Kraft Heinz(US:KHC) 华尔街见闻·2025-09-03 09:59Core Viewpoint - The split aims to simplify the business structure, enhance brand resource allocation and profitability, and respond to ongoing performance pressures and industry changes. Kraft Heinz's stock price has fluctuated little since the announcement but has dropped 21% over the past year, reflecting market concerns about its growth prospects [1] Group 1: Split Details - Kraft Heinz will separate into two independent publicly traded companies through a tax-free spin-off [2] - The first company will focus on sauces, condiments, and ready-to-eat meals, including core brands like Heinz ketchup and Kraft macaroni and cheese, with annual sales of approximately $15.4 billion [3] - The second company will concentrate on North American grocery business, covering brands like Oscar Mayer hot dogs and Lunchables, with annual sales of about $10.4 billion [4] Group 2: Management and Operational Efficiency - CEO Carlos Abrams-Rivera will lead the new grocery company, while a CEO for the other company is being sought globally. The names of the new companies will be announced later [5] - The split is expected to help each company focus on core markets and brands, improving operational efficiency. The company anticipates an additional operational cost of about $300 million from the split but commits to maintaining current dividend levels and aims to preserve its investment-grade credit rating [6] Group 3: Market Context and Trends - The market is closely watching the independent performance of the two new companies and potential acquisition opportunities. Analysts suggest that as industry consolidation accelerates, the newly formed companies may become acquisition targets [7] - The split reflects broader trends in the global packaged food industry, which is undergoing significant restructuring. In 2023, Kellogg separated its cereal and snack businesses, and in 2024, Mars announced a nearly $36 billion acquisition of Kellanova, while Ferrero acquired WK Kellogg for $3.1 billion [10][11][12] - The shift in consumer preferences towards healthier, natural foods, along with inflationary pressures, has diminished the appeal of Kraft Heinz's traditional product lines. The company's market value has shrunk by about 70% since its peak in 2017, and significant impairments have been recognized by major investors like Berkshire Hathaway [9]