Digesting the Kraft Split: Global Snacks and North American Foods
U.S. and second globally to Nestle ( NSRGY.PK ). It also has one of the most complex corporate histories of any firm.Many of its iconic brands were central in the epic tale of LBO intrigue detailed in the book and film: "Barbarians at the Gate"). An earlier piece takes the initial bite of the split , and this article continues to chew on the strategic implications for investors. The story will continue to develop and no doubt be one of the biggest business headlines of the year.
Despite its long and rich history, Kraft broke away fully from Altria ownership in 2008. Today, Kraft stands alone and with a very strong portfolio of brands that lends itself to a split along geographic and strategic lines, particularly with recent acquisitions.
Corporations splitting in two has become a common theme with Conoco Phillips ( COP ), Marathon ( MRO )( MPC ), Ralcorp Holdings ( RAH ), all businesses that have fairly distinct segments that divide easily (think refining/marketing from production/exploration or brand name from generic) in a way that can add value for shareholders. Each new entity can focus more clearly on Jim Collins' "hedgehog concept" (from Good to Great ) without dispersing its resources. The dividing lines are fairly clear in the Kraft transaction, giving each new firm a laser-like strategic focus.
First, Kraft is taking the slow but steady North American brands (e.g., Maxwell House, Jello , Miracle Whip , Kraft Mac & Cheese , Oscar Mayer , Kraft Dressing , Philadelphia Cream Cheese , etc.) and placing it into one unit -- North American Grocery -- a future company I'll dub K-NAG (North American Grocery). This firm is very likely to offer single digit revenue growth (3-6%) but pay a dividend the company states will be "competitive" -- likely a 3-4% yield, within the high range for a packaged food firm with strong brands and high margins. Early estimates for K-NAG are revenues at $16 billion. It will remain a force in the North American food market.
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So, thinking ahead, Green was the surprise pick in April's draft. In this offense, the third-down back is essential. Earlier this week, offensive coordinator Joe Philbin deadpanned that if a running back cannot pass protect, he will not play.
With its brand leadership it is not a surprise Kraft has turned its customer focus to the consumer of its shares, offering distinct products for investors who may have different goals (income and stability in North American Markets versus fast growth
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