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July 24, 2019

Kraft Heinz ‘puts asset Breakstone’s, Plasmon disposals on hold’

Kraft Heinz has reportedly paused plans to sell two assets - one in North America and the other in Europe - after lukewarm interest from potential suitors.

By Dean Best

Kraft Heinz has reportedly paused plans to sell two assets – one in North America and the other in Europe – after lukewarm interest from potential suitors.

Business broadcaster CNBC reported today (24 July) the US food giant had put efforts to sell dairy business Breakstone’s and baby-food unit Plasmon on hold.

Citing anonymous sources, CNBC said interest in the businesses had been tepid. The sources said there had been a similar level of interest in Kraft Heinz’s Maxwell House coffee business but the ketchup giant is still said to be trying to sell that asset.

Speculation over the future of Breakstone’s date back to 2012 when Kraft Heinz was then Kraft Foods Group. However, in March this year, CNBC said Kraft Heinz had hired Royal Bank of Canada to review options for Breakstone’s, which makes sour cream and cottage cheese.

Two months later, Reuters reported Kraft Heinz had put its Plasmon baby-food brand up for sale.

just-food contacted Kraft Heinz for comment on the latest report but had not received a response at the time of writing.

In February, Kraft Heinz booked a huge US$12.6bn fourth-quarter loss on the back of a $15.4bn write-down of assets. In a multi-faceted announcement, Kraft Heinz published an outlook for 2019 and revealed an SEC probe into the company’s procurement. As a consequence of the SEC subpoena, the Heinz ketchup owner launched its own investigation and the company has since restated its earnings for the past three years.

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