WASHINGTON (dpa-AFX) - The Kraft Heinz Company (KHC) said its Board has unanimously approved a plan to separate the company into two independent, publicly traded companies through a tax-free spin-off. The two resulting companies will be: Global Taste Elevation Co.; and North American Grocery Co. Kraft Heinz expects the transaction to close in the second half of 2026.
Global Taste Elevation Co. will include a roster of iconic brands and local jewels, including - Heinz, Philadelphia and Kraft Mac & Cheese - with approximately 75% of net sales coming from sauces, spreads and seasonings. North American Grocery Co. will include a portfolio of brands, including - Oscar Mayer, Kraft Singles and Lunchables.
Carlos Abrams-Rivera will continue to serve as CEO of Kraft Heinz and will become CEO of North American Grocery Co. upon completion. The Board has been working with a global executive search firm to identify potential CEO candidates for Global Taste Elevation Co. Miguel Patricio, the current Chair of the Board, will become Executive Chair.
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