Drinks break for slimmer Cadbury
Dairy Milk maker Cadbury today began life once more as a pure confectionery firm after spinning off its American drinks arm.
Shares in the chocolate giant were trading in London as Cadbury after the group dropped the Schweppes joint branding following a decision to demerge the drinks business, Dr Pepper Snapple, through a listing on the New York Stock Exchange, due to take place on May 7.
The move leaves the remaining Cadbury operation as the world's second largest confectionery business, overtaken only by Mars after its deal to buy the Wrigley chewing gum group, unveiled earlier this week.
Standalone Cadbury has revenues of more than £5 billion and underlying profit of around £500 million, according to the group.
Shares in the firm made their debut on the London Stock Exchange today with a rise of nearly 2% in early trade.
Todd Stitzer, chief executive, said: "The separation of beverages allows us to take the company back to the future.
"The past few years have seen a transformation of the group's performance and as a focused confectionery company we will be able to do better still."
- 3 Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
- 4 Ann Summers survey reveals the UK's favourite sex position
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...