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H.J. Heinz

Kraft Heinz reports sales, profit decline in third quarter

Kraft Heinz's third-quarter sales and profit, reported Thursday, failed to meet analyst projections.

Since the H.J. Heinz takeover of Kraft Foods Group was finalized in early July, the company has aggressively worked toward its goal of cutting costs by $1.5 billion by the end of 2017.

In August, the company announced it would cut 700 jobs in suburban Northfield, part of 2,500 salaried positions to be eliminated in the U.S. and Canada. And Wednesday, Kraft Heinz said it would close seven manufacturing facilities and eliminate 2,600 factory-based jobs.

On a conference call with analysts Thursday, Kraft Heinz CEO Bernardo Hees and other executives said the integration of...