<p>在许多人认为可能会发生的举动中，<strong>卡夫亨氏</strong>（KHC 1.17%）的管理团队选择分拆为两家公司。一家公司为全球口味提升公司，专注于快速增长的调味品和调料产品。另一家公司为北美杂货公司，将负责北美的杂货业务。</p>
<p>这一举动是在卡夫亨氏的股票在过去五年中大幅下跌超过 22% 之后做出的。消费者对健康食品的偏好转变对卡夫亨氏的核心业务造成了挑战，同时该公司也在努力降低其高额债务负担。</p>
<p>在分拆公告发布后，<strong>伯克希尔哈撒韦</strong> 的首席执行官沃伦·巴菲特告诉 CNBC，他对这一战略举动感到&#34;失望&#34;。考虑到巴菲特在股市中的地位，企业很难与奥马哈的先知对抗，尤其是伯克希尔是最大股东。卡夫亨氏的这一大胆举动会带来回报吗？</p>
<h2>巴菲特不满意</h2>
<p>巴菲特和伯克希尔基本上创造了我们今天所知的卡夫亨氏公司。2013 年，伯克希尔与巴西私募股权公司 3G 合作，以 280 亿美元的交易收购亨氏，包括承担公司的债务。两年后，伯克希尔和 3G 再次合作，将公司与卡夫合并。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2OTQvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2OTQvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA"/></p>
<p>图片来源：The Motley Fool。</p>
<p>如今，伯克希尔是最大股东，拥有 27.5% 的流通股。然而，显然巴菲特和伯克希尔对分拆的决定并不满意，理由是分拆公司需要 300 百万美元的费用，完成交易需要一年时间，以及股东没有对这一决定进行投票。</p>
<p>也许巴菲特早就预见到了这一点，因为伯克希尔在今年早些时候放弃了在卡夫亨氏董事会的两个席位，并在第二季度减记了该投资，表明伯克希尔可能会考虑撤回其持股。伯克希尔即将上任的首席执行官格雷格·阿贝尔据报道在分拆公告发布前大约一周与卡夫亨氏管理层会面，并表达了对这一想法的不满。</p>
<p>尽管明显感到沮丧，巴菲特也告诉 CNBC，除非其他股东也获得相同的交易，否则他不会接受对其股份的封闭式报价。</p>
<p>尽管伯克希尔显然不满意，但他们合并卡夫和亨氏的决定却是失败的。自 2015 年交易完成以来，股票下跌了约 70%。</p>
<h2>旨在提供更好的增长空间</h2>
<p>这两家新公司将分别专注于全球口味创新和北美杂货。全球口味公司将包括快速增长的品牌，如亨氏、费城奶油奶酪和卡夫麦片。2024 年，这些公司实现了 154 亿美元的净销售额和 40 亿美元的调整后息税折旧摊销前利润（EBITDA）。其目标是最大化高利润增长和领先的市场份额。</p>
<p>北美杂货业务将包括奥斯卡·迈耶、卡夫单片奶酪、午餐包、卡普里太阳和麦克斯韦咖啡等品牌。2024 年，这些业务实现了约 104 亿美元的销售额和 23 亿美元的调整后 EBITDA。管理层希望杂货业务专注于通过稳定品牌实现可靠的自由现金流生成。</p>
<p>卡夫亨氏面临的问题之一是其经营着如此多不同的食品品牌，迫使公司在许多不同的消费品子类别中竞争，这使得公司很难真正专注并在多个类别中实现强大的市场份额。根据卡夫亨氏管理团队在解释这一决定的演示中所述，分拆后这一情况将会改变：</p>
<blockquote>
<p>... 分拆为两家独立的上市公司将使两家公司能够将适当的关注和资源投入到业务的各个领域，改善执行，创造更好的激励机制，使我们的标志性品牌能够发挥其全部潜力。我们还将能够减少运营复杂性，量身定制运营模式，推动进一步的效率和行业领先的利润率。</p>
</blockquote>
<p>如前所述，分拆将导致 3 亿美元的&#34;不协同效应&#34;。预计分拆将在 2026 年下半年完成。卡夫亨氏高达 6% 以上的股息收益率预计在成立时将保持不变，尽管每家公司的资本结构，包括债务的重新分配尚待确定。</p>
<h2>这能行吗？</h2>
<p>这里仍然有很多未知数，包括债务将如何重新分配，以及是否有任何一家公司能够实现预期的增长。也有可能快速增长的全球口味提升业务吸引大部分投资者的兴趣。我还想知道，最终大部分股息是否会分配给杂货业务，以吸引更多的股息投资者，然后让口味业务支付更少的股息，专注于增长和增值。</p>
<p>巴菲特和伯克希尔承认他们在卡夫亨氏的过去决策中犯了错误，但尽管股票表现糟糕，自 2015 年以来，伯克希尔没有买入或卖出过一股。</p>
<p>在这一点上很难做出真正的判断，因为现在主要是一个展示故事。好消息是，投资者应该能够在至少分拆发生之前享受高股息。坏消息是，公司失去了伯克希尔的支持，而市场对伯克希尔的看法很高。</p>
<p>即使卡夫亨氏的计划确实有效，这项投资也适合耐心的长期投资者。这显然不会在一夜之间发生。</p>

卡夫亨氏

<p>卡夫亨氏计划拆分为两家公司：全球风味提升公司（Global Taste Elevation Co.）专注于酱料和调味品，北美杂货公司（North American Grocery Co.）专注于杂货产品。此决定是在过去五年中股价下降 22% 的背景下做出的，原因归结为消费者偏好的变化和高负债。沃伦·巴菲特对这一拆分表示失望，拆分将产生 3 亿美元的费用，并且没有股东投票。此次拆分旨在增强专注度和效率，预计将在 2026 年底前完成，同时保持高股息收益率</p>

<p>In a move that many thought could be coming, <strong>Kraft Heinz</strong>'s (KHC 1.17%) management team has chosen to split into two. One company, Global Taste Elevation Co., will comprise the faster-growing sauces and condiments products. The other company, North American Grocery Co., will house the North American grocery business.</p>
<div class="lb-trans"><p>在许多人认为可能会发生的举动中，<strong>卡夫亨氏</strong>（KHC 1.17%）的管理团队选择分拆为两家公司。一家公司为全球口味提升公司，专注于快速增长的调味品和调料产品。另一家公司为北美杂货公司，将负责北美的杂货业务。</p>
</div><p>The move comes after shares of Kraft Heinz have struggled immensely, down over 22% in the past five years. Shifting consumer preferences into healthier foods have challenged Kraft Heinz's core business, while the company has also been working to lower its high debt load.</p>
<div class="lb-trans"><p>这一举动是在卡夫亨氏的股票在过去五年中大幅下跌超过 22% 之后做出的。消费者对健康食品的偏好转变对卡夫亨氏的核心业务造成了挑战，同时该公司也在努力降低其高额债务负担。</p>
</div><p>Following the announcement of the split, Warren Buffett, CEO of <strong>Berkshire Hathaway</strong>, the largest shareholder of Kraft Heinz, told CNBC that he is &#34;disappointed&#34; by the strategic move. Given Buffett's stature in the stock market, it's not easy for a company to go against the Oracle of Omaha, especially when Berkshire is the largest shareholder. Will the bold move pay off for Kraft Heinz?</p>
<div class="lb-trans"><p>在分拆公告发布后，<strong>伯克希尔哈撒韦</strong> 的首席执行官沃伦·巴菲特告诉 CNBC，他对这一战略举动感到&#34;失望&#34;。考虑到巴菲特在股市中的地位，企业很难与奥马哈的先知对抗，尤其是伯克希尔是最大股东。卡夫亨氏的这一大胆举动会带来回报吗？</p>
</div><h2>Buffett is not pleased</h2>
<div class="lb-trans"><h2>巴菲特不满意</h2>
</div><p>Buffett and Berkshire essentially created the Kraft Heinz company we know today. In 2013, Berkshire teamed up with Brazilian private equity firm 3G to purchase Heinz in a deal valued at $28 billion, which included assumption of the company's debt. Two years later, Berkshire and 3G again worked together to merge the company with Kraft.</p>
<div class="lb-trans"><p>巴菲特和伯克希尔基本上创造了我们今天所知的卡夫亨氏公司。2013 年，伯克希尔与巴西私募股权公司 3G 合作，以 280 亿美元的交易收购亨氏，包括承担公司的债务。两年后，伯克希尔和 3G 再次合作，将公司与卡夫合并。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2OTQvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831694%2Fbuffett6-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><p>Berkshire is the largest shareholder today, owning 27.5% of outstanding shares. However, it's clear Buffett and Berkshire are not happy with the decision to split into two, citing the $300 million in expenses to split the company, the year it will take to complete the transaction, and the fact that shareholders did not get a vote on the decision.</p>
<div class="lb-trans"><p>如今，伯克希尔是最大股东，拥有 27.5% 的流通股。然而，显然巴菲特和伯克希尔对分拆的决定并不满意，理由是分拆公司需要 300 百万美元的费用，完成交易需要一年时间，以及股东没有对这一决定进行投票。</p>
</div><p>Perhaps Buffett saw this coming, as Berkshire earlier this year gave up its two seats on Kraft Heinz's board of directors and marked down the position in the second quarter, indicating Berkshire may look to unwind its position. Berkshire's incoming CEO Greg Abel reportedly met with Kraft Heinz management about a week before the split announcement and voiced his displeasure with the idea.</p>
<div class="lb-trans"><p>也许巴菲特早就预见到了这一点，因为伯克希尔在今年早些时候放弃了在卡夫亨氏董事会的两个席位，并在第二季度减记了该投资，表明伯克希尔可能会考虑撤回其持股。伯克希尔即将上任的首席执行官格雷格·阿贝尔据报道在分拆公告发布前大约一周与卡夫亨氏管理层会面，并表达了对这一想法的不满。</p>
</div><p>Despite clear frustration, Buffett also told CNBC that it would not accept a block bid for its shares unless the same deal was offered to other shareholders.</p>
<div class="lb-trans"><p>尽管明显感到沮丧，巴菲特也告诉 CNBC，除非其他股东也获得相同的交易，否则他不会接受对其股份的封闭式报价。</p>
</div><p>Although Berkshire is clearly not happy, their decision to merge Kraft and Heinz has been a dud. Shares are down around 70% since the deal closed in 2015.</p>
<div class="lb-trans"><p>尽管伯克希尔显然不满意，但他们合并卡夫和亨氏的决定却是失败的。自 2015 年交易完成以来，股票下跌了约 70%。</p>
</div><h2>Aiming to give growth a better runway</h2>
<div class="lb-trans"><h2>旨在提供更好的增长空间</h2>
</div><p>The two new companies will be one focused on global taste innovation and North American Grocery. The global taste company will house faster-growing brands like Heinz, Philadelphia Cream Cheese, and Kraft Mac &amp; Cheese. In 2024, these companies generated net sales of $15.4 billion and adjusted earnings before interest, taxes, depreciation, and amoritization (EBITDA) of $4 billion. The idea will be to maximize high-margin growth and leading market share.</p>
<div class="lb-trans"><p>这两家新公司将分别专注于全球口味创新和北美杂货。全球口味公司将包括快速增长的品牌，如亨氏、费城奶油奶酪和卡夫麦片。2024 年，这些公司实现了 154 亿美元的净销售额和 40 亿美元的调整后息税折旧摊销前利润（EBITDA）。其目标是最大化高利润增长和领先的市场份额。</p>
</div><p>The North American grocer business will include brands like Oscar Mayer, Kraft Singles, Lunchables, Capri Sun, and Maxwell Coffee. In 2024, these businesses generated about $10.4 billion of sales and adjusted EBITDA of $2.3 billion. Management wants the grocer business to focus on reliable free cash flow generation via operational efficiency through stable brands.</p>
<div class="lb-trans"><p>北美杂货业务将包括奥斯卡·迈耶、卡夫单片奶酪、午餐包、卡普里太阳和麦克斯韦咖啡等品牌。2024 年，这些业务实现了约 104 亿美元的销售额和 23 亿美元的调整后 EBITDA。管理层希望杂货业务专注于通过稳定品牌实现可靠的自由现金流生成。</p>
</div><p>Part of Kraft Heinz's issue has been that it operates so many different food brands, forcing the company to compete in many different consumer staple subcategories, which has made it difficult for the company to really focus and deliver strong market share in a number of categories. With two separate entities, this will change, according to Kraft Heinz's management team from the presentation explaining the decision:</p>
<div class="lb-trans"><p>卡夫亨氏面临的问题之一是其经营着如此多不同的食品品牌，迫使公司在许多不同的消费品子类别中竞争，这使得公司很难真正专注并在多个类别中实现强大的市场份额。根据卡夫亨氏管理团队在解释这一决定的演示中所述，分拆后这一情况将会改变：</p>
</div><blockquote>
<p>... Separating into two independent, publicly traded companies will allow both companies to dedicate the right level of attention and resources to all areas of the business, improve execution, create better aligned incentives, and enable our iconic brands to reach their full potential. We will also be able to reduce operational complexity and tailor operating models, driving further efficiencies and industry-leading margins.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>... 分拆为两家独立的上市公司将使两家公司能够将适当的关注和资源投入到业务的各个领域，改善执行，创造更好的激励机制，使我们的标志性品牌能够发挥其全部潜力。我们还将能够减少运营复杂性，量身定制运营模式，推动进一步的效率和行业领先的利润率。</p>
</blockquote>
</div><p>As mentioned, the split will result in $300 million of &#34;dis-synergies.&#34; The split is expected to close in the second half of 2026. Kraft