Tags: Heinz | Kraft | Buffett | merger

Heinz CEO Warns Employees of Kraft to Prepare for Disruption

Monday, 06 Apr 2015 03:56 PM

Bernardo Hees, who cut more than 7,000 jobs at H.J. Heinz Co. after his investment firm took the company private, has a message for Kraft workers: Change is hard.

3G, with backing from Warren Buffett’s Berkshire Hathaway Inc., recently announced it would buy Kraft Foods Group Inc. and merge it with Heinz, where Hees is serving as chief executive officer. 3G is known for slashing costs, prompting speculation that jobs will be cut at Kraft, the maker of food brands such as Velveeta, Philadelphia Cream Cheese and Maxwell House.

“In many places, our similarities will create synergies and our differences will open up opportunities,” Hees said in a video message that was released to Kraft employees on Monday. “But we all understand that change is never easy and brings with it a lot of uncertainty and questions.”

3G, which also teamed up with Buffett on the Heinz deal, has cut 7,400 jobs at the Pittsburgh-based company in less than two years as it works to boost profitability.

Heinz had 24,500 full-time employees as of Dec. 28, according to a filing with the U.S. Securities and Exchange Commission last month. That compares with 31,900 as of April 28, 2013. Buffett and 3G took the company private in June of that year.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Companies
Bernardo Hees, who cut more than 7,000 jobs at H.J. Heinz Co. after his investment firm took the company private, has a message for Kraft workers: Change is hard.
Heinz, Kraft, Buffett, merger
210
2015-56-06
Monday, 06 Apr 2015 03:56 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved