Big news in the CPG/food industry today: Kraft is merging with Heinz. From CNN:
Heinz is buying Kraft Foods to create the world’s fifth largest food and beverage company, with sales of about $28 billion.Kraft owns popular brands such as Jell-O, Maxwell House coffee and Planters peanuts. Heinz, of course, is famous for its ketchup, and also owns Lea & Perrins and Ore-Ida.
“By bringing together these two iconic companies through this transaction, we are creating a strong platform for both U.S. and international growth,” said Heinz chairman and 3G managing partner Alex Behring.
SSMark1 says
I saw this merger on the news earlier this AM on the business news and listened to this on the radio on my way into the office today.
I wonder since Heinz is based in Pittsburg, what will happen to the folks here in Northfield, IL.
There is a bunch of overlap and they will need to cut and streamline and that will hopefully cut costs & bring down some of the pricing of the products I use everyday.
But with the persisting drought this year, it’s not looking good for food prices.
It’s only the end of March, and if you look at the US Drought Monitor, it’s already looking BAD for 2015! https://droughtmonitor.unl.edu/
California and the southwest look to be a disaster this year.
We really need those April showers this year.
They will be discussing the merger and the local impact on today’s Noon Business Hour on WBBM-AM-780 & WCKG FM-105.9
-Mark