Heinz Kraft Increases Prices on Heels of $62 Million Securities Settlement

Pennsylvania-based Kraft Heinz company announced Wednesday that effective immediately, it has increased prices in about two-thirds of its U.S. portfolio and is prepared to take additional actions if the cost of manufacturing its products continues to rise. “We are implementing necessary pricing actions to manage the cost inflation we are currently seeing, including impacts likely to carry into next year,” Global Chief Financial Officer Paulo Basilio said in a prepared statement. “For 2022, we expect to sustain stronger consumption versus pre-pandemic levels and maintain industry-leading margins as we effectively manage costs and continue to invest in our growth strategy.” The announcement comes just five days after the company agreed to a $62 million settlement with the Securities and Exchange Commission which charged Kraft Heinz with engaging in a long-running expense management scheme that resulted in the restatement of several years of financial reporting. The SEC also charged Kraft’s former Chief …

Originally appeared on The Epoch Times

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