Kraft Foods Declares Regular Quarterly Dividend of $0.18 Per Share; Announces New Share Repurchase ProgramNORTHFIELD, IL, December 4, 2003 - The Board of Directors of Kraft Foods Inc. (NYSE: KFT) today declared a regular quarterly dividend of $0.18 per common share of Class A and Class B stock, payable on January 5, 2004, to stockholders of record as of December 22, 2003.
The Board of Directors also authorized a new share repurchase program of up to $700 million to repurchase its Class A common stock. The Company expects to complete its current repurchase authorization of $500 million during the fourth quarter of 2003. Purchases under the new authorization will begin after the current program is completed and are expected to run through 2005. The repurchased shares will be used to satisfy the exercise of employee stock options and issuance of restricted stock under employee incentive plans, thus preventing the dilution that results from newly issued shares.
Kraft Foods markets many of the world's leading food brands, including Kraft cheese, Maxwell House and Jacobs coffees, Nabisco cookies and crackers, Oscar Mayer meats, Philadelphia cream cheese, Post cereals and Milka chocolates, in more than 150 countries.
For more information, please visit our website at www.kraft.com.