Kraft Foods announced that its assets would not be tapped to pay the tobacco litigation costs being generated by its parent company, Altria Group, and Altria’s Philip Morris unit.
“We have no intention of upstreaming cash from Kraft,” Kraft Chairman Louis Camilleri said during the company’s annual meeting.
Altria owns about 84 percent of Kraft, which went public in June 2001.
“We have no intention of upstreaming cash from Kraft,” Kraft Chairman Louis Camilleri said during the company’s annual meeting.
Altria owns about 84 percent of Kraft, which went public in June 2001.
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