Retail

Kraft Heinz targets $2 billion in cost cuts, sets long-term goals

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Kraft Heinz is looking to capitalize on consumers’ rediscovered interest in store-bought mac and cheese and Ore-Ida french fries as it unveiled a turnaround plan Tuesday that will shave $2 billion in costs through 2024 and invest some of that in marketing its products.

The company is expecting long-term organic sales growth of 1% to 2% and adjusted earnings per share growth of 4% to 6%. The company said the financial targets reflect its confidence in its ongoing recovery. In 2019, its organic net sales shrank by 1.7%.

As Kraft Heinz looks to make its business more relevant to consumers, it announced the $3.2 billion sale of part of its cheese business to Lactalis. The deal is expected…



Source cnbc.com

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