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THE KRAFT HEINZ COMPANY is an American food company formed by the merger of Kraft Foods
Kraft Foods
Group and Heinz
Heinz
in 2015. The merger was backed by 3G Capital and Berkshire Hathaway
Berkshire Hathaway
, which invested US$10 billion in the deal, making Kraft Heinz
Heinz
worth about US$46 billion. In 2015, the Kraft Heinz
Heinz
Company had 13 different brands with $500 million or more each in annual sales.

CONTENTS

* 1 Merger * 2 See also * 3 References * 4 Further reading * 5 External links

MERGER

The merger was agreed by the boards of both companies, with approval by shareholders (at the shareholders meeting) and regulatory authorities. The new company became the world's fifth-largest food and beverage company and the third-largest in the US. The company is headquartered in both Pittsburgh
Pittsburgh
and Chicago
Chicago
. The companies completed the merger on July 2, 2015.

Under the merger, Kraft's shareholders received 49% of shares in the combined company, plus a one-time dividend of US$16.50 per share. _Fortune_ reports that sluggish growth for Kraft in the US market is due to consumers turning to natural and organic ingredients.

Alex Behring , 3G Capital's managing partner, is the chairman of the new company; Bernardo Hees , also a partner of 3G Capital and Heinz's chief executive officer (CEO), is the CEO of the new company; and John Cahill , Kraft's CEO, is the vice chairman of the new company.

The merger did not affect the naming rights to Heinz
Heinz
Field , home of the Pittsburgh
Pittsburgh
Steelers .

On February 17, 2017, it was reported that Kraft Heinz
Heinz
Co. had made a $143 billion approach to take over the British-Dutch multinational Unilever
Unilever
, a significantly larger competitor with 126,000 more employees and £24bn larger revenue than Kraft Heinz. Unilever declined the initial proposal. The take over was subsequently abandoned on 19 February soon after UK Prime Minister Theresa May
Theresa May
had ordered a scrutiny of the deal.

SEE ALSO

* Companies portal * Food portal

* List of food companies * List of brand name food products * List of dairy product companies in the United States

REFERENCES

* ^ _A_ _B_ "The Kraft Heinz
Heinz
Company Announces Successful Completion of the Merger between Kraft Foods
Kraft Foods
Group and H.J. Heinz Holding Corporation" (PDF). The Kraft Heinz
Heinz
Company. 2 July 2015. Archived from the original (PDF) on 14 July 2015. Retrieved 23 January 2015. * ^ _A_ _B_ _C_ _D_ _E_ _F_ "Financial Results - Kraft Heinz
Heinz
Co". Google Finance . Retrieved December 25, 2015. * ^ _A_ _B_ _C_ " Kraft Foods
Kraft Foods
to merge with Heinz". BBC News. 25 March 2015. Retrieved 9 October 2016. * ^ " Kraft Foods
Kraft Foods
to merge with ketchup maker Heinz". Reuters. March 25, 2015. Retrieved March 25, 2015. * ^ "3G Capital, Berkshire to Buy Kraft Foods, Merge It With Heinz". Bloomberg. March 25, 2015. Retrieved March 25, 2015. * ^ _A_ _B_ "H.J. Heinz, Kraft Foods
Kraft Foods
to merge". Institute of Food Technologists . 25 March 2015. Retrieved 28 March 2015. * ^ Nolan Feeney (25 March 2015). "Kraft and Heinz
Heinz
Merge to Become World’s 5th-Largest Food Company". TIME magazine. Retrieved 9 October 2016. * ^ KraftHeinzCompany_FactSheet.pdf: www.kraftheinzcompany.com/KraftHeinzCompany_FactSheet.pdf, accessdate: February 17, 2017 * ^ Giammona, Craig. "Kraft Foods, Heinz
Heinz
to merge in deal backed by Warren Buffett, Tim Hortons owner". _ Financial Post _. Postmedia Network . Retrieved 27 March 2015. * ^ _A_ _B_ "1. Meet the new Kraft Heinz
Heinz
Company.". _Fortune_. 25 March 2015. Retrieved 9 October 2016. * ^ Teresa F. Lindeman (25 March 2015). "Officials: Heinz
Heinz
Field name will not change with merger deal". Pittsburgh
Pittsburgh
Post-Gazette. Retrieved 9 October 2016. * ^ _A_ _B_ "Kraft Heinz
Heinz
abandons £115bn Unilever
Unilever
mega-deal". _The Telegraph_. Retrieved 2017-02-19. * ^ Anne Steele Chaudhuri saabira (17 February 2017). "Kraft Makes $143 Billion Merger Bid for Unilever". _ The Wall Street Journal
The Wall Street Journal
_. Retrieved 17 February 2017.

FURTHER READING

* Kim, Susanna (March 25, 2015). "How the New Kraft Heinz
Heinz
Co. Is About to Take Over Your Kitchen". ABC News . Retrieved 26 March 2015.