Heinz
The H. J. Heinz Company, commonly known as Heinz (), was an American food processing company headquartered at One PPG Place in Pittsburgh, Pennsylvania. The company was founded by Henry J. Heinz in 1869. Heinz manufactured food products on six continents, and marketed them in more than 200 countries and territories. The company claimed to have 150 number-one or number-two brands worldwide as of 2013. Heinz ranked first in ketchup in the US with a market share in excess of 50%; the Ore-Ida label held 46% of the frozen potato sector in 2003.
Since 1896, the company used its "57 Varieties" slogan; it was inspired by a sign advertising 21 styles of shoes, and Henry Heinz chose the number 57 even though the company then manufactured more than 60 products, because "5" was his lucky number and "7" was his wife's.
In February 2013, Heinz agreed to be purchased by Berkshire Hathaway and the Brazilian investment firm 3G Capital for $23 billion. On March 25, 2015, Kraft announced its merger with Heinz, arranged by Berkshire Hathaway and 3G Capital. The resulting Kraft Heinz Company is the fifth largest food company in the world. Berkshire Hathaway became a majority owner of Heinz on June 18, 2015. After exercising a warrant to acquire 46 million shares of common stock for a total price of over $461 million, Berkshire increased its stake to 52.5%. The merger to form Kraft Heinz was completed on July 2, 2015.
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