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THE KRAFT HEINZ COMPANY

(KHC)
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Kraft Heinz boss: Businesses should try to minimise food price increases

10/10/2021 | 09:41am EST

Businesses should try to minimise price increases for consumers, according to the boss of Kraft Heinz.

Miguel Patricio – who oversees the ketchup and baked beans producer –  told the BBC that the firm was hiking prices in several countries. He said consumers would be forced to get used to higher food prices.

Inflation was “across the board” currently, unlike past years, Patricio said in an interview with BBC World News.

“We are raising prices, where necessary, around the world,” he said. This has included price rises on more than half the company’s products in the US, as well as across other markets.

Raw material production, including crops and vegetable oils, dropped during the pandemic with supply unable to keep up with demand.

Manufacturers have also struggled with rising energy prices and a shortage of workers.

The Kraft Heinz boss said customers would need to get used to paying a little more due to population growth and lack of available land to match the subsequent demand to grow more food.

“There’s a lot to come in technology to improve the effectiveness of farmers,” Patricio said of the future. 

“I think it’s up to us, and to the industry, and to the other companies to try to minimise these price increases,” he added.

His comments come as Tesco’s Ken Murphy pledged to maintain a good value for customers despite supply chain disruption and fear of panic buying.

However, last week he admitted there had been a “promotional de-escalation” in order to ensure products remained in stock for customers.

The post Kraft Heinz boss: Businesses should try to minimise food price increases for customers appeared first on CityAM.

© City AM, source Newspaper

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Financials (USD)
Sales 2021 25 951 M - -
Net income 2021 2 749 M - -
Net Debt 2021 19 687 M - -
P/E ratio 2021 17,1x
Yield 2021 4,81%
Capitalization 40 699 M 40 699 M -
EV / Sales 2021 2,33x
EV / Sales 2022 2,42x
Nbr of Employees 38 000
Free-Float 56,2%
Chart THE KRAFT HEINZ COMPANY
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The Kraft Heinz Company Technical Analysis Chart | KHC | US5007541064 | MarketScreener
Technical analysis trends THE KRAFT HEINZ COMPANY
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 33,25 $
Average target price 41,42 $
Spread / Average Target 24,6%
EPS Revisions
Managers and Directors
Miguel Patricio Chief Executive Officer & Director
Paulo Basilio Chief Financial Officer
Alexandre Behring da Costa Chairman
Flavio Torres Head-Global Operations
Gregory Edward Abel Independent Director
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