, Columnist
Kraft Heinz's Financial Recipe Turns Sour
The cost-cutting and debt-driven acquisitions leave investors with a bad taste.
Bumpy ride.
Photographer: David Williams/BloombergThis article is for subscribers only.
Kraft Heinz Co.’s facade is beginning to crack.
After the close of trading Thursday, the packaged-food company delivered a triple whammy to investors: It said it took a $15.4 billion writedown in the fourth quarter. It also said it had received a subpoena from the Securities and Exchange Commission associated with an investigation into its “accounting policies, procedures, and internal controls” regarding procurement agreements. And the company cut its quarterly dividend by 36 percent. The stock sold off more than 17 percent as of 6 p.m. New York time.