Fortune Global 500 company increases investment in Qingdao

Kraft Heinz, a Fortune Global 500 company, is one of the world's largest food and beverage companies. [Photo provided to chinadaily.com.cn]

The Heinz brand under the Kraft Heinz Company recently announced that its factory in Qingdao, Shandong province had launched the first batch of domestically produced new product.

Kraft Heinz, a Fortune Global 500 company, is one of the world's largest food and beverage companies. Located in the Qingdao West Coast New Area, the Qingdao factory is the company's main production facility for Western-style sauces in China and has been in operation for over 20 years. The 370 million yuan ($51.51 million) factory generates an annual tax revenue of over 30 million yuan.

Heinz sells 650 million bottles of tomato sauce globally every year - equivalent to selling a whopping 1,237 bottles per minute.

Kraft Heinz's third-quarter financial report for 2023 shows that the sales revenue in China during that period was $1.57 billion, an 8 percent year-on-year growth. The $11.3 million that the company has invested in its new production lines demonstrates it long-term optimism about the Chinese market and its firm confidence in expanding its presence in Qingdao.

"Kraft Heinz has always been optimistic about the long-term economic growth prospects and consumer market potential in China. This is especially so as the Chinese government has introduced a series of policies to stabilize foreign investment, and this has further boosted our confidence in the investment environment in China," said Frederico Freire Jardim, president of Kraft Heinz Asia.