Kraft Heinz has launched a joint venture with US talk show host and media magnate Oprah Winfrey called Mealtime Stories to “make real, nutritious products more accessible to everyone”.
The venture will initially include “ready-to-eat refrigerated products across multiple categories”, the company announced yesterday (25 January).
“Kraft Heinz will initially develop, manufacture, market and sell this new line of food products in the US,” the company said. “As part of the joint venture, 10% of profits will be donated to charities aimed at eradicating hunger. Additional details about the brand specifics and products will be announced later in 2017.
In November, Kraft Heinz booked higher third-quarter profits as aggressive cost cutting continued to offset lower sales. The company reported operating income of US$1.4bn for the three months to 2 October, compared to $652m for the comparable period of the previous year on a pro-forma basis.
Kraft Heinz is set to announce its results for its full 2016 financial year on 15 February.
