After its 2015 merger, Kraft Heinz pushed hard for profits by raising product prices. “We may have made a mistake,” investor Warren Buffett now admits.
Kraft Heinz Co.’s yearslong quest for cost-cutting and profit hurt a key element for success in the packaged-food business: good relationships with supermarkets.
When the food giant made the surprise announcement last week that it was slashing the value of its Kraft and Oscar Mayer brands by $15.4 billion, it became clear its strategy failed to address the broader consumer shift away from processed meats and other packaged items toward healthier, more natural options.
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