NEW YORK — H.J. Heinz Co. is buying Kraft Foods, creating one of the largest food and beverage companies in the world with annual revenue of about $28 billion.
The Kraft Heinz Co. will own Kraft, Heinz, Oscar Mayer, Ore-Ida and other brands. Eight of those brands have annual sales of $1 billion or more and five others log sales between $500 million and $1 billon every year.
The deal to bring together the two companies, each more than a century old, was engineered by Warren Buffett's Berkshire Hathaway and Brazilian investment firm 3G Capital. The two will invest another $10 billion in the new company.
Kraft Heinz will maintain headquarters in Pittsburgh, where Heinz is based, and also in the Chicago area, where Kraft resides.