Kraft Heinz to break up into two separate companies

Zoom in: One company will include condiments and boxed foods, like Heinz ketchup, Philadelphia cream cheese, and Kraft Mac & Cheese. It had around $15.4 billion in 2024 sales.

• The other will hold grocery staples like Oscar Mayer hot dogs, Kraft Singles and Lunchables. It's growing slower and had $10.4 billion in 2024 revenue.
• Neither company has an official name yet, aside from working monikers — Global Taste Elevation Co. and North American Grocery Co.

Of note: "Most large food companies are struggling as consumers purchase less of what they sell. In some cases, the slowdown is from consumers who, after two years of food inflation, are making tougher choices about where they spend their dollars in the grocery store. But many consumers also are veering away from so-called highly processed foods," Lauren Hirsch and Julie Creswell report in the New York Times.

By the numbers: Kraft Heinz shares fell about 0.7% in premarket trading.

• The stock's down about 9% so far this year and 20% over the last five years, badly underperforming broader markets.