Business Services Industry
Cadbury Schweppes hits expected profit levels, vindicating top executive.
Knight Ridder/Tribune Business News, December, 2004
By BRIAN O'CONNOR, Daily Mail, London Knight Ridder/Tribune Business News
Dec. 16--Todd Stitzer can feel a sense of relief this Christmas. Cadbury Schweppes, the chocolate and soft drinks giant he heads, seems to be winning its greatest gamble.
Two years ago Cadbury paid a steep 2.2 billion pounds for Adams, the chewing gum group owned by US drugs giant Pfizer. It was its biggest-ever deal and blew its debt up to 4.5 billion pounds. Investors were sceptical about the price, particularly when Adams' sales faltered.
This week's trading update leaves Stitzer, an American lawyer who became chief executive 18 months ago, feeling -- relatively -- relaxed.
New products like Snaps, a thin, chocolate-coated snack, are storming off...
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