Kraft Heinz is considering selling its Oscar Mayer meats business, which could bring in between $3 billion to $5 billion, according to the Wall Street Journal. The company has been affected by declining consumer demand as people shift towards healthier options. In 2019, the company wrote down the value of its Oscar Mayer and Kraft brands.
To explore the sale of the business, Kraft Heinz has enlisted Bank of America and Centerview Partners to assess interest. Potential buyers could include private equity firms or other players in the food industry, although there is a possibility that no transaction may happen. Kraft Heinz has not commented on the report.
Before the merger with H.J. Heinz in 2015, Kraft Foods had considered spinning off Oscar Mayer as a separate segment in 2007. As of now, Kraft Heinz’s shares were slightly up at $36.45 following the news of a potential sale.
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