Operations

The businesses in each sector are focused on common consumer benefits, share common technologies and face common competitors. Each sector will be led by a Group President named after the jump.

California-based Circle Foods has been in business for 25 years and is known for branded products that include Nuevo Grille and Tortillaland handheld Mexican products.

The combination is a natural next step given the successful long-term partnership between AB InBev and Grupo Modelo, which started more than 20 years ago.

Chairman and CEO Irene Rosenfeld says, "The race is on for us to secure and expand our positions in these fast-growing markets." The company expects to increase investments by about $100 million this year,
$200 million in 2014 and up to $300 million in 2015.

The appointment was made following the resignation of Andr Hawaux, who has been president of Consumer Foods since 2009.

The company is taking the measures to further enhance its ability to execute its business strategy, accelerate international growth, and develop and broaden leadership talent.

Actions expected to generate approximately $40 million in annualized pre-tax savings include closing approximately 170 underperforming domestic retail stores by mid-2014.

The announcement comes shortly after the company's largest competitor, The Procter & Gamble Company, made headlines when it reported that 45 of its facilities have now achieved zero manufacturing waste to landfill.