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Springfield, MO
Kraft Heinz is calling off its planned breakup and keeping the company together.
The food giant that owns Kraft, Heinz, Oscar Meyer and Philadelphia cream cheese said last year that it was splitting its business in two. The company’s sales had slumped for years, and a breakup would have separated its growing condiment lines from struggling grocery brands like Kraft Singles and Lunchables.
But the brands’ sales have deteriorated further since the split was announced, making a spinoff less appealing to investors. New Kraft Heinz CEO Steve Cahillane, who took over at the beginning of the year after running Kellogg, hit pause on the breakup Wednesday and announced a turnaround plan.
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