NORTHFIELD, Ill., Aug. 4 (UPI) -- Kraft Food Inc. Thursday said it would divide itself in two, spinning off its snack division from its U.S. grocery business.

"We have built two strong, but distinct portfolios. Our strategic actions have put us in a position to create two great companies," said Chairman and Chief Executive Officer Irene Rosenfeld in a statement.

The division will allow global snacks to concentrate on "fast-growing developing markets" 18 months after the purchase of European candy maker Cadbury.

"A series of strategic acquisitions, notably of LU biscuit from Danone and of Cadbury Plc, together with the strong organic growth of its Power Brands, have made Kraft Foods the world's leading snacks company," the statement said.

Kraft said an independent company concentrating on snacks would have revenues of about $32 billion "and a strong growth profile across numerous fast-growing, attractive markets.

About 75 percent of revenues would come from outside the United States, while 42 percent would come from developing markets, Kraft said.

The grocery business, meanwhile, would have revenues estimated at $16 billion.

"This business would be one of the largest food and beverage companies in North America. Its portfolio would include many of the most popular food brands on the continent," Kraft said.