Kraft Heinz announced Wednesday that it will divest its North American coffee unit in a deal that values the business at $650 million

Kraft Heinz announced Wednesday that it will divest its North American coffee unit in a deal that values the business at $650 million on an enterprise basis, as it works to refocus on its core brands. The deal with private equity firm One Rock Capital Partners includes brands such as Maxwell House and Gevalia and is expected to close in mid-2027, the company said in a news release. Kraft Heinz will retain a 30% noncontrolling equity stake in the business. Kraft Heinz said it will use the $500 million of post-tax cash proceeds from the transaction to pay down its debts as it works to prioritize resources where it can accelerate growth. "This transaction is a meaningful step in unlocking value from our portfolio and will further accelerate the momentum behind our transformation," Steve Cahillane, CEO of Kraft Heinz, said in the release.