Kraft Foods executive vice president and chief financial officer Dave Brearton said this favorable tax ruling from the IRS is a significant milestone in the spin-off process.
"We remain firmly on-track to launch two industry-leading companies before the end of 2012," Brearton added.
In August 2011, Kraft announced its plans to split into two publicly traded companies: one focusing on the snacks business and the other on its North American grocery business. The global snacks business will have an estimated revenue of approximately $32bn, while the North American grocery business will have a revenue of nearly $16bn.
