“(Reuters) – Kraft Foods Group Inc , which sells Planters peanuts, Oscar Mayer lunch meat and Velveeta cheese, said it approved a $650 million restructuring plan related to its spin-off from Kraft Foods Inc in October.
The company said the restructuring cost involves severance related to the spin-off, asset disposals and other one-time expenses.
Kraft Foods Group said about half of the total restructuring cost is expected to result in cash expenditures. In addition to the restructuring, the company also approved related capital expenditures of $200 million.
It expects to complete the restructuring by the end of 2014.”
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