Press release
Kraft Heinz Board Authorizes Share Repurchase Program
PITTSBURGH & CHICAGO--(BUSINESS WIRE)-- The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) today announced that the Board of Directors
About this update from The Kraft Heinz Company
[{"type":"text","content":" PITTSBURGH & CHICAGO--(BUSINESS WIRE)--\nThe Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) today announced that the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $3 billion of the Company’s outstanding shares of common stock through December 26, 2026.\n\n\nUnder the share repurchase program, the Company intends to repurchase shares with excess cash after allocations for disciplined capital spending, including investments to support organic growth in key areas of its business, payment of an attractive dividend, maintaining a targeted Net Leverage1 of approximately 3.0x, and evaluation of strategic opportunities, including acquisitions, divestitures, and partnerships.\n\n\n“In the third quarter, we hit a milestone in our transformation — reaching our targeted Net Leverage1 of approximately 3.0x. A stronger balance sheet, along with advancements we have made across the business, gives us further conviction behind our strategy and the belief that company shares are an attractive investment opportunity,” said Kraft Heinz CEO and Chair of the Board Miguel Patricio. “As such, we are in a position of strength to round out our capital allocation policy. Our Board authorized a $3 billion share repurchase program over the next three years, allowing us to provide further value to our stockholders while underscoring our commitment to delivering profitable growth and driving strong returns.”\n\n\nIn determining the amount of capital to allocate to share repurchases, the Company takes into account, among other things, its historical and expected business performance and cash and liquidity position, as well as global economic and market conditions and the market price of the Company’s common stock. The timing, manner, price, and amount of any repurchases under the share repurchase program are determined by the Company in its discretion. Purchases may be effected through open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, or other means. The Company is not obligated to repurchase any specific number of shares and the program may be modified, suspended, or discontinued at any time. The share repurchase program will be in addition to the Company’s share repurchases to offset the dilutive effect of equ...