By Connor Hart
Kraft Heinz has been evaluating potential strategic transactions for the past several months, a disclosure that came as the maker of ketchup and sliced cheese said Berkshire Hathaway will no longer hold seats on its board.
Chief Executive Carlos Abrams-Rivera didn't say Tuesday what potential transactions the company has been reviewing, though he noted the goal of any deal would be 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," he said.
Kraft hasn't set a timeline for the review, and its disclosure isn't an assurance of strategic changes or transactions, the company added.
Also on Tuesday, Kraft said that Berkshire will step back from its board. As a result, Timothy Kenesey and Alicia Knapp have stepped down from their positions, and the company has reduced the size of its board to 10 members.
Berkshire's move is consistent with its other non-controlled investments, Kraft said.
Shares rose 1.7 to $28.36, in after-hours trading. Through the regular session's close, the stock is down 22% in the past year.
Kraft has struggled to market some of its core food brands, including Lunchables, macaroni and cheese and mayonnaise. The company reported declining sales for six consecutive quarters, and it previously said it plans to increase promotions and potentially change the prices of some products in order to boost sales.
The company last month cut its outlook for the year, citing a volatile operating environment, in which tariffs have driven business costs higher and inflation has caused consumers to scale back their buying.
Kraft earlier this year looked to alcohol to boost its sales, launching a vodka seltzer infused with Crystal Light, a powdered mix traditionally added to water. The canned drinks debuted in select Northeast U.S. supermarkets in March, ahead of a planned broader expansion next year.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
05-20-25 1844ET
