English: A bottle of Heinz ketchup (Photo credit: Wikipedia)
McDonald’s is moving to clear Heinz ketchup out of its system.
The restaurateur this week confirmed that it has started the process of moving to other vendors, following the appointment of former Burger King Worldwide CEO Bernardo Hees to run Pittsburgh-based H.J. Heinz Co. Mr. Hees also serves as vice chairman of the board of Miami-based Burger King.
“As a result of recent management changes at Heinz, we have decided to transition our business to other suppliers over time,” according to a statement from Oak Brook, Ill.-based McDonald’s.
The decision appears to put an end to a years-long push by Heinz officials to regain ground with the restaurant giant that operates more than 34,000 locations around the globe, although most American customers buying Big Macs aren’t getting Heinz ketchup with their fries anyway.
PPG Place in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)
Editor’s note: Not off to the greatest start!
The new owners of the H.J. Heinz Co. are eliminating 600 office positions across the Pittsburgh company’s operations in the U.S. and Canada — including 350 jobs in Pittsburgh — as a move toward a more efficient operation.
A company spokesman this morning confirmed reports that layoffs had begun in Pittsburgh this week, about two months after the close of the $28 billion sale of the historic food company to 3G Capital and Berkshire Hathaway.
The cuts here will take Heinz employment in the region down from close to 1,200 to about 800.
“As part of our transition to a private company, the senior leadership team has examined every piece of our business to better position Heinz for accelerated growth in a very competitive global market,” said Michael Mullen, senior vice president of corporate and government affairs.
For the corporate takeover business, the last half-decade was a fallow period. Wall Street deal makers and chief executives, brought low by the global financial crisis, lacked the confidence to strike the audacious multibillion-dollar acquisitions that had defined previous market booms.
Cycles, however, turn, and in the opening weeks of 2013, merger activity has suddenly roared back to life. On Thursday, Berkshire Hathaway, the conglomerate run by Warren E. Buffett, said it had teamed up with Brazilian investors to buy the ketchup maker H. J. Heinz for about $23 billion. And American Airlines and US Airways agreed to merge in a deal valued at $11 billion.
Those transactions come a week after a planned $24 billion buyout of the computer company Dell by its founder, Michael S. Dell, and private equity backers. And Liberty Global, the company controlled by the billionaire media magnate John C. Malone, struck a $16 billion deal to buy the British cable business Virgin Media.
NEW YORK — H.J. Heinz Co. has agreed to be acquired by an investment group including billionaire investor Warren Buffett in a deal valued at $23.3 billion.
The ketchup company says it’s the largest deal ever in the food industry. Heinz shareholders will receive $72.50 in cash for each share of common stock they own. The transaction value includes the assumption of Heinz’s debt. Based on Heinz’s number of shares outstanding, the deal is worth $23.3 billion excluding debt.
President Barack Obama and Warren Buffett in the Oval Office, July 14, 2010. (Photo credit: Wikipedia)
Tribune Co.’s imminent emergence from an epic bankruptcy has fueled a flurry of speculation about the future of one of the country’s largest diversified news media empires.
Weighing in on the matter Thursday was one of the world’s richest men, Warren Buffett. The Oracle of Omaha, as he is known for his legendary financial prowess, expressed interest in one of Tribune”s newspapers. Which one?
Even during a global economic downturn, the rich are getting richer.
Three of the top five billionaires are Americans.
Carlos Slim Helu, Chairman of Telemax in Mexico was the world’s richest man this year with a net worth of $74 billion. His wealth increased from $53.5 billion last year to $74 billion this year! He holds interests in Saks Fifth Avenue and The New York Times.
Bill Gates (Microsoft) came in at number two this year with a net worth of $54 billion. Gates has already given $30 billion dollars to the Bill and Melinda Gates Foundation. The foundation fights hunger and disease world-wide.
Warren Buffett (Berkshire Hathaway) is third on the list with a net worth of $50 billion. Buffett saw his fortune increase by $3 billion over last year.
Bernard Arnault (Louis Vitton) of France is the wealthiest man in Europe. His wealth increased $13.5 billion over last year to $41 billion. Guess those handbags are selling well!
Larry Ellison (Oracle) saw his net wealth jump $11.5 billion to round out the top five at $39.5 billion. Ellison won the America’s Cup in 2010 after spending $100 million to win the yachting competition.