Kraft Foods Authorizes $3 Billion Stock Buyback Program

Kraft Foods Group Inc., the North American packaged-foods company with brands including Maxwell House coffee and Velveeta cheese, authorized a $3 billion stock repurchase program.

The buyback plan is Northfield, Illinois-based Kraft Foods’ first since it became an independent company in October 2012. Under the program, which has no expiration date, the timing and amount of stock repurchases will be subject to management evaluation of market conditions and other factors, Kraft Foods said yesterday in a statement.