The company has enlisted Bank of America and Centreview Partners to evaluate interest in its hot dogs, bacon, and ham division, inviting private-equity firms and other food companies as potential buyers.
A Kraft Heinz spokesperson declined to provide comments.
In 2019, Kraft Heinz faced a $12.6bn fourth-quarter loss after devaluing its Oscar Mayer and Kraft brands, along with assets in its US refrigerated and Canadian retail units.
In the latest quarterly results, Kraft Heinz fell short of Wall Street predictions, recording a 1.2% increase in net sales at $6.41bn, below the estimated $6.43bn, due to cost-conscious consumers opting for affordable alternatives.
Net income for the first quarter dropped by 3.9% to $804m, while adjusted operating income saw a 1.7% increase to $1.26bn. In anticipation of regaining pre-pandemic volume levels, Kraft Heinz anticipates a return to historical activity in the second half of 2024.