Combination Creates Unparalleled Portfolio of Powerful and Iconic Brands
The Kraft Heinz Company (NASDAQ: KHC) is pleased to announce the
successful completion of the merger between Kraft and Heinz.
The transaction creates the third-largest food and beverage company in
North America and the fifth-largest food and beverage company in the
world with an unparalleled portfolio of iconic brands. The complementary
nature of the two brand portfolios presents substantial opportunity for
synergies, which will result in increased investments in marketing and
innovation. This historic transaction unites two powerful businesses and
iconic brands, and provides a platform for leadership in the food
industry both domestically and internationally.
Management and Governance
As previously announced, The Kraft Heinz Company’s Board of Directors is
comprised of the following 11 directors: Alex Behring (who will serve as
Chairman of the Board), Gregory Abel, Tracy Britt Cool, Warren Buffett,
John T. Cahill (who will serve as Vice Chairman of the Board), L. Kevin
Cox, Jeanne P. Jackson, Jorge Paulo Lemann, Mackey J. McDonald, John C.
Pope, and Marcel Telles.
Also as previously announced, Bernardo Hees is Chief Executive Officer
of The Kraft Heinz Company. The rest of the Kraft Heinz Company senior
leadership team was announced on June 29, 2015.
“I am honored and humbled to be the CEO of The Kraft Heinz Company,”
said Mr. Hees. “Kraft and Heinz are both world-class organizations with
storied pasts and together, an even brighter future.”
KHC
Effective as of the close of trading today, July 2, 2015, Kraft Foods
Group, Inc. common shares will cease trading on the NASDAQ. The Kraft
Heinz Company common shares will begin trading on the NASDAQ under the
trading symbol KHC on Monday, July 6, 2015.
Dividend
On July 31, 2015, The Kraft Heinz Company will pay a cash dividend of
$0.55 per share to all stockholders of record at the close of
business on July 27, 2015. This dividend will be in lieu of the dividend
declared on June 22, 2015, by Kraft to its shareholders of record as
of July 27, 2015, the payment of which was conditional on the merger not
having closed by that date.
Next Steps
The Company’s immediate focus is on integrating the two businesses and
establishing a new organizational structure, while delivering its
financial objectives for 2015.
The Kraft Heinz Company remains committed to its hometowns with
co-headquarters in Pittsburgh and the Chicago area. The Heinz brand and
business will remain headquartered in Pittsburgh and the Kraft brand and
business will remain headquartered in the Chicago area.
ABOUT HEINZ
H.J. Heinz Company, offering “Good Food Every Day,”™ is one of the
world’s leading marketers and producers of healthy, convenient and
affordable foods specializing in ketchup, sauces, meals, soups, snacks
and infant nutrition. Heinz provides superior quality, taste and
nutrition for all eating occasions whether in the home, restaurants, the
office or “on-the-go.” Heinz is a global family of leading branded
products, including Heinz® Ketchup, sauces, soups, beans, pasta and
infant foods (representing over one third of Heinz’s total sales),
Ore-Ida® potato products, Weight Watchers® Smart Ones® entrées, T.G.I.
Friday’s® snacks, and Plasmon infant nutrition. Heinz is famous for its
iconic brands on six continents, showcased by Heinz® Ketchup, The
World’s Favorite Ketchup®.
ABOUT KRAFT FOODS GROUP
Kraft Foods Group, Inc. (NASDAQ: KRFT) is one of North America's largest
consumer packaged food and beverage companies, with annual revenues of
more than $18 billion. The company's iconic brands include Kraft,
Capri Sun, Jell-O, Kool-Aid, Lunchables, Maxwell
House, Oscar Mayer, Philadelphia, Planters and Velveeta.
Kraft’s 22,000 employees in the U.S. and Canada have a passion for
making the foods and beverages people love. Kraft is a member of
the Standard & Poor's 500 and the NASDAQ-100 indices. For more
information about Kraft, visit www.kraftfoodsgroup.com
and www.facebook.com/kraft.
Forward-Looking Statements
Except for the historical information contained herein, certain of the
matters discussed in this communication constitute “forward-looking
statements” within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934, both as amended by the Private
Securities Litigation Reform Act of 1995. Words such as “may,” “might,”
“will,” “should,” “could,” “anticipate,” “estimate,” “expect,”
“predict,” “project,” “future”, “potential,” “intend,” “seek to,”
“plan,” “assume,” “believe,” “target,” “forecast,” “goal,” “objective,”
“continue” or the negative of such terms or other variations thereof and
words and terms of similar substance used in connection with any
discussion of future plans, actions, or events identify forward-looking
statements. These forward-looking statements include, but are not
limited to, statements regarding benefits of the merger, integration
plans and expected synergies, anticipated future financial and operating
performance and results, including estimates for growth. There are a
number of risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements included in this
communication. For example, the ability to successfully integrate the
businesses of Kraft and Heinz, risks related to disruption of management
time from ongoing business operations due to the transaction and the
risk that the merger could have an adverse effect on the ability of
Kraft and Heinz to retain customers and retain and hire key personnel
and maintain relationships with their suppliers and customers and on
their operating results and businesses generally, problems may arise in
successfully integrating the businesses of the companies, which may
result in the combined company not operating as effectively and
efficiently as expected, the combined company may be unable to achieve
cost-cutting synergies or it may take longer than expected to achieve
those synergies, and other factors. All such factors are difficult to
predict and are beyond our control. We disclaim and do not undertake any
obligation to update or revise any forward-looking statement in this
report, except as required by applicable law or regulation.
The Kraft Heinz Company
Media:
Michael Mullen
SVP, Corporate & Government Affairs
+1-412-456-5751
[email protected]
or
Investors:
[email protected]