Core Viewpoint - Kraft Heinz is undergoing a strategic shift under new CEO Steve Cahillane, who acknowledges that previous cost-cutting measures have negatively impacted the company's performance and plans to invest in rebuilding capabilities and brand relevance [1][2][4]. Group 1: Financial Performance - Kraft Heinz's shares have decreased approximately 74% from their peak in 2017, indicating significant financial struggles [2]. - The company anticipates a decline in organic net sales between 1.5% and 3.5% for the current year [2]. - Berkshire Hathaway is contemplating an exit from its investment in Kraft Heinz after incurring a $3.8 billion write-down on its stock last year [3]. Group 2: Strategic Changes - Under Cahillane's leadership, Kraft Heinz plans to invest $600 million in various areas, including research and development and marketing, to enhance its operational capabilities [4]. - The company is pausing a planned break-up to focus on strengthening its core business [4]. Group 3: Product Innovation - Kraft Heinz is experimenting with new product formats, such as selling Capri-Sun drinks in plastic bottles, which have shown early success in increasing popularity among teenagers [5]. Group 4: Brand Relevance - Cahillane emphasizes the need to make Kraft Heinz's iconic brands relevant for today's consumers, acknowledging that the company has relied too heavily on its established brand names without adapting to current market demands [6].

（来源：北京商报） 距离2025年9月宣布将业务拆分为"北美食品杂货公司"与"全球风味提升公司"两大独立上市公司过去不 到半年，卡夫亨氏的分拆计划按下了"暂停键"。近日，卡夫亨氏宣布暂停上述分拆计划，并将原计划用 于拆分重组的约6亿美元，转向营销、销售能力建设、研发、产品质量提升及战略性定价调整。 对于这一系列举措，江瀚表示，卡夫亨氏拥有众多标志性品牌但近年品牌老化严重，营销投入可直接刺 激销量回升，相比分拆的一次性成本，营销是持续性投资，能形成品牌资产积累。研发与定价策略的组 合投入契合产业竞争逻辑。研发投入可提升"产品优越性"，增强差异化竞争力。成功关键在于投入的精 准性和组织执行能力，新CEO的快消行业经验是积极信号，但需警惕"投入即增长"的线性思维陷阱。 就暂缓分拆计划、如何实现盈利性增长等相关问题，北京商报记者向卡夫亨氏发去了采访函，但截至发 稿未收到回复。 北京商报记者 郭秀娟 王悦彤 在叫停备受关注的业务分拆计划并转向盈利性增长后，卡夫亨氏管理层的调整也随之而来。近日，卡夫 亨氏宣布，Nicolas Amaya将于2026年2月23日接替Pedro Navio成为北美业务负责人，执掌卡夫亨氏规模 ...

而按照原计划，为简化业务结构，提升品牌资源配置和盈利能力，卡夫亨氏拟于2026年下半年正式拆分为两家 独立上市公司，一家是聚焦北美市场的"北美食品杂货公司"，包括Maxwell House、Oscar Mayer、Lunchables等 品牌；另一家则是名为"全球风味提升公司"的国际业务主体，囊括Heinz、Philadelphia Cream Cheese、Kraft Mac & Cheese等品牌。 2026年1月起出任卡夫亨氏首席执行官的Steve Cahillane表示，"我的首要任务是让业务恢复盈利性增长，这需要 确保所有资源都完全专注于运营计划的执行。因此我们认为暂停分拆相关工作较为审慎，今年将不再承担相关 分拆带来的负面影响"。至于分拆计划是暂缓执行还是无限期暂停，他仅表示"当前外部环境并不利于推进分 拆"。 在叫停备受关注的业务分拆计划并转向盈利性增长后，卡夫亨氏管理层的调整也随之而来。近日，卡夫亨氏宣 布，Nicolas Amaya将于2026年2月23日接替Pedro Navio成为北美业务负责人，执掌卡夫亨氏规模最大的北美市 场业务。公开信息显示，Nicolas Amaya于2001年加 ...

