Kraft Foods Global, Inc. and The Procter & Gamble Company have announced a settlement agreement regarding patents for plastic packaging for roast and ground coffee. The financial terms and details of the settlement will not be disclosed.
In response, Marc Firestone, Executive Vice President, Corporate and Legal Affairs and General Counsel for Kraft Foods, issued the following statement: "Kraft Foods is pleased to settle this matter with P&G in such an efficient and pragmatic way. We look forward to moving ahead on our Maxwell House brand."
Procter & Gamble issued a similar statement: "We are delighted by the terms of this settlement and will not hesitate to do what it takes to continue to protect our intellectual property," said Steve Jemison, P&G chief legal officer.
In November 2008, P&G completed the sale of its Folgers Coffee business to The J.M. Smucker Company.
Sources: Procter & Gamble, Kraft Foods