Kraft Heinz explores a sale of Oscar Mayer

Kraft Heinz is considering a sale of the iconic Oscar Mayer brand, according to a report from The Wall Street Journal. The food maker has enlisted the help of Bank of America and Centerview Partners to test the waters of a potential sale of the hot dog and deli meat brand, the report said, emphasizing that it remains possible that no transaction actually materializes. Check out the latest Ad Age events and award programs “We do not comment on rumors or speculation,” Kraft Heinz said in an email to Crain’s. A price tag could total $3 billion to $5 billion, the Journal said. The report comes just months after Kraft Heinz welcomed a new CEO. Carlos Abrams-Rivera, previously the president of the company's North America zone, took over the lead role on Jan 1. The incoming CEO had to navigate lingering inflationary challenges while growing the company. Kraft Heinz detailed plans in 2023 to push further into food service and roll out more flavorful offerings, such as personalized sauces and Mexican packaged foods. Abrams-Rivera, himself a “health nut,” has also promised to put a nutritional focus on the company's future. Oscar Mayer debuted a vegan hot dog earlier this year, for example. The pandemic helped drive new customers to Kraft Heinz and other packaged-food giants, as they were forced to eat more at home during restaurant closures. At the same time, many gravitated toward big, well-known brands as they sought comfort and nostalgia. Kraft Heinz’s stock took a hit earlier this month after the company reported a decline in first-quarter sales. Jack Grieve is a reporter for Crain’s Chicago Business. Get upfront updates sent directly to your inbox here

Kraft Heinz explores a sale of Oscar Mayer

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