Kraft Foods is proposing to change the name of its global snacks business to Mondelez International Inc. when it splits into two companies this year. The company says the name means to convey a "delicious world," using a derivation of the Latin word for world, and a Kraft-employee-coined word, "delez," using Romance language roots to signify "delicious."

As a standalone company, Kraft’s $35-billion global snacking business, with brands including Oreo, Ritz, Tang and Trident, will be conducted at least 80% outside of North America. Kraft's North American grocery business, with revenue of $18 billion, is keeping brands including Kraft Singles, Kraft Macaroni & Cheese and Planters. That company will retain the Kraft Foods name, it says. The company also confirms that its North American grocery business will remain in Northfield, Ill., at Kraft’s headquarters. The company will consolidate employees from Glenview, Ill., its beverages division in Tarrytown, N.Y. and its Planters business in East Hanover N.Y.

The global snacks business will be headquartered in Deerfield, Ill. Kraft is reportedly negotiating for a lease there, a spokesperson says. The spinoff is expected to take place in the fourth quarter of this year. Kraft's global chief marketing officer Mary Beth West says that the snack company was looking for a name that underscored the global scope of its business, and paid homage to Kraft's "make today delicious" mantra.

"We're trying to create the thought of a house of brands, as opposed to a branded house," she says. "We really want a unifying umbrella under which all of our fabulous iconic global brands can live."