Chicago-based food group says it will split into two publicly traded companies through tax-free spin-off
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Kraft Heinz, the US company behind kitchen staples such as Philadelphia cheese and Heinz tomato ketchup, has announced plans to split into two independent businesses a decade after it was created in a mega merger.
The Chicago-based packaged food group said it would separate into two publicly traded companies through a tax-free spin-off to try to reduce complexity and improve financial performance after years of falling sales.
The breakup will undo the 2015 merger of Kraft and Heinz, engineered by the veteran US investor Warren Buffett and the Brazilian private equity company 3G Capital, two years after the pair took Heinz private.
