Business

Kraft Heinz shares fall after key investor dumps holdings

Posted September 17, 2019 7:00 am

The Associated Press

NEW YORK (AP) - Kraft Heinz Co. shares are sliding after one of the company's top investors sold 25 million shares.

3G Capital - a Brazilian private equity firm - reduced its stake in the company by 9%. 3G remains the company's second-largest shareholder.

3G partnered with Berkshire Hathaway Inc. to combine Kraft and Heinz in 2015.

But the maker of Heinz ketchup, Jell-O and Velveeta cheese has struggled with competition from store brands and consumers' migration to healthier, less-processed foods. Berkshire chief Warren Buffett has said his firm overpaid for Kraft.

Earlier this year, the company slashed the value of its Oscar Meyer and Kraft brands by $15.4 billion. It also restated financial results after an investigation by the U.S. Securities and Exchange Commission.

Kraft Heinz shares fell 4% to $28.43 in morning trading.

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