We use our own and third-party cookies to optimize your experience on this site, including to maintain user sessions. Without these cookies our site will not function well. If you continue browsing our site we take that to mean that you understand and accept how we use the cookies. If you wish to decline our cookies we will redirect you to Google.
Already have an account? Sign in.

 Remember Me | Forgot Your Password?

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.
North America
United States of America
Companies, Organizations
Market News
Developed by Yuri Ingultsov Software Lab.