Kraft Heinz has stopped trying to sell some of its non-core business units, including Ore-Ida, Breakstone’s and Plasmon baby food, after tepid interest among potential buyers, according to CNBC.
The processed food giant is still trying to sell Maxwell House coffee but not having much luck, CNBC reports.
Kraft Heinz had been interested in selling assets as a way to concentrate on core businesses and pay off some of the $3 billion in debt coming due next year. But it has run into trouble because relentless cost-cutting has put many of its brands behind in product development, facing potential buyers with the prospect of having to invest deeply to revitalize them.
The lack of interest is the latest trouble in a tough year for Kraft Heinz. The company, which hired a new CEO earlier this year, had to write down $15.4 billion in brand value in May, sending the stock down 26% so far this year.