The Kraft Heinz Co. Makes Its Debut
PITTSBURGH, Pa. and NORTHFIELD, Ill. — The Kraft Heinz Co. made its debut Monday, following the successful merger of Kraft Foods Group and H.J. Heinz.
Kraft Heinz Co. is now trading on the NASDAQ National Market under the ticker symbol KHC. It is the third-largest food and beverage company in North America, behind only PepsiCo Inc. and Nestlé USA. Combined, its brands include Heinz ketchup, Smart Ones entrees, T.G.I. Friday's snacks, Kraft, Capri Sun, Jell-O, Kool-Aid, Lunchables, Maxwell House, Oscar Meyer, Philadelphia, Planters and Velveeta.
Bernardo Hees was named CEO of The Kraft Heinz Co., which will maintain co-headquarters in Pittsburgh and Northfield.
"I am honored and humbled to be the CEO of The Kraft Heinz Co., said Hees."Kraft and Heinz are both world-class organizations with storied pasts and together, an even brighter future."
As CSNews previously reported on March 25, the merger was the brainchild of Berkshire Hathaway Inc. CEO Warren Buffett along with investment group 3G Capital. Berkshire Hathaway and 3G Capital initially joined forces to purchase Heinz on Valentine's Day in 2013.
Former Kraft shareholders now own 49 percent of The Kraft Heinz Co., while former Heinz shareholders own 51 percent of the company. As part of the deal, former Kraft shareholders will receive a dividend of $16.50 for each share of Kraft they owned. This payout, which equates to a total of approximately $10 billion, was paid out on Monday, with a regular dividend to be paid on July 31.
For more on how The Kraft Heinz Co. could affect convenience store operations, click here.