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THE KRAFT HEINZ COMPANY

(KHC)
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Kraft Heinz : to invest $199 million in British manufacturing facility

05/31/2021 | 08:11pm EDT
FILE PHOTO: A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York

(Reuters) - Kraft Heinz Co said on Tuesday it plans to invest 140 million pounds ($198.83 million) in its food manufacturing facility in northwest England over the next four years, subject to U.S. approval.

The investment would be the company's biggest expansion of an existing manfacturing site outside the United States in more than 20 years.

The plans for the Kitt Green plant northwest of Manchester would be aimed at adding production of Heinz ketchup, mayonnaise and salad cream. The money will also fund equipment and technology and create up to 50 new full-time jobs, the company said.

The plant will continue making Heinz soups and pasta. It already makes 1.3 billion cans of food per year.

"The Kraft Heinz investment is a vote of confidence in the UK economy from a major U.S. firm and a boost that will mean jobs and growth for the local economy," UK Minister for Investment Gerry Grimstone said in a statement.

Kraft Heinz said the plan was one of the largest proposed investments in British manufacturing since Brexit but did not provide details.

($1 = 0.7041 pounds)

(Reporting by Siddharth Cavale and Praveen Paramasivam in Bengaluru; Editing by Cynthia Osterman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) -0.29% 0.8509 Delayed Quote.-4.32%
THE KRAFT HEINZ COMPANY 0.03% 36.22 Delayed Quote.4.50%
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Financials (USD)
Sales 2021 25 344 M - -
Net income 2021 2 857 M - -
Net Debt 2021 18 471 M - -
P/E ratio 2021 17,8x
Yield 2021 4,42%
Capitalization 44 311 M 44 311 M -
EV / Sales 2021 2,48x
EV / Sales 2022 2,54x
Nbr of Employees 38 000
Free-Float 53,7%
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 36,22 $
Average target price 41,47 $
Spread / Average Target 14,5%
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Managers and Directors
Miguel Patricio Chief Executive Officer & Director
Paulo Basilio Chief Financial Officer
Alexandre Behring da Costa Chairman
Flavio Torres Head-Global Operations
Gregory Edward Abel Independent Director
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