Someone is putting the squeeze on H.J. Heinz.
The Brazilian private-equity firm 3G Capital — which teamed with Warren Buffett this past February to buy the venerable maker of ketchup and sauces, has already dispatched a team of cost-cutters to Heinz headquarters in Pittsburgh, The Post has learned.
3G, which closed on the purchase just last Friday, will likely look to cut the manufacturer’s fleet of Gulfstream IV and V jets, sources said.
If Heinz executives want to know what life is like flying commercial, they should talk with senior brass at Burger King, another 3G company, sources noted.
There, executives haven’t set foot on a corporate jet since the 3G regime took over — executives at the burger joint fly commercial.
And, for short hops, you can even spot BK executives in coach, a source with direct knowledge of Burger King said.
“3G is very cost-conscious,” said one source, in a bit of understatement.
The planes are on the cutting board, this source added, because the private-equity firm does not want to be seen as cutting other costs — or jobs — while people at the top still live the high life.
“It’s all about the example you set,” the source noted.
In fact, at Burger King, all employees are required to read Bob Fifer’s book “Double Your Profits In Six Months or Less,” sources said.
Chapters in the book include, “Employees Are Much More Adaptable Than You Realize,” “Eliminate Most of Your Administrators and Managers,” and “Do You Want to Catch People’s Attention? Give Up Your Own Office.”
3G in its first week owning Heinz installed a new CEO, 3G’s Bernardo Hees, and COO, 3G’s Paul Basilio.
A source said the new owners will look to trim several hundred million dollars in costs.
A Heinz spokesman declined comment on the cost-cutting.
http://www.nypost.com/p/news/business/varieties_millions_in_heinz_cuts_XhUYnGMFB3u013p1Z6AxwL