Kraft Heinz to sell Ore-Ida business?
Chicago, Ill.-based Kraft Heinz is considering the sale of another business in hopes of further decreasing its debt.
According to CNBC, Ore-Ida is the latest brand Kraft Heinz seeks to get rid of. The company has hired investment bank Evercore Partners to prepare a potential sale of its Ore-Ida brand, people familiar with the situation told CNBC. The brand could fetch roughly $1.5 billion to $2 billion, the people said, cautioning the process is still early and valuation is subject to buyer enthusiasm.
While Kraft Heinz’s focus is on the frozen potato brand, it would also consider a sale of its entire frozen food business, which includes brands such as Smart Ones and Devour, should there be significant buyer interest, the people said.
To read the CNBC article, click here.