Kraft Food Ingredients Corp. (KFIC), owner of the Industrial Coconut Business (ICB) and Franklin Baker^® Company of the Philippines (FBC) announced last week the sale of the ICB/FBC to Andorra Services Ltd. As part of the agreement, Andorra Services Ltd. will be taking over the ICB/FBC as a going concern and plans to continue the supply of desiccated coconut products. The sale is expected to close in the second quarter of this year. The sale, however, does not include Kraft’s Baker’s retail coconut business nor does it affect Kraft’s other Ingredient businesses.

Andorra Services Ltd. is a wholly owned subsidiary of the Chandran Family Trust. Andorra is affiliated through Mr. Chandran with the Chemoil Goup of Companies, the largest independent bunker fuel supplier in the world with diversified interests in shipping and oil terminals.

Approximately 1,200 employees of Franklin Baker^® Company of the Philippines are expected to remain with that Company as it is transferred to Andorra. Franklin Baker^® Company is a pioneer in desiccated coconut manufacture in the Philippines and was incorporated in 1922. Its first plant was located in Pureza, Sta. Mesa, Manila, and by 1926 moved to the present site in San Pablo, Laguna to be near coconut supply.