Dive Brief:
- For fiscal year 2014, Heinz reported $657 million in net income, a huge increase over 2013's around $18 million, the year the company changed hands.
- In the second half of 2013, after Berkshire Hathaway and 3G Capital acquired the company, Heinz saw a $77 million loss.
- Sales dropped 4.6% in fiscal year 2014, but the company says that it's bottom line is still improving thanks to cost-cutting initiatives and improved efficiency.
Dive Insight:
As Heinz creates a "lighter, leaner version of its old self" with 3G Capital and Berkshire Hathaway at the helm, the company has dropped down to 58 factories from 69 before the investors bought Heinz in June 2013, according to the Pittsburgh Post-Gazette. The company also cut about 6,650 employees from its workforce, another part of the restructuring initiatives undertaken by new CEO Bernardo Hees, who took his position after the sale.