Two of the biggest food and beverage companies, Kraft Foods and H. J. Heinz Co. has officially completed their merger on Thursday, company officials announced.
Kraft shareholders approved the partnership on Wednesday, and completed the books on Thursday, just before the Wall Street closed for the Fourth of July Weekend.
"The complementary nature of the two brand portfolios presents substantial opportunity for synergies, which will result in increased investments in marketing and innovation," according to the company statement. "This historic transaction unites two powerful businesses and iconic brands, and provides a platform for leadership in the food industry both domestically and internationally."
UPI reported that Kraft Heinz Co. is now considered as the world's fifth-largest food and drink manufacturer. The creators of Heinz Tomato Ketchup, Kool-Aid and Oreo, combined, is now third of North America's largest food and beverage companies in revenue, next to Nestle and Pepsico.
It is estimated that both companies will generate about $28 billion annually.
The company also announced that Heinz' chief executive officer, Bernardo Heez will be the new company's CEO.
About 51% of the company will be owned by shareholders, while the rest will go to Warren Buffet's Berkshire Hathaway, which owned a part of Heinz in 2013, and 3G Capital, a Brazilian investment firm.
Now, the company will join together in manufacturing products like Planters, Cheez Whiz, Macaroni & Cheese, Ritz, Chips Ahoy, Jet-Puffed, Toblerone, Cadbury and all other Kraft and Heinz products.
"The Kraft Heinz Company remains committed to its hometowns with co-headquarters in Pittsburgh and the Chicago area," the statement added. "The Heinz brand and business will remain headquartered in Pittsburgh and the Kraft brand and business will remain headquartered in the Chicago area."
Heinz was established in 1869, while Kraft was founded in 1903.
Starting July 6, the newly merged company will use the KHC logo, which they revealed on Twitter last week.
New Kraft Heinz logo... what do we think? Story: https://t.co/9GLwWk4Nhs pic.twitter.com/tuSTFHHqIj
— PG Business Staff (@businessPG) July 2, 2015
