|Founded||July 2, 2015|
|Alex Behring (Chairman)|
John Cahill (Vice chairman)
Miguel Patricio (CEO)
Paulo Basilio (Chief financial officer)
|Revenue||US$24.97 billion (2019)|
|US$3.07 billion (2019)|
|US$1.94 billion (2019)|
|Total assets||US$101.45 billion (2019)|
|Total equity||US$51.75 billion (2019)|
|Owners||Berkshire Hathaway (27%)|
3G Capital (20%)
Number of employees
|Footnotes / references|
The Kraft Heinz Company (KHC), commonly known as Kraft Heinz, is an American food company formed by the merger of Kraft Foods and Heinz and is co-headquartered in Chicago, Illinois, and Pittsburgh, Pennsylvania. Kraft Heinz is the third-largest food and beverage company in North America and the fifth-largest in the world with $25.0 billion in annual sales as of 2019.
In addition to Kraft and Heinz, over 20 other brands are part of the company's profile including Boca Burger; Gevalia; Grey Poupon, Oscar Mayer, Philadelphia Cream Cheese, Planters, Primal Kitchen, and Wattie's of which eight have total individual sales of over $1 billion. Kraft Heinz ranked No. 114 in the 2018 Fortune 500 list of the largest United States corporations based on 2017 total revenue.
The merger of Kraft Foods and H.J. Heinz was agreed by the boards of both companies, with approval by shareholders and regulatory authorities in early 2015. The new Kraft Heinz Company became the world's fifth-largest food and beverage company and the third-largest in the United States. The Kraft Heinz co-headquarters are in Chicago at the Aon Center and in Pittsburgh at PPG Place, with other offices across the United States, Canada, South America, Europe, Asia, and Australia. The companies completed the merger on July 2, 2015.
On February 17, 2017, it was reported that Kraft Heinz Co. had made a $143 billion approach to take over the British-Dutch multinational Unilever, a significantly larger competitor with 126,000 more employees and £24bn larger revenue than Kraft Heinz. Unilever declined the initial proposal. The takeover was subsequently abandoned on February 19 soon after UK Prime Minister Theresa May had ordered a scrutiny of the deal.
In May 2018, Kraft Heinz launched Springboard Brands, a business focused on growing organic, natural, and "super-premium" food brands. Later that year, it was announced Kraft Heinz would acquire the Primal Kitchen brand as part of the company's Springboard Incubator. The $200 million deal was completed in early 2019 and was expected to generate $50 million in new annual revenue.
In July 2018, Kraft Heinz announced it was committing to make all of its global packaging recyclable, reusable or compostable by 2025.
In April 2019, it was announced Miguel Patricio, former Chief Marketing Officer of InBev would replace Bernardo Hees as CEO of Kraft Heinz. Patricio took position of CEO in late June 2019 and Alex Behring remained chairman of the company. Later that year, Paulo Basilio returned to his role at Chief Financial Officer and Corrado Azzarita assumed the position of Chief Information Officer.
In September 2020, Kraft Heinz reached a deal to sell part of its cheese business to French multinational dairy products corporation Lactalis for $3.2 billion. Kraft Heinz will retain Philadelphia Cream Cheese, Kraft Singles, Velveeta Processed Cheese and Cheez Whiz Processed Cheese businesses in the U.S. and Canada. This also includes the Kraft, Velveeta and Cracker Barrel Mac & Cheese businesses and the Kraft Sauces business worldwide.
On September 16, 2020 Kraft Heinz released its 2020 Environmental Social Governance (ESG) report. The report includes a goal to make 100% of Kraft Heinz product packaging recyclable, reusable, or compostable by 2025 and plans to sustainably source 100 percent of Heinz Ketchup tomatoes by 2025.
As of 2020, in addition to both Kraft and Heinz, many more global brands are included in the Kraft Heinz portfolio:
For the fiscal year 2017, Kraft Heinz reported earnings of US$11.0 billion, with an annual revenue of US$26.2 billion, a decline of 0.6% over the previous fiscal cycle. Kraft Heinz's shares traded at over $61 per share, and its market capitalization was valued at over US$136 billion in September 2018.
In February 2019, shares in Kraft Heinz fell to a record low of under $35, after the company reported a $10.2bn loss for the previous year as the company announced that it would take a $15.4 billion write down of its Kraft and Oscar Mayer brands, slashed its dividend, and acknowledged that the U.S. Securities and Exchange Commission had opened a probe into its accounting practices. In August 2019 Kraft Heinz announced a further $1.22 billion in write downs. In August 2019, Kraft Heinz announced it was bringing back its former CFO, Paulo Basilio, who had served in the position until 2017, to replace David Knopf, saying it wanted a "seasoned veteran" in the job following a series of accounting errors.
In September 2020, Kraft Heinz announced its new enterprise strategy including plans to cut $2 billion in costs over five years resulting in an estimated generation of 4% to 6% adjusted earnings per share growth. The announcement resulted in multiple stock upgrades by CFRA and Guggenheim due to the renewed positive financial outlook of the company.
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- Official website
- Business data for The Kraft Heinz Company: