Kraft Heinz(US:KHC) 美股研究社·2025-09-05 11:53Core Viewpoint - Kraft Heinz announced its plan to split into two independent publicly traded companies, marking the end of the $46 billion merger led by Warren Buffett ten years ago, aimed at simplifying business structure and enhancing profitability in response to ongoing performance pressures and industry changes [2][4]. Group 1: Split Details - The split will create a "Global Flavor Enhancements Company" focused on sauces, condiments, and ready-to-eat meals, and a North American grocery company centered on brands like Oscar Mayer and Lunchables. The transaction is expected to be completed in the second half of 2026, pending regulatory approval [4][6]. - The split is anticipated to incur approximately $300 million in additional operating costs, but the company commits to maintaining its current dividend levels and aims to preserve its investment-grade credit rating [7]. Group 2: Historical Context - The merger in 2015 aimed to create one of the largest packaged food companies globally, driven by aggressive cost-cutting and scale effects. However, changing consumer preferences towards healthier and natural foods, along with inflationary pressures, have diminished the appeal of Kraft Heinz's traditional product lines [9]. - Since its peak in 2017, Kraft Heinz's market value has shrunk by about 70%. Warren Buffett publicly acknowledged misjudgments regarding the investment, leading to a $3 billion impairment charge in 2019. 3G Capital fully exited its stake in Kraft Heinz in 2023 [9]. Group 3: Industry Trends - The split of Kraft Heinz is part of a broader trend in the global packaged food industry, which is undergoing significant restructuring. For instance, Kellogg separated its cereal and snack businesses in 2023, and Mars announced a $36 billion acquisition of Kellanova in 2024 [10]. - Analysts suggest that traditional food giants are compelled to restructure and focus on high-growth categories to address market pressures, as health consciousness and consumer preferences evolve [10].