Kraft Heinz Co achieved the target of cutting $1.7 billion in costs by the end of 2017

The fifth-largest food and beverage company in the world, which would announce its quarterly results on Friday, said it slashed its operating costs by over 5 percent since it acquired Kraft Foods Group in 2015.

U.S. food and beverage company Kraft Heinz Co had achieved the target of cutting $1.7 billion in costs by the end of 2017, the company said in a presentation on Thursday.

The fifth-largest food and beverage company in the world, which would announce its quarterly results on Friday, said it slashed its operating costs by over 5 percent since it acquired Kraft Foods Group in 2015, reports Reuters.

Shares of the company, which owns brands such as Velveeta cheese and Heinz ketchup, closed up 1 percent on Thursday ahead of the presentation that it had announced earlier this week.

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