Kraft Completes Merger With Heinz

(RTTNews) - The Kraft Heinz Co (KHC) on Thursday announced the completion of the merger between Kraft and Heinz.

The merger creates the third-largest food and beverage company in North America and the fifth-largest in the world. Kraft Heinz Co is expected to generate sales of about $28 billion with eight $1 billion plus brands and five brands between $500 million and $1 billion.

As previously announced, Kraft Heinz Co's board is comprised of 11 directors, including Alex Behring who will serve as chairman. Bernardo Hees is chief executive officer of company.

Effective as of the close of trading on July 2, Kraft Foods Group Inc common shares will cease trading on the NASDAQ. Kraft Heinz Co common shares will begin trading on the NASDAQ under the trading symbol KHC on July 6.

On July 31, Kraft Heinz Co will pay a cash dividend of $0.55 per share to all stockholders of record at the close of business on July 27; this is in lieu of the dividend declared on June 22 by Kraft to its shareholders, the payment of which was conditional on the merger not having closed by that date.

Kraft Heinz Co said its immediate focus is on integrating the two businesses and establishing a new organizational structure, while delivering its financial objectives for 2015.

Kraft Heinz Co said the Heinz will remain headquartered in Pittsburgh and the Kraft will continue to be based in the Chicago area.