Best known for its bacon, bologna and hot dogs, the Oscar Mayer brand may be getting a new owner soon. News about the Kraft Heinz Co. trying to sell the processed meat business for $3 to 5 billion circulated on May 14. The company has hired advisors to facilitate the sale.
According to reports, Kraft Heinz CEO Carlos Abrams-Rivera has been trying to focus the company’s product portfolio on taste and nutrition, while also improving its stock price.
One could argue bacon and hotdogs have plenty of flavor and provide a quality eating experience. In addition, cold cuts and Lunchables make up another portion of the brand’s product offerings. However, with first quarter earnings down 4.2% from first quarter earnings a year ago, the business is looking at the numbers. Sales decreased from $6.49 billion to $6.41 billion. The company attributes some of the decline to reduced SNAP benefits and lower sales of away-from-home business.
