Kraft Heinz mulls over sale of Australian coffee business
Multinational company Kraft Heinz is mulling over a possible sale of its Australian instant coffee business, Cerebos, to a Sydney-based company, according to the AFR.
Sydney-based FreshFood Services, which owns coffee labels including The House of Robert Timms and Bushells Coffee, is said to be bidding for the coffee brand.
THe AFR reported that Kraft Heinz is open to offers for the business, with management “quickly identified it as being an orphan asset and non-core.”
The Kraft Heinz-owned instant coffee business earns $40 million profit every year and $5 million in earnings before interest, tax, depreciation and amortisation.
No other companies are known to have given other offers for Kraft Heinz’ instant coffee unit. In 2017. the food giant paid $290 million for the Cerebos brands in Australia. This gave it control of its Fountain sauces; Gravox and Saxa salt and its instant coffee brand, Mocopan Coffee.