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00:02Kraft Heinz CEO
00:04Steve Cahilene said the company is cutting prices, increasing promotions,
00:09and introducing smaller package sizes as consumers face tighter budgets
00:14and higher inflation risks, according to the Wall Street Journal.
00:17The food and beverage giant approved a $600 million investment plan to support pricing,
00:23packaging, and product changes after Cahilene reversed course on a previously expected breakup
00:28plan. Cahilene said consumers are running out of money near the end of the month,
00:33and the company reviewed products against competitors and private labels to adjust pricing
00:37where needed. He warned that the industry has faced four years of declining volumes as
00:42consumers absorbed higher prices and said another inflation wave tied to the Middle East
00:46War could pressure demand further. Kraft Heinz is also investing in packaging upgrades for
00:51products such as cold cuts while continuing to evaluate portfolio additions and divestitures.
00:56For all things money, visit Benzinga.com.
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