Post cereals and Milka chocolates, in more than 150 countries.
Veryfine Products Inc. is a leading beverage company whose products include 100% juice and juice drinks, the Fruit2O family of flavored waters and Balsam's spring water. UBS Investment Bank acted as exclusive financial advisor to Veryfine.
For more information on Kraft Foods, please visit our website at www.kraft.com
For more information on Veryfine, please visit our website at www.veryfine.com
CONTACT: Kraft Foods Inc.
Donna Sitkiewicz (Media), 847-646-5770
donna.sitkiewicz@kraft.com
or
Mark Magnesen (Investor Relations), 847-646-3194
mmagnesen@kraft.com
SOURCE: Kraft Foods Inc.Kraft
