Ketchup manufacturer H.J. Heinz has purchased Kraft Foods Group to make the world's fifth-largest food company.

Heinz is backed by magnate Warren Buffett's Berkshire Hathaway and Brazilian firm 3G Capital.

Kraft shares have skyrocketed in the wake of the announcement -- up to 35 percent in late afternoon trading. The company changed up leadership earlier this year after it announced plummeting profits.

3G is known for aggressive cost-cutting measures, and some wonder what's next for the new company.

In addition to ketchup, Heinz owns Bagel Bites and Classico pasta sauce, while Kraft owns Oscar Meyer processed meats, Velveeta, Cheez Whiz, Kool Whip, Jell-O and Kool Aid.

Read More:

• Heinz-Kraft deal expands food larder for Buffett, 3G (Reuters)
• Heinz will buy Kraft Foods in mega-merger for American food (Washington Post)
• Heinz, Kraft merge to form 5th-largest food company (USA TODAY)