Kraft Heinz to split into two separately listed companies

STORY: Kraft Heinz said on Tuesday it would split into two publicly-listed companies.

One will focus on the sauces business and the other on groceries.

"Global Taste Elevation Co," houses brands such as Heinz, Philadelphia and Kraft Mac & Cheese.

While the "North American Grocery Co," consists of Oscar Mayer, Kraft Singles and Lunchables labels.

The sauces unit raked in about $15.4 billion in sales in 2024.

The grocery business generated about $10.4 billion in sales

The company expects the tax-free spinoff to close in the second half of next year.

Kraft Heinz said in May it was looking at opportunities for mergers and acquisitions to shore up shareholder value.

It has been struggling like other packaged food companies as consumers shop for healthier and more affordable condiments and snacks.

The company's shares were slightly up in premarket trading.

The stock has lost more than a fifth of its value over the past twelve months. Related Videos

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