US: Turnover drops for Kraft and Heinz in final separate quarter | Progresiv
American food giants Kraft and Heinz have experienced turnover drops in their second quarter, which is the last time they will post separate numbers as they have merged into Kraft Heinz this summer. 
Kraft Foods managed a 4.5 billion dollars (4 billion euros) turnover in the second quarter, down 5 % compared to the same period last year. Ketchup and soup manufacturer Heinz' turnover dropped 4 % to 2.6 billion dollars (2.3 billion euros). All in all, Kraft still managed a 500 million dollar net profit thanks to cost-cutting measures while Heinz had to take a 164 million dollars hit because of exchange rate fluctuations. Its operational profit did grow however.
It was the last time either company posted financial numbers as a separate entity. Berkshire Hathaway, billionaire and experienced investor Warren Buffett's investment company, acquired Kraft Foods in March 2015 for 10 billion dollars. It did so alongside Brazilian venture capitalist 3G Capital.
They merged Kraft with ketchup manufacturer Heinz, which was acquired 2 years ago for 28 billion dollars. Kraft Foods once belonged to the global conglomerate Kraft, which split into 2 companies in 2012: Mondelez International and Kraft Foods, with the latter focusing mostly on North America. (www.retaildetail.eu)
