Heinz completes Kraft purchase, Buffett joins board

H.J. Heinz Co last week completed its purchase of Kraft Foods Group Inc., a move that creates the third-largest food and beverage company in North America and the fifth largest worldwide.
 
According to Reuters, the combined company known as Kraft Heinz Co. will have roughly $28 billion in annual revenue. Its brands include Oscar Mayer, Philadelphia, Velveeta, Maxwell House, Ore-Ida and Jell-O, as well as Kraft cheese and Heinz ketchup.

Berkshire Hathaway Inc. and Brazilian investment firm 3G Capital, which together bought Heinz in 2013, now own 51 percent of Kraft Heinz. They also control six of its 11 board seats, including one for Berkshire Chairman Warren Buffett. 3G's managing partner, Alex Behring, becomes chairman of the Kraft Heinz.

Read more from Reuters.