The company’s stock has underperformed since its megamerger in 2015 and changing consumer tastes have hampered results.

Kraft Heinz Co. is preparing to break itself up, people familiar with the matter said. Under the plan, the company could spin off a large part of its grocery business into a new entity, according to the people. This would allow it to focus on faster-growing segments such as sauces, they said.

Kraft Heinz’s stock value is down about 70 per cent since the highs it reached in 2017, when the company was seen as a pioneer in the industry. News of the potential break-up was first reported by the Wall Street Journal.