Kraft Heinz evaluating ‘strategic transactions’

The Kraft Heinz Co. said it’s been eyeing “strategic transactions” for the past several months.

In a press release, the company said its board and executive leadership team have been evaluating potential deals to “unlock shareholder value.”

The company made no promises that the assessment process would result in a transaction, and it hasn’t set a timetable for completion of the process. 

No further announcements are expected regarding the process until it’s deemed “appropriate or necessary.”

“At Kraft Heinz, our goal has always been to make high-quality, great-tasting food for all and to keep consumers at the forefront of all we do, enabling us to drive profitable long-term growth and value creation,” said Kraft Heinz CEO Carlos Abrams-Rivera. “Consistent with this goal, over the past several months we have been evaluating potential strategic transactions to unlock shareholder value. As we look to the future, we will continue to inspire and delight consumers with our iconic brands, fulfilling our mission.”

The Pittsburgh- and Chicago-headquartered CPG giant also announced changes to its board.

Berkshire Hathaway Inc.’s Timothy Kenesy and Alicia Knapp will step down due to their relationship with the firm. 

The decision is consistent with Berkshire Hathaway’s other non-controlled investments and not the result of “any disagreement with management or the board,” Kraft Heinz said. 

With the changes, Kraft Heinz has reduced the size of its board to 10 members.

Miguel Patricio, chair of the board of Kraft Heinz, said in a release: “On behalf of the board, I’d like to thank Tim and Alicia for their commitment and contributions to Kraft Heinz over the years. We greatly value our strong history with Berkshire Hathaway and look forward to continuing our relationship.”