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NORTHFIELD, Ill.--(BUSINESS WIRE)--Aug. 27, 2001--Kraft Foods Inc. (NYSE: KFT - news), a global leader in branded foods and beverages, today announced that it has purchased the It's Pasta Anytime! convenient meal business and certain assets from Borden Foods Corporation. The brand was introduced in April 2000, and year one retail revenues were about $36 million.
The brand will become part of Kraft's Cheese, Meals & Enhancers group, based in Glenview, IL. Terms were not disclosed.
``The It's Pasta Anytime! line is an exciting addition to our convenient-meal portfolio, joining such items as Easy Mac microwaveable macaroni and cheese dinners and
Stove Top Oven Classics,'' said Betsy D. Holden, Co-CEO, Kraft Foods, and President and CEO, Kraft Foods North America. ``The brand is right on target in meeting the growing need for fast, nutritious, great-tasting meals. Consumers can make a delicious, pasta lunch or dinner in less than three minutes in the microwave.''
The It's Pasta Anytime! line includes six varieties of single-serve meals, each with individual pouches of pasta and sauce in a microwaveable tray: Penne with Tomato
Italian Sausage Flavor Sauce, Spaghetti Style Pasta with Tomato Beef Flavor Sauce, Penne with Tomato Mushroom Sauce, Thin Spaghetti Style Pasta with Sauteed
Onion and Garlic Sauce, and Elbows with Tomato Cheese Sauce.