In a widely anticipated move, The Kraft Heinz Company has unveiled plans to axe approximately 2,500 jobs in the US and Canada; around 700 of which are at Kraft's headquarters in Northfield, IL.
Heinz’s (soon to be) new owners 3G Capital and Berkshire Hathaway today revealed that Burger King boss Bernardo Hees will become CEO of Heinz once their 28bn deal (including debt) to buy the soups to ketchup giant is completed.
The move to private ownership could make it easier for Heinz to do some spring cleaning, notably selling off its 'troubled' US frozen food business, said analysts as Heinz announced plans to sell up to Berkshire Hathaway and 3G.
UPDATED - H.J. Heinz Co. has agreed to be acquired by Warren Buffett’s Berkshire Hathaway investment firm and Brazilian private-equity giant 3G Capital for $23.3bn, in what it claims is the largest deal ever struck in the food industry.
Kraft will not face competition from Hershey to buy UK confectionery company Cadbury, it is confirmed today. But a major Kraft shareholder has come out in opposition to this week’s raised bid.
Kraft’s largest shareholder Berkshire Hathaway, run by billionaire investor Warren Buffett, has voted against the issuance of up to 370m shares to acquire Cadbury, it said on Tuesday.