Wintrust Business Minute: Kraft Heinz to spend $3 billion to upgrade U.S. factories

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Chicago-based Kraft Heinz will spend $3 billion to upgrade its U.S. factories. It’s the company’s largest investment in its plants in a decade but comes at a time of uncertainty for the company. Kraft Heinz execs have said consumer sentiment is at its second-lowest point in 70 years, causing lower sales and profit forecasts for the rest of this year. The upgrades will help lower costs by making the plants more efficient.

Also, Illinois-based State Farm will get its temporary rate hike in California. Listen for more below: