Innovation

Kraft Heinz looks to balance ‘renovation and innovation’ in portfolio

DJ O’Keefe, 12, and his sister Dallas O’Keefe, 13, both of Rochester, NY, pose for a photo with the Oscar Mayer Weiner Mobile at the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska, May 4, 2019.

Scott Morgan | Reuters

As Kraft Heinz tries to make its new customers stick around after the coronavirus pandemic, the company is rethinking its approach to how it responds to trends. 

“We need to make sure that going forward, we have the right balance of innovation and renovation,” Carlos Abrams-Rivera, Kraft Heinz’s head of U.S. business, said in an interview.

Shares of Kraft Heinz were up 1% in afternoon trading after the company presented its long-term turnaround plan to investors. As its blueprint is implemented, the company is projecting long-term organic sales growth of 1% to 2% and adjusted earnings per share growth of 4% to 6%.

In the past, according to Abrams-Rivera, Kraft Heinz would create small brands in response to new consumer trends. But its new strategy will focus on applying those insights to existing products, such as making its signature macaroni and cheese without gluten rather than kick-starting a new brand. New products and brands will be fewer but much larger than previously. 

“When you stand back, what you’re going to find is, we’re going to be more focused around 60% of growth coming from innovation and 40% on renovation,” Abrams-Rivera said.

Oscar Mayer is among the brands that will be receiving a face-lift after the company wrote down its value in the fourth quarter of 2018 and again in its most recent quarter. The hot dog brand’s planned renovation includes new packaging, simpler ingredient lists and marketing that focuses on its status as an iconic American brand. 

Beyond modernizing some of its brands, Kraft Heinz is also eliminating 1,100 products 

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The Home Depot Announces 2020 Innovation Award Winners

Breakthroughs in cooking take top two spots

ATLANTA, Oct. 7, 2020 /PRNewswire/ — The Home Depot® today recognized the latest product innovations to hit shelves, in store and online, with the announcement of its 2020 Innovation Award winners. Supporting its DIY and Pro customers, the retailer, its merchants, and suppliers have continued to bring state-of-the-art products to the market throughout 2020.   


The Home Depot announces 2020 Innovation Award Winners

This year, The Home Depot’s overall Innovation Award winner and first runner up define innovation in cooking platforms. From frying to grilling and smoking, the top two products elevate the at-home cooking experience. In addition to appliances and grills, finalists cover categories from across the home including lighting, home security, flooring and more.

Top winners include:  

Overall Winner: The Frigidaire Air Fry Range by Electrolux saves time and space with its all-in-one stove, oven and new Air Fry Range cooking capabilities. The large-scale cooking capacity features no-flip technology that allows food to crisp evenly on all sides.

First Runner Up: The Masterbuilt Gravity-Fed Grill/Smoker enables quick-start cooking by reaching peak temperatures of 700°F faster than ever – in just 13 minutes. The innovative gravity technology holds over 12 hours of charcoal, ensuring constant fuel. Smart control technology allows for hands-off smoking, grilling, searing, baking, or roasting.

Second Runner Up: The Lutron Sunnata Touch Dimmer with LED+ Technology installs within 15 minutes with existing wiring, offering custom light control using the same captive-touch technology applied in modern touch screens to enable fast, accurate and responsive action.

“As the product authority in home improvement, we are honored to recognize our supplier partners who bring the most innovative and exclusive products to the market that deliver the best value to our customers,” said Ted Decker, president and chief operating officer for The Home Depot. “Today, we acknowledge our

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