The Kraft Heinz Company (NASDAQ: KHC) continues its steady growth as Monday’s market opened, adding Assan Foods to its repertoire in the latest addition in a string of recent acquisitions.
Kraft Heinz is up roughly 1.4% today, continuing an upward trend from early September. Whilst the recent news didn’t seem to massively impact investor sentiment, the food company isn't complaining as the stock price proceeds to edge higher.
The acquisition of Assan Foods has been formally completed today; purchased from private Turkish conglomerate Kibar Holding.
The move comes as a branch of KHC’s global expansion plan to increase worldwide presence and capitalise on emerging market opportunities, following a purchase of Brazilian company Hemmer last week:
“Assan Foods makes high-quality sauces and tomato products that we believe fit perfectly into our International Zone’s growth strategy focused on Taste Elevation, and expands our presence in a part of the world that holds tremendous long-term opportunity for our company and our brands” – Rafa Oliviera, International Zone President at Kraft Heinz.
The purchase will allow Kraft Heinz to grow its retail and foodservice operations across Europe, The Middle East and Africa – a powerful step in ensuring maximum market exposure.
The stock price is currently trading at $37.11, with investors acting in a limited fashion in response to the latest acquisition.
Should You Invest in Kraft Heinz Shares?
One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now
