Kraft Heinz Co to cut 2,500 jobs
Kraft Heinz merged this year
Kraft Heinz Co is to cut around 2,500 posts across the US and Canada, the first confirmation of job losses made at the newly-formed food & beverage giant.
The company, which was created in July, said "approximately 700" of the jobs to go are at its headquarters in Northfield, Illinois, the former head office of Kraft Foods Group.
The cuts echo moves made by the senior management at Heinz when the company was acquired by Warren Buffett's Berkshire Hathaway fund and Brazil-based private-equity firm 3G Capital in 2013. Also, soon after 3G helped engineer the merger of Anheuser-Busch and InBev, the newly-formed group cut around 1,400 jobs in the US.
In June, 3G was connected to a takeover of Diageo when it was reported to be considering a bid for the UK group through A-B InBev.
In SEC filings released this week, Kraft Heinz revealed 4,050 staff had left the former Heinz business between the end of April 2013 and 28 June this year, when the merged was completed, amid "restructuring and productivity initiatives" undertaken by 3G and the ketchup maker's management.
As at Heinz, 3G and Buffett are co-investors in Kraft Heinz, owning a combined 51% of the Kool-Aid maker. However, 3G is the shareholder behind the operations of the business.
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