Kraft Heinz is pondering selling its Ore-Ida frozen potato brand, as it attempts to restructure its business following a modest quarterly report, writes CNBC.
The company is said to have hired investment bank Evercore Partners to prepare a potential sale of Ore-Ida. While the process is still in early development, the brand could reportedly fetch roughly between USD1.5bn to USD2bn.
According to the sources, Kraft Heinz might also approve a sale of its entire frozen food business, which includes brands like Smart Ones and Devour, should there be significant buyer interest. Potential buyers might include Conagra, Lamb Weston or private equity firms.
In the midst of efforts to weighing divestitures to pay down debt, Kraft Heinz announced it has appointed a new CEO named Miguel Patricio. He will succeed Bernardo Hees, who will remain in his position throughout June 30, 2019, to ensure a seamless transition.
“Miguel is a proven business leader with a distinguished track record of building iconic consumer brands around the globe, driving top-line revenue growth through a focus on consumer-first marketing, innovation, and people developed,” said Alex Behring, chairman of Kraft Heinz’s board of directors.
Patricio will join the company after a career spanning two decades at Anheuser-Busch InBev (AB InBev), where he served as part of the executive leadership team in various positions, driving organic growth and industry-leading margins.