KRAFT TO SELL LENDER'S FOR $455 MILLION

NORTHFIELD, Ill. -- Kraft Foods here said last week it is selling its Lender's Bagels business to Battle Creek, Mich.-based Kellogg Co. for $455 million.

bagels. The transaction includes Lender's plants in West Haven/New Haven, Conn.; Mattoon, Ill., and Buffalo, N.Y.

Arnold G. Langbo, Kellogg's chairman and chief executive officer, said the Lender's line will complement Kellogg's convenience-food business, which includes Kellogg's Pop-Tarts, Eggo frozen waffles and cereal bars.

A division of Philip Morris Cos., New York, Kraft Foods said it is selling Lender's to concentrate on its core businesses.