Wednesday, 27 January 2010

Greens oppose Kraft takeover of Cadbury (Caroline Lucas statement)


Reflecting on the news that Cadbury is to be taken over by the US food company Kraft, Green Party leader Caroline Lucas said: "Today marks a day of anxiety for almost 7,000 workers employed by Cadbury. Greens share the concerns raised by Unite, the union representing Cadbury workers, about the amount of debt that Kraft currently has.[1]

"Kraft's debt almost tripled to $18.54 billion in the two years between 2006 and 2008. We are worried that Kraft will service that debt as it has previously -- Kraft has sacked 60,000 workers to pay for its profits in the last 10 years. The Green Party is deeply concerned that a successful, independent UK company, whose products are loved all over the world, has become the latest victim to the ever-growing Kraft brand."

Caroline Lucas added that: "The jobs at Cadbury's are being lost in Birmingham, a city that is still recovering from the Rover shutdown, as well as Ford and Land Rover job cuts. Investment in a Green New Deal would cushion the effect of these job losses in a time of deep recession."

Phelim Mac Cafferty, joint International coordinator for the Green Party, stated: "Of the approx £12 billion offer, Kraft is borrowing £7 billion.[2] Again, the myopia of the City has taken precedence, and the lives of thousands of workers have been sidelined in this process. Kraft is a giant company - with giant debt and a record of under-performance, while Cadbury's makes world-beating confectionery, and it is independent."

Notes to Editors



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