On March 25, 2015, H.J. Heinz Company and Kraft Foods Group, Inc. announced that they have entered into a definitive merger agreement to create The Kraft Heinz Company, forming the third largest food and beverage company in North America.
At the time of merger, Heinz derived 60% of its sales from regions other than North America, while Kraft derived 98% of its sales from North America. The merger provided scope for the combined entity to sell Kraft’s brands in international markets. The combined company also expected to realize $1.5 billion in annual cost savings by the end of 2017.
It hasn’t been smooth sailing since the merger. At first, Kraft Heinz’s stock price climbed; problems soon began to emerge. Sales started softening and the stock dropped as investors got nervous. Kraft Heinz also laid off 2,500 employees, roughly 5 percent of its global workforce and paid a $62 million fine for improper claims of $200m in cost savings (reportedly from merger).
$45B • 2015 • Merger
In March 2015, H.J. Heinz Company and Kraft Foods Group, Inc. entered into a binding agreement to merge their operations, resulting in the formation of The Kraft Heinz Company.
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