Kraft Buys Canadian Rights to LifeSavers
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Kraft Foods Inc., the largest U.S. food company, said it paid $12.3 million to Beta Brands Inc. for the right to sell LifeSavers candies in Canada.
Kraft acquired LifeSavers last year as part of its purchase of Nabisco Holdings Corp. Beta Brands still held the rights to sell the fruit-flavored candies in Canada, Kraft said.
The acquisition gives Kraft the rights to sell LifeSavers throughout North America. Beta Brands, which will continue to produce the candies for Kraft for two years, sold $4.3 million worth of LifeSavers in Canada in 2001, the companies said.
Shares of the Northfield, Ill.-based Kraft fell 30 cents to $34.68 on the NYSE.
Company officials couldn’t be reached to comment.
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