Packaged foods giant Kraft Heinz has announced a break-up of its business in an effort to overcome persistent underperformance, a decade after the group was created in a megamerger orchestrated by Warren Buffett and 3G Capital.
The group, whose brands include Heinz Ketchup and Kraft Macaroni & Cheese, announced on Tuesday that it had agreed a plan to separate the company into two independent, publicly traded companies.
One of the new companies will comprise what Kraft Heinz called “taste elevation” products such as sauces, spreads and seasonings, including brands such as Heinz, Philadelphia and Kraft Mac & Cheese.
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