The Kraft Heinz Company, known as Kraft Heinz, is a major American multinational food corporation resulting from the merger of Kraft Foods and H.J. Heinz Company. It is co-headquartered in Chicago and Pittsburgh. As of 2021, Kraft Heinz ranks as the third-largest food and beverage company in North America and the fifth-largest globally, boasting annual sales exceeding $26 billion. The company's extensive product portfolio and vast market reach have solidified its position as a significant player in the food industry.
2001: Heinz Acquires Naming Rights to Heinz Field
Heinz initially acquired the naming rights to Heinz Field in Pittsburgh in 2001.
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2014: Just Spices GmbH Founded
Just Spices GmbH, a German spice blend company, was launched in 2014.
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July 2, 2015: Kraft Foods and H.J. Heinz Merger Completion
On July 2, 2015, the merger between Kraft Foods and H.J. Heinz was finalized, creating the world's fifth-largest food and beverage company. The new entity established co-headquarters in Chicago and Pittsburgh.
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2015: Start of Financial Restatement Period
2015 marks the beginning of the period for which Kraft Heinz had to restate its financial results due to the SEC investigation into improper cost savings claims.
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2015: Kraft Heinz Merger and Naming Rights
The 2015 merger of Kraft and Heinz did not immediately impact the naming rights of Heinz Field.
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February 17, 2017: Kraft Heinz's Bid for Unilever
On February 17, 2017, Kraft Heinz made a $143 billion offer to acquire Unilever, which was rejected and subsequently abandoned due to regulatory concerns from the UK Prime Minister.
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October 19, 2017: Kraft Heinz Acquisition of Cerebos Pacific
Kraft Heinz announced its acquisition of Cerebos Pacific from Suntory on October 19, 2017, including brands like Saxa salt, Gregg's, and Bisto.
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2017: Kraft Heinz Financial Results
For the fiscal year 2017, Kraft Heinz reported earnings of US$11.0 billion and annual revenue of US$26.2 billion, a slight decline from the previous fiscal cycle.
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2017: Return of Paulo Basilio as CFO
In 2017, Paulo Basilio held the position of CFO at Kraft Heinz, before leaving and returning to the position in August 2019.
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2017: Kraft Parmesan Cheese Label Lawsuit Rejected
In 2017, a lawsuit alleging misleading labeling on Kraft's "100% Grated Parmesan Cheese" was dismissed by judges, accepting the argument that a reasonable consumer would understand that preservatives are necessary in such products.
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2017: Kraft Heinz Revenue
Kraft Heinz generated total revenue that led to its Fortune 500 ranking in 2018.
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March 9, 2018: Approval of Cerebos Pacific Acquisition with Conditions
On March 9, 2018, New Zealand's Commerce Commission approved Kraft Heinz's acquisition of Cerebos Pacific with the condition that it sell the licenses for Gregg's sauces and F. Whitlock Worcestershire sauce.
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May 2018: Kraft Heinz Launches Springboard Brands
Kraft Heinz launched Springboard Brands in May 2018, focusing on growing organic, natural, and "super-premium" food brands.
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September 2018: Kraft Heinz Market Capitalization
In September 2018, Kraft Heinz's market capitalization was valued at over US$136 billion, with shares trading at over $61 per share.
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October 24, 2018: Kraft Heinz to Sell Indian Nutritional Beverage Assets
On October 24, 2018, Kraft Heinz announced the sale of its Indian nutritional beverage assets, including Complan and Glucon-D, to Zydus Wellness.
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2018: End of Financial Restatement Period
2018 marks the end of the period for which Kraft Heinz had to restate its financial results, concluding a period of accounting discrepancies that led to an SEC investigation.
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2018: Kraft Heinz Fortune 500 Ranking
In 2018, Kraft Heinz was ranked 114th on the Fortune 500 list, based on its 2017 total revenue.
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January 30, 2019: Completion of Sale of Indian Nutritional Beverage Assets
Kraft Heinz completed the sale of its Indian nutritional beverage assets to Zydus Wellness on January 30, 2019.
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February 2019: Kraft Heinz Share Drop and SEC Probe
In February 2019, Kraft Heinz's stock plummeted to under $35 after a reported $10.2 billion loss for the previous year. The company also announced a $15.4 billion writedown of its Kraft and Oscar Mayer brands, a dividend cut, and an SEC investigation into its accounting practices.
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February 21, 2019: SEC Subpoena, Dividend Cut, and Stock Crash
On February 21, 2019, Kraft Heinz revealed it received an SEC subpoena in October regarding its accounting practices. The company also announced a dividend cut and a $15.4 billion writedown of its Kraft and Oscar Mayer brands, leading to a significant stock drop and impacting major stockholder Berkshire Hathaway.
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April 2019: Miguel Patricio Appointed CEO of Kraft Heinz
In April 2019, Miguel Patricio was announced as the new CEO of Kraft Heinz, replacing Bernardo Hees.