After Kraft Heinz (KHC) announced that it would postpone its breakup into two entities and spend $600 million to improve itself, I believe that the moves could potentially help the company in the longer term. Still, Berkshire Hathaway (BRK.A) (BRK.B), which owned 27.5% of KHC as of January, may still decide to unload its entire stake in the packaged-foods giant, putting a great deal of downward pressure on its shares. Moreover, Kraft Heinz reported discouraging fourth-quarter results, and multiple macro ...

Core Viewpoint - Kraft Heinz is facing significant challenges, including a declining portfolio and a need for strategic restructuring to return to growth, as indicated by the recent decision to pause the planned separation of its business units [4][5][21]. Financial Performance - Kraft Heinz's shares have decreased by 19% over the past year and 37% over the last five years, with annual sales volumes not increasing since a 3.4% rise in 2020, and a reported 4.1% decline in the latest results [1][5]. - The company is forecasting a further decline in organic growth of between -1.5% to -3.5% for the upcoming year, following a 3.4% drop in 2025 and a 2.1% decline in the previous 12 months [7][8]. Strategic Decisions - CEO Steve Cahillane has emphasized the priority of returning the business to profitable growth and has backtracked on the previous proposal to split the company, focusing instead on fixing the core issues [5][12]. - The planned separation of Kraft Heinz into two standalone businesses has been postponed, with the decision supported by the board, as the current market conditions are deemed unfavorable for such a split [4][21]. Investment and Growth Plans - Cahillane plans to invest $600 million into marketing, sales, and R&D to drive recovery and improve the company's performance, despite expectations of a 14-18% decrease in adjusted operating income [8][20]. - The company aims to align its brands and products with consumer preferences to enhance growth potential and improve market share, particularly in the North American Grocery segment [9][17]. Market Challenges - The external environment has become increasingly challenging, with worsening consumer sentiment and softening industry trends, complicating the path to recovery for Kraft Heinz [17][22]. - Analysts have expressed skepticism about the company's ability to operate successfully as standalone entities, indicating that the current portfolio may not be strong enough to support such a separation [18][23].

Core Viewpoint - Kraft Heinz's new CEO Steve Cahillane has decided to pause the separation of the company into two distinct entities, opting instead to focus on reviving struggling brands amid weak consumer sentiment [1] Group 1: Company Strategy - The decision to pause the separation was made to concentrate efforts on turning the business back to growth, as the separation process was deemed time-consuming and could not address the underinvestment in key brands like Oscar Mayer and Kraft Mac & Cheese [1] - Analysts have expressed concerns that the pause indicates core parts of the business may be in worse condition than previously thought, potentially leading to negative investor sentiment [1] Group 2: Financial Performance - Kraft Heinz's stock has declined by 13% since the announcement of the separation plan, contrasting with a 7.5% gain in the S&P 500, indicating investor dissatisfaction [1] - The company has experienced a decline in net sales, with a 3% drop in 2024 and a projected 3.5% drop in 2025, highlighting ongoing sales struggles [1] Group 3: Market Challenges - The company has been slow to adapt to changing consumer preferences, with younger brands capturing market share from legacy food companies, emphasizing the need for continuous reinvestment [1] - The rise in weight-loss drug usage is adding to the challenges faced by Kraft Heinz, further complicating its market position [1] Group 4: Future Outlook - Cahillane has earmarked $600 million for marketing, sales, and R&D to help turn the company around, indicating a strategic shift towards investment in brand development [1] - Brands in the slower-growth U.S. grocery division, such as Oscar Mayer and Kraft Singles, are identified as needing significant attention to improve their market performance [1]

Core Viewpoint - Kraft Heinz is halting plans to split the company, focusing instead on revitalizing growth through a $600 million investment strategy aimed at marketing, sales, and R&D [1][2][7] Group 1: Company Strategy - CEO Steve Cahillane emphasized that the company's challenges are manageable and that the focus will be on rebuilding growth rather than separation [2][3] - The decision to pause the separation plan is based on the belief that resources should be concentrated on executing the operating plan to return to profitable growth [3][5] Group 2: Financial Commitment - Kraft Heinz has committed $600 million to enhance marketing, sales, R&D, product improvements, and pricing initiatives through 2026, supported by a strong balance sheet and $3.7 billion in free cash flow [7] - The investment is expected to accelerate the company's return to profitable growth, reflecting confidence in future opportunities [7] Group 3: Performance Metrics - For the full year 2025, Kraft Heinz reported a 3.5% decline in net sales to $24.9 billion, with organic sales down 3.4% and volume down 4.1% [8] - Adjusted operating income decreased by 11.5%, with significant pressure noted in coffee, cold cuts, frozen meals, bacon, and select condiments due to inflation outpacing efficiency efforts [8][9] - The company faced an operating loss of $4.7 billion, primarily due to non-cash impairment charges [9]

