Kraft Foods Inc. announced it has agreed to sell its fruit snacks operation to the Kellogg Company for approximately $30 million. The fruit snacks business generated net revenues of approximately $80 million in 2004.
"This sale is part of our key strategy of transforming our portfolio," said Dave Johnson, Kraft's president, North America Commercial. "Through innovations, investments, acquisitions and divestitures, we're focusing our portfolio on businesses that offer Kraft sustainable competitive advantage."