Kraft Heinz targets $2 billion in cost cuts over 5 years, sees long-term organic net sales growth of 1% to 2%

Characters at the Berkshire Hathaway company Kraft Heinz booth pose with a reporter at the shareholder shopping day as part of the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, May 5, 2017.

Rick Wilking | Reuters

Kraft Heinz on Tuesday told investors it would cut $2 billion in costs through 2024 as part of its turnaround plan.

The company is also expecting long-term organic sales growth of 1% to 2% and adjusted earnings per share growth of 4% to 6%.

“We are committed to returning Kraft Heinz to consistent growth on both the top and bottom lines,” CFO Paulo Basilio said in a statement.

Shares of Kraft Heinz rose 2% in premarket trading on the announcement.

This is a breaking news story. Please check back for updates. 

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