Summary
This 8-K filing from Kraft Foods Inc. (predecessor to Mondelez International, Inc.) on December 19, 2005, details a material definitive agreement concerning the acquisition of an aircraft hangar and related property in Milwaukee, Wisconsin. Kraft Foods Global, Inc., a subsidiary, purchased the property for approximately $3.3 million from Altria Corporate Services, Inc. This transaction involves the assumption of rights and obligations under a ground lease and the purchase of improvements and personal property. The filing also outlines an Amended and Restated Aircraft Management Agreement and an Environmental Agreement. The management agreement governs aviation services provided by Altria Corporate Services to Kraft, while the environmental agreement clarifies responsibilities for hazardous substances on the property, with Kraft assuming responsibility for post-closing issues and Altria retaining responsibility for pre-closing conditions. These agreements are significant for Kraft's operational infrastructure and risk management.
Key Highlights
- 1Kraft Foods Inc. subsidiary acquired an aircraft hangar and related property in Milwaukee, Wisconsin.
- 2The transaction involved a purchase price of approximately $3.3 million.
- 3The acquisition includes rights and obligations under a ground lease, as well as improvements and personal property.
- 4An Amended and Restated Aircraft Management Agreement was entered into, detailing ongoing aviation services.
- 5An Environmental Agreement was established to define responsibilities for hazardous substances on the property.
- 6Altria Corporate Services remains responsible for pre-closing environmental issues, while Kraft assumes post-closing responsibility.