NORTHFIELD, Ill. — In an effort to reflect the split of its global snacks and North American grocery businesses, Kraft Foods said it plans to change its corporate name Mondelez International.
Mondelez is a word coined by the company that "evokes the idea of 'delicious world,'" featuring "monde," The Latin word for "world" and "delez," a fanciful expression of "delicious," the company said of the new name for its global snacks business.
The company's board of directors has approved the name change and will submit an amendment to the company's amended and restated articles of incorporation for shareholder approval at the company's annual shareholders meeting on May 23. If shareholders approve the amendment, Kraft Foods said it expects the new name to become effective when the global snacks company launches before the end of 2012.
Meanwhile, the North American grocery company will become Kraft Foods Group and will retain the Kraft brand for its corporate identity and as the brand for many of its consumer products.
"The Kraft brand is a perfect fit for the North American grocery business and gives it a wonderful platform on which to build an exciting future," said Kraft Foods chairman and CEO Irene Rosenfeld. "For the new global snacks company, we wanted to find a new name that could serve as an umbrella for our iconic brands, reinforce the truly global nature of this business and build on our higher purpose — to 'make today delicious.' Mondelez perfectly captures the idea of a 'delicious world' and will serve as a solid foundation for the strong relationships we want to create with our consumers, customers, employees and shareholders."