Kraft Heinz reportedly shopping Ore-Ida, sale could approach $2 billion
CNBC reports potato processing giant Ore-Ida is being shopped by parent company Kraft Heinz.
Kraft Heinz is looking to make significant profile changes as it attempts to recover from a bad start to 2019, and that could mean the sale of Ore-Ida and other brands. CNBC’s Lauren Hirsch writes an Ore-Ida sale could fetch nearly $2 billion. Potential suitors include Conagra and Lamb Weston.
Ore-Ida has been owned by the Heinz company, previously H.J. Heinz, since 1965. McCain Foods purchased Ore-Ida’s foodservice division in 1997.
Ore-Ida’s primary production plant is in Ontario, Oregon.
Although it is widely used as a generic name today, the term “Tater Tot” is a registered trademark of Ore-Ida. Nephi Grigg and Golden Grigg, along with brother-in-law Otis Williams, founded the company in 1952.
Kraft Heinz recently announced the hire of longtime Anheuser-Busch executive Miguel Patricio as its new CEO.