US Kraft Heinz Co., one of the world’s largest food manufacturers, is considering potential strategic transactions to increase shareholder value. This process has been ongoing for several months, the company said in a statement, but there is no guarantee at this time that it will result in any deal.
“The company does not set a timeline for the completion of this process and does not plan to make any further announcements regarding this process unless it deems additional disclosure appropriate or necessary,” the press release said.
Two Kraft Heinz board members who represented Berkshire Hathaway Inc. are leaving the company’s board of directors. This is unrelated to the company’s operations, policies and practices, the release noted.
Kraft Heinz has faced weakening demand for its core product lines in recent years. In April, it lowered its annual forecasts, noting economic uncertainty related to the trade situation in particular. Kraft Heinz shares rose 1.4 per cent in additional trading on Tuesday. They are down 9.2 per cent since the beginning of this year. Kraft Heinz was formed in 2015 through the merger of H.J.
Heinz Co. and Kraft Foods Group Inc. The company’s portfolio includes such well-known brands as Philadelphia cheese, Maxwell House coffee, Heinz ketchups and baby food, and Jell-O desserts. The company’s products are sold in 190 countries.