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Heinz to buy rival Kraft Foods for $36 billion

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Posted at 11:16 AM, Mar 25, 2015
and last updated 2015-03-25 11:33:00-04

Two powerhouses in the food and beverage industry are joining forces.

Heinz is going to buy Kraft Foods for $36 billion, according to reports.

 

"The move creates one of the largest businesses in the industry, with an expected annual revenue of $28 billion. The Kraft Heinz Co. will own Kraft, Heinz, Oscar Mayer, Ore-Ida and other brands," according to Wochit Business news.

"Eight of those brands have annual sales of $1 billion or more and five others log sales between $500 million and $1 billion every year."