February 15, 2018 / 11:42 PM / a year ago

Kraft Heinz meets cost-cut target of $1.7 billion by 2017 end

FILE PHOTO: A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York March 25, 2015. REUTERS/Brendan McDermid/File Photo

(Reuters) - U.S. food and beverage company Kraft Heinz Co (KHC.O) had achieved the target of cutting $1.7 billion in costs by the end of 2017, the company said in a presentation on Thursday.

The fifth-largest food and beverage company in the world, which would announce its quarterly results on Friday, said it slashed its operating costs by over 5 percent since it acquired Kraft Foods Group in 2015. (bit.ly/2F6csIx)

Shares of the company, which owns brands such as Velveeta cheese and Heinz ketchup, closed up 1 percent on Thursday ahead of the presentation that it had announced earlier this week.

Reporting by Vibhuti Sharma in Bengaluru and Chris Prentice in New York; Editing by Arun Koyyur

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