Dec. 18 -- Northfield -based Kraft Foods Group Inc. said it is setting aside $3 billion for an open-ended stock repurchase program. The timing and amount of stock repurchases will be subject to management evaluation of market conditions and other factors, the company said. "We've made significant progress in creating a cash-focused, return-oriented company," Kraft Foods Chief Executive Officer Tony Vernon said in the statement. The "announcement reflects our commitment to disciplined capital management." It's is Kraft's first buyback since the packaged food company, which makes Velveeta Cheese and Maxwell House coffee, separated from other Kraft Foods Inc. units which became Mondelez International Inc. in 2012. The company also declared a regular quarterly dividend of 52.5 cents a share, payable on Jan. 17 to shareholders of record on Dec. 27 . ___ (c)2013 the Chicago Tribune Visit the Chicago Tribune at www.chicagotribune.com Distributed by MCT Information Services
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