HJ Heinz Co completed its purchase of Kraft Foods Group Inc on Thursday, creating the third largest food and beverage company in North America and fifth largest worldwide.
The new company, Kraft Heinz Co, will have about $US28billion ($F58b) of annual revenue from brands such as Oscar Mayer, Philadelphia, Velveeta, Maxwell House, Ore-Ida and Jell-O, as well as Kraft cheese and Heinz ketchup.
Berkshire Hathaway Inc and Brazilian investment firm 3G Capital, which together bought Heinz in 2013, own 51 per cent of Kraft Heinz and control six of its 11 board seats, including one for Berkshire chairman Warren Buffett. Alex Behring, 3G’s managing partner, is Kraft Heinz’s chairman.
Most of Kraft Heinz’s upper management comes from Heinz, including Chief Executive Bernardo Hees, 45, a 3G partner.
