Kraft Heinz products arranged at a Stop & Shop store in Dobbs Ferry, New York, on July 25, 2023.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Kraft Heinz said on Tuesday it would spin off its grocery unit into an independent public company as the U.S. packaged goods maker aims to revive growth after years of muted sales.
The two entities will be Global Taste Elevation Co, housing brands such as Heinz, Philadelphia and Kraft Mac & Cheese, and the North American Grocery Co, consisting of Oscar Mayer, Kraft Singles and Lunchables labels.
Shares of the packaged food company were up about 1% in premarket trading. The stock has lost about 21% over the past twelve months.
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