Get Report shares rose Monday after the iconic food-and-beverage giant said it would cut $2 billion of costs over four years and use the funds to boost marketing spending 30%.
The Pittsburgh company has struggled since Kraft and Heinz merged five years ago, with analysts seeing it as too slow to alter older brands and unwilling to commit adequate resources to marketing.
Kraft Heinz recently traded at $32.55, up 2.1%. The stock had eased 0.8% year to date through Monday.
“We are placing the consumer at the center of everything we do,” Chief Executive Miguel Patricio said in a statement.The Street