The Kraft Heinz Company
Kraft Heinz Reorganizes Segments and Changes Profitability Measure
Summary
The Kraft Heinz Company announced in the first quarter of 2024 significant changes to its reportable segments and measures of segment profitability. The company reorganized its segments, dividing the International segment into three distinct operating segments: Europe and Pacific Developed Markets, West and East Emerging Markets, and Asia Emerging Markets. Additionally, Kraft Heinz shifted its primary measure for evaluating segment profitability from Segment Adjusted EBITDA to Segment Adjusted Operating Income, aiming to better align with its long-term strategic plan. These changes had no impact on the company's condensed consolidated financial statements or consolidated financial statements for the year ended December 30, 2023.
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About The Kraft Heinz Company
The Kraft Heinz Company is a globally recognized food and beverage conglomerate formed through the merger of Kraft Foods Group and H.J. Heinz Company in 2015. Specializing in the production and distribution of a broad portfolio of brands, the company is known for iconic names such as Heinz Ketchup, Kraft Macaroni & Cheese, and Philadelphia Cream Cheese. Its primary function is to manufacture and market consumer packaged goods across the globe, serving a vast network of retail and foodservice businesses. The company significantly impacts sectors such as grocery retail, food service, and packaged food manufacturing. Headquartered in Pittsburgh, Pennsylvania, and Chicago, Illinois, Kraft Heinz is one of the world's largest food and beverage companies, playing a pivotal role in shaping food trends and consumer preferences. Its products are staples in households across North America, Europe, Asia Pacific, and Latin America, underscoring its commitment to quality and innovation in the food industry.
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