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June 2019: Kraft Heinz Achieves 100% on Corporate Equality Index
In June 2019, Kraft Heinz received a perfect score on the Human Rights Campaign's Corporate Equality Index for its LGBTQ+ inclusion efforts.
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June 2019: Miguel Patricio Takes Over as CEO
Miguel Patricio officially assumed the role of CEO of Kraft Heinz in late June 2019. Other leadership changes also occurred with Paulo Basilio returning as CFO, and Corrado Azzarita assuming the role of CIO.
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July 2, 2019: Kraft Heinz Sells Canadian Natural Cheese Business
Kraft Heinz sold its Canadian natural cheese business, including Cracker Barrel, P'tit Quebec, and aMOOza!, to Parmalat for C$1.62 billion on July 2, 2019.
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August 2019: Further Writedowns and CFO Change
In August 2019, Kraft Heinz announced an additional $1.22 billion in writedowns and reinstated its former CFO, Paulo Basilio. This followed a series of accounting errors and the departure of David Knopf, with the company seeking a "seasoned veteran" to address the situation.
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2019: Kraft Heinz Acquires Primal Kitchen
Kraft Heinz completed the acquisition of Primal Kitchen in early 2019 for $200 million, expecting to add $50 million in annual revenue.
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September 15, 2020: Kraft Heinz Announces New Strategic Transformation Plan
On September 15, 2020, Kraft Heinz unveiled its new Strategic Transformation Plan, including a new company purpose, "Let's Make Life Delicious," and a new vision focused on sustainable growth.
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September 2020: Kraft Heinz to Sell Part of Cheese Business to Lactalis
In September 2020, Kraft Heinz agreed to sell a portion of its cheese business, including brands like Breakstone's, Knudsen, Polly-O, Athenos, Hoffman's, and Cracker Barrel, to Lactalis for $3.2 billion.
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September 2020: New Enterprise Strategy and Stock Upgrades
In September 2020, Kraft Heinz unveiled a new enterprise strategy focused on cost reduction and earnings growth. This resulted in stock upgrades from CFRA and Guggenheim, reflecting renewed confidence in the company's financial outlook.
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2020: Kraft Heinz 2020 Performance
Kraft Heinz saw a 6.2% increase in sales in 2020, culminating in over $26 billion in revenue.
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February 11, 2021: Kraft Heinz Announces Q4 2020 and Full-Year Results and Sale of Nuts Business
On February 11, 2021, Kraft Heinz reported increased sales and over $26 billion in revenue for 2020, also announcing plans to sell its nuts business, including Planters, to Hormel.
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September 2021: Kraft Heinz Acquires Hemmer and Assan Foods
In September 2021, Kraft Heinz acquired Hemmer, a Brazilian condiments and sauces company, and reached an agreement to acquire Assan Foods, a Turkish sauces company.
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September 2021: SEC Settlement and Financial Restatement
In September 2021, Kraft Heinz agreed to a $62 million fine to settle the SEC probe into a $200 million improper claim of cost savings. The company was required to restate its financial results from 2015 to 2018.
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November 10, 2021: U.S. Justice Department Approves Cheese Business Sale with Conditions
The U.S Justice Department approved the sale of part of Kraft Heinz's cheese business to Lactalis, conditional on the divestiture of the Athenos and Polly-O businesses, on November 10, 2021.
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2021: Kraft Heinz Company Sales
In 2021, Kraft Heinz reached over $26.0 billion in annual sales, making them the third-largest food and beverage company in North America and fifth-largest globally.
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2021: Kraft Heinz Announces Acquisition of Stake in Just Spices GmbH
The deal for Kraft Heinz to acquire a stake in Just Spices GmbH was initially announced in December 2021.
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January 19, 2022: Kraft Heinz Completes Acquisition of Just Spices GmbH
On January 19, 2022, Kraft Heinz finalized the acquisition of an 85% stake in Just Spices GmbH, a German spice blend company founded in 2014.
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July 2022: Heinz Field Naming Rights
Reports surfaced in July 2022 indicating Kraft Heinz would not renew the naming rights for Heinz Field, home of the Pittsburgh Steelers, originally acquired in 2001.
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December 1, 2023: Kraft Heinz Awarded Damages in Price-Fixing Lawsuit
On December 1, 2023, a jury awarded Kraft Heinz and other food companies $17.8 million in a lawsuit against Cal-Maine Foods for alleged egg price-fixing. Cal-Maine Foods denies any wrongdoing.
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2023: Kraft Heinz Global Brand Portfolio
As of 2023, Kraft Heinz maintains a diverse portfolio of global brands.
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2025: Kraft Heinz Sustainability Goals
Kraft Heinz set sustainability goals for 2025, aiming for 100% recyclable, reusable, or compostable packaging and sustainably sourced Heinz Ketchup tomatoes.
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