Core Viewpoint - Kraft Heinz has decided to pause its plans to split into two companies, focusing instead on profitable growth and addressing internal challenges [1][2]. Group 1: Company Strategy - CEO Steve Cahillane emphasized the need to concentrate resources on profitable growth, stating that the opportunity for the company is larger than previously expected [1]. - The company plans to invest $600 million in marketing, sales, and product development instead of proceeding with the split [3]. Group 2: Financial Performance - Kraft Heinz's shares fell by 5.2% in early trading following the announcement of lower quarterly and annual results [2]. - In the fourth-quarter earnings release, the CEO highlighted the strength of the company's balance sheet and free cash flow potential, expressing confidence in future growth opportunities [4].

Group 1 - Kraft Heinz announced a reversal of its plan to split into two businesses, which was initially proposed five months ago, effectively undoing part of the $46 billion merger that created the company [3][5] - The split was intended to separate the company into a business focused on sauces and shelf-stable meals and another on slower-growing grocery staples [4] - The decision to halt the breakup comes amid declining sales as consumers shift towards healthier food options, compounded by inflation and the impact of weight loss drugs [5][6] Group 2 - New CEO Steve Cahillane, who previously oversaw successful separations in other companies, is now focusing on turning around Kraft Heinz's performance and has committed over $600 million to marketing, sales, and product development [6][7] - The company aims to improve product quality and potentially lower prices as part of its strategy to return to profitable growth [7] - The chairman of Kraft Heinz expressed confidence in the decision to pause the separation and focus on growth initiatives [7]

Core Viewpoint - Kraft Heinz is planning to split into two separately traded companies, reversing its 2015 merger, amid a broader trend in the food industry where companies are divesting underperforming brands due to changing consumer preferences and regulatory pressures [1][2][18]. Industry Trends - The consumer products industry is experiencing a significant shift, with nearly half of M&A activity in 2024 coming from divestitures, as companies like Unilever and Keurig Dr Pepper also pursue similar strategies [3][2]. - The trend of breaking up is not limited to consumer packaged goods; industrial companies and legacy media firms are also undergoing similar transformations [4]. Market Dynamics - There is increasing pressure on packaged food and beverage companies due to lower demand and shrinking sales volumes, prompting them to divest underperforming brands to regain investor confidence [5][11]. - Consumers are shifting their purchasing habits towards fresh produce and protein, leading to declining sales for traditional grocery items [7]. Regulatory Environment - Regulatory scrutiny on processed foods is intensifying, influenced by health initiatives and the rise of medications that reduce appetite for sugary and salty snacks [8]. Competitive Landscape - Major consumer packaged goods companies are losing market share to upstart brands and private-label products, with only about 35% of their portfolios in high-growth categories compared to over half for private-label brands [9][10]. Financial Performance - Kraft Heinz has seen a 73% decline in its stock price since its merger, attributed to aggressive cost-cutting measures that neglected brand investment [19]. - The merger of Keurig Green Mountain and Dr Pepper Snapple Group in 2018 is cited as an example of a poorly conceived deal, leading to a significant rise in shares but still underperforming compared to the S&P 500 [15][14]. Strategic Moves - Kraft Heinz has appointed Steve Cahillane, former CEO of Kellogg, to lead the new entity focused on high-growth brands post-split [23]. - The divestiture trend is expected to continue, with companies like General Mills and Nestle also announcing sales of non-core brands to concentrate on their main offerings [25]. Acquisition Landscape - Smaller acquisitions are becoming more common, with deals under $2 billion representing a growing share of consumer products transactions, as larger deals face regulatory hurdles [26][27].