Kraft Heinz is turning its attention to packaged food production. CEO Miguel Patricio recently revealed to investors during a video call on April 3 that the company is boosting production of its packaged food line while reducing production at three plants providing restaurant supplies.
Patricio, who came into the CEO role in 2019, said the company's packaged food units have increased production and are working in three shifts to meet high demand. Also witnessing an increase have been Kraft Heinz's shares, which saw a 2.7% increase on Friday, April 3 despite the S&P500 sliding in the opposite direction.
“Each leader on our team is focused on making the Company and our global business as flexible and agile as possible to meet demand forecasts that are changing daily – and sometimes, hour by hour," said CEO Miguel Patricio in a statement. He went on to commend his employees for their dedication. "We are inspired by our employees on the front lines – in our manufacturing plants and distribution centers, which all remain operational, and our in-store sales teams – who are working tirelessly each day to meet the demand and make sure consumers have the food and nourishment they need during these uncertain times.”
The three plants impacted by the reduced production included two in the United States and one in the United Kingdom. In the call, Patricio indicated the food service segment saw demand drop due to the pandemic, mainly in Europe.
The call, which was hosted by Brazilian retail brokerage XP Inc is available on YouTube.
