Mondelez is the old Kraft Foods Inc. The groceries were the part that left.
In August 2011 Kraft Foods announced a split into a global snacks business and a North American grocery business. The snacks half kept the company and became Mondelez, with about $38.5B of net revenue in FY2025.
Transcript
Mondelez looks like a new company. It is the old Kraft Foods Inc., renamed. The groceries were the part that left.
In August 2011, Kraft Foods announced a split: a global snacks business with about $32 billion of revenue, and a North American grocery business with about $16 billion. Bolted together, each half dragged the other's valuation toward an unhappy middle.
On October 1, 2012, the grocery business was spun off as Kraft Foods Group, and the rest renamed itself Mondelez International. In July 2015, Kraft Foods Group merged with Heinz. In August 2022, Mondelez bought Clif Bar to grow its snack bars.
In FY2025, Mondelez reported net revenues of about $38.5 billion, about 75.8% of it from outside the United States.
Even so, the split was not total. In FY2024, Mondelez still took roughly 6% of revenue from cheese and grocery, and roughly 3% from beverages.
If you run two businesses that want opposite things from their owners, apart, each can be priced for what it is. One split does not show that splitting always pays. It shows the question is worth asking.
The records behind this video
Every figure in the video comes from this Decision Record, each with its sources.
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