The Wm. Wrigley Jr. Company announced it has entered into an agreement to purchase certain confectionery assets of Kraft Foods for $1.48 billion. The transaction includes ownership of well-known, iconic brand franchises -- such as Life Savers, Creme Savers, and Altoids -- as well as a number of local or regional brands and production facilities in the U.S. and Europe.
"There are only a handful of confectionery brands around the world that have the combination of heritage and vitality that can match up with Wrigley brands," commented Bill Wrigley, Jr., chairman, president & CEO. "Altoids and Life Savers are two such brands. We are extremely pleased to add them to our fast-growing and dynamic portfolio of leading confections and are committed to leveraging their equity to create significant value for our business and our shareholders. With our confectionery focus and expertise, we look for these brands to flourish under the Wrigley umbrella and anticipate being able to take full advantage of their marketplace potential."