Kraft Foods Creates New Iberian Biscuit Unit

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Multinational food giant Kraft Foods has created a new subsidiary called Kraft Biscuits Iberia (KBI) to take responsibility for its Spanish and Portuguese biscuit operations. The new unit has annual sales of around EUR200mn in Spain, controlling around 30% of the sweet and salty biscuit market, and sales of around EUR50mn in Portugal, where its market share is even higher.