Kraft Heinz Co (KHC.O) will spend more on marketing for key brands widely thought to have been neglected after reporting on Thursday that lower costs helped it beat third-quarter profit expectations, sending shares up 13% in midday trading.
Having booked billions of dollars in writedowns this year on the value of some of its most well-known brands, including bacon and cold-cuts maker Oscar Mayer, Kraft Heinz has been criticized for gutting spending on brands under a chief executive installed by No. 2 investor, Brazilian private equity firm 3G Capital.
