WESTCHESTER COUNTY, N.Y. -- The H.J. Heinz Company and Kraft Foods Group announced a merger that will create the third-largest food and beverage corporation in North America, according to multiple reports.
The Heinz Corporation, which has operated out of Pittsburgh since 1890,will merge with Kraft Foods, whose main headquarters is near Chicago.
Photo Credit: Wikimedia CommonsThe deal has an estimated value of $36 billion with Heinz shareholders owning 51 percent of the new company and Kraft shareholders owning 49 percent, USA Today reported.
The new company's revenues have been estimated at approximately $28 billion, USA Today said.
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