SUBSCRIBE

CATEGORIES

Kraft Heinz to invest $199 million in British manufacturing facility

imageStock Markets36 minutes ago (May 31, 2021 08:15PM ET)

(C) Reuters. FILE PHOTO: A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York March 25, 2015. REUTERS/Brendan McDermid/File Photo

(Reuters) – Kraft Heinz (NASDAQ:KHC) Co said on Tuesday it plans to invest 140 million pounds ($198.83 million) in its food manufacturing facility in northwest England over the next four years, subject to U.S. approval.

The investment would be the company’s biggest expansion of an existing manfacturing site outside the United States in more than 20 years.

The plans for the Kitt Green plant northwest of Manchester would be aimed at adding production of Heinz ketchup, mayonnaise and salad cream. The money will also fund equipment and technology and create up to 50 new full-time jobs, the company said.

The plant will continue making Heinz soups and pasta. It already makes 1.3 billion cans of food per year.

“The Kraft Heinz investment is a vote of confidence in the UK economy from a major U.S. firm and a boost that will mean jobs and growth for the local economy,” UK Minister for Investment Gerry Grimstone said in a statement.

Kraft Heinz said the plan was one of the largest proposed investments in British manufacturing since Brexit but did not provide details.

($1 = 0.7041 pounds)

Kraft Heinz to invest $199 million in British manufacturing facility

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.