Characters at the Berkshire Hathaway company Kraft Heinz booth pose with a reporter at the shareholder shopping day as part of the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, May 5, 2017.
Rick Wilking | Reuters
Kraft Heinz is looking to capitalize on consumers’ rediscovered interest in store-bought mac and cheese and Ore-Ida french fries as it unveiled a turnaround plan Tuesday that will shave $2 billion in costs through 2024 and invest some of that in marketing its products.
The company is also expecting long-term organic sales growth of 1% to 2% and adjusted earnings per share growth of 4% to 6%. The company, whose brands include Oscar Mayer, said the financial targets reflect its confidence in its ongoing recovery. In 2019, its organic net sales shrank by 1.7%.
Shares of Kraft Heinz rose 2% in early trading Tuesday. The stock, which has a market value of $40.1 billion, has risen 2% this year.
The billions of dollars in savings are expected to come from integrated…