Kraft Heinz to Sell Coffee Unit for 650 Million
Kraft Heinz agreed to divest its North American coffee business for 650 million dollars as CEO Steve Cahillane focuses on core packaged foods. The company also raised its annual earnings forecast after beating third quarter sales estimates.
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KRAFT HEINZ CO will divest its North American coffee business for $650 million, CEO Steve Cahillane said on Wednesday morning. The move comes as the packaged food maker pivots toward core condiments and health-focused beverages. Investors reacted positively, driving shares up 3% in premarket trading.
