Cadbury (CBY) to Continue Idling of Somerdale Manufacturing Facility, Despite Talks with Kraft (KFT)
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Kraft Foods (NYSE: KFT) announced that, after extensive talks with senior management, Cadbury (NYSE: CBY) will close their Somerdale manufacturing facility near Bristol. The plant is expected to close by 2011, as the plan were put in place by Cadbury and are too far along to reverse them.
Fast Facts:
Fast Facts:
- Reversing the closure isn't fiscally feasible.
- Cadbury already has invested about 100 million GBP in a plant in Poland, where a majority of lines will be transferred by mid-2010.
- Kraft will continue to support Cadbury's plans to invest about 30 million GBP in its Bourneville site.
- Kraft will also honor prior commitments by Cadbury to the Somerdale employees.
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