Dallas, Texas 12/27/2013 (FINANCIALSTRENDS) – Recently the Kraft Foods Group Inc (NASDAQ:KRFT) announced its $3 billion stock buyback program. It is one of the biggest North-American packaged foods company and has brands such as Maxwell House Coffee and Velveeta Cheese. This is considered as its first buyback program since it became an independent company in 2012. As per the buyback program there is not going to be any expiration date and the timing and the stock repurchases will be done after the analysis from the management. The company will evaluate the market conditions and some other factors.
As per the Chief Executive officer Tony Vernon the company has made significant progress in making itself cash focused and return oriented company. Company is also committed for a disciplined capital management and always wants to balance its investments so that it can generate profitable growth and also give good returns to the investors.
Overview of the company
The creation of the Kraft Foods Group Inc (NASDAQ:KRFT) started last year when the company changed its name to Mondelez international Inc. which is a snack foods purveyor. At that time the company closed its packaged foods business. Then in the month of June Kraft Foods made it clear that it would expand itself to six business units so that it can reduce all the complexities that are arising in the business and it would also help them to concentrate on the brand building which is considered as one of the most important things these days.
Recently company declared a quarterly dividend of 52.5 cents a share which will be paid in January. The overall gain in the stock price of the company for the current year is around 15 percent and the last share price fell by 0.8 percent to $52.44 at the close in NYSE.