Yesterday, Kraft shareholders gathered together to vote on merging with Heinz, resulting in an overwhelming “yea.”
According to the Chicago Tribune, it only took about 14 minutes to decide on merging together the two household names.
“This truly is a historic moment for our two companies as we combine to become a global food and beverage leader with an unparalleled portfolio of great brands,” John T. Cahill, Kraft Foods Group Chairman and CEO and future Vice Chairman of The Kraft Heinz Company, said in a press release. “It has been a privilege to serve Kraft, and I look forward to continue serving The Kraft Heinz Company on its board of directors.”
About two dozen shareholders attended the vote, of which about 98 percent agreed to the merger, according to the release, creating the third-largest food and beverage company in North America, and the fifth-largest food and beverage company in the world.
So what is the new powerhouse’s next move? As we previously reported, a statement from Cahill to employees on cost-cutting being a top priority has stirred up rumors of there being job cuts on the horizon, but the companies have still not confirmed them.
In fact, because there are a “number of risks and uncertainties that could cause actual results to differ materially,” the companies have not yet released any forward looking statements or strategies to the public.
For now, the only certainty is that the Kraft Heinz is the newest old name in the business.
