Kraft Heinz

Nam Y. Huh / AP, File

Kraft Heinz Co. is bringing back its former chief financial officer amid accounting problems and falling sales. 

Kraft Heinz Takes Another $1 Billion Hit, Shares Plunge

Aug 8, 2019
Gene J. Puskar / AP

Kraft Heinz released its second quarter earnings report delayed by accounting problems and revealed continued fall-out related to those issues on top of weak sales.

The company that makes Oscar Mayer hot dogs, Kool-Aid, Heinz ketchup and Velveeta took charges in excess of $1 billion in the first half due in part to the "perceived risk" to the value of the company during a very rough year in which its stock has been cut in half.

At the opening bell Thursday, shares of The Kraft Heinz Co. tumbled another 14%, hitting 10 year lows.

Amy Sisk / StateImpact Pennsylvania

On today's program: Red Whittaker explains his journey from childhood rocket-building to roving the moon; pregnant women could be at higher risk for mental illness if they live near a fracking site; former employees of a popular Wilkinsburg coffee shop have accused the owner of sexual harassment; and if Kraft-Heinz ditches the football stadium on the North Shore, who's next to plant their flag on Pittsburgh football? 

Kraft Heinz Restates Earnings Over Period Of Several Years

May 6, 2019
Gene J. Puskar / AP

Kraft Heinz is restating its financial results for the years 2016, 2017, and for the first nine months of 2018.

Keith Srakocic / AP

Kraft Heinz says CEO Bernardo Hees will step down from the post and be succeeded by Miguel Patricio in July.

Patricio worked in various roles at Anheuser-Busch InBev over 20 years, including serving as chief marketing officer. He's also worked at companies including Philip Morris, The Coca-Cola Co. and Johnson & Johnson.

In February Kraft Heinz disclosed an investigation by federal regulators and said that it would slash the value of its Oscar Mayer brands by a $15.4 billion.

Nam Y. Huh / AP, File

Kraft Heinz disclosed an investigation by federal regulators and will slash the value of its Oscar Mayer and Kraft brands by $15.4 billion.

Shares plunged 26 percent at the opening bell Friday, the company's biggest single-day decline, after posting a stunning $12.6 billion loss for the fourth quarter.

Kraft Heinz divulged the receipt of a subpoena in October from the U.S. Securities and Exchange Commission related to its procurement operations. Those operations handle interactions with outside suppliers. The company said that it is fully cooperating with the SEC.

Kraft Heinz Company / AP

Kids will soon be able to eat AND play with their food.

Gene J. Puskar / AP

Ketchup maker and packaged food giant Kraft Heinz has withdrawn a $143 billion offer to buy Unilever, backing away after the mayonnaise, tea and seasonings maker rejected the bid as too low.

The companies announced the decision Sunday in a joint press release, saying that Kraft Heinz has "amicably" abandoned the offer.

The deal would have combined Kraft Heinz brands such as Oscar Mayer, Jell-O and Velveeta with Unilever's Hellman's, Lipton and Knorr. The merged company would have rivaled Nestle as the world's biggest packaged food maker by sales.

Heinz / YouTube

Scores of hot dog costume-wearing dachshunds run through a grassy field while Harry Nilsson’s 1972 ballad “Without You” plays in the background.

What can’t they live without?

Heinz Ketchup of course. And mustard. And barbeque sauce, represented here by humans in condiment costumes. The dogs leap upon them, licking their faces while the announcer says, “It’s hard to resist great taste. Meet the Ketchups.”

Kraft Heinz has been trying to build buzz around their family of condiments with the hashtag #MeetTheKetchups.

AP Photo/Toby Talbot, File

Kraft Heinz has announced it is cutting about 2,500 jobs in the U.S. and Canada. The move comes as the company seeks to cut costs following the Kraft and Heinz merger earlier this year. The impact on Pittsburgh will be minimal, according to Kraft Heinz spokesman Michael Mullen.

“As part of the integration, some employees will move from Pittsburgh to Chicago and likewise, some employees will move from Chicago to Pittsburgh,” said Mullen. “Heinz will continue to have a significant presence in the Pittsburgh area.”