Kraft Heinz has announced a record investment of 3 billion euros to modernize its U.S. plants, in what is the company's biggest industrial plan in a decade. The move comes amid a tough economic climate, with discouraged consumers and lower sales and profit forecasts.
Pedro Navio, president of North America, explained that the goal is to improve production efficiency, reduce costs and speed the introduction of new products to the market. Customs tariffs introduced in recent years would have contributed to the choice to accelerate the modernization.
Kraft Heinz, known for iconic brands such as Heinz, Kraft and Philadelphia, operates 30 manufacturing facilities across the country. The company says the investment will be critical to staying competitive, responding to declining consumption and consolidating its market share.
