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New Owners Put Iconic Ketchup Maker On A Severe Weight Loss Diet

February 10, 2014: 12:00 AM EST
H.J. Heinz Co., recently acquired by a Warren Buffet-backed Brazilian company, is enduring the long-delayed, or perhaps ignored, economic impact of the recent recession that slowed growth in the packaged food industry and turned consumers into cost-conscious bargain-seekers. When 3G Capital took over the reins at Heinz, it found lots of places to trim fat and boost profit. Cost-cutting began at the top with two major executive-level shakeups – three CEOs in eight months – but has now filtered down to the factory level. The company is closing an inefficiently-located Pocatello, Idaho, plant, shedding 400 workers. It is also closing factories in South Carolina and Ontario, Canada. The owners so far have eliminated 1,480 jobs – five percent of the global workforce.
Annie Gasparro, "Tightfisted New Owners Put Heinz on Diet", The Wall Street Journal, February 10, 2014, © Dow Jones & Company, Inc.
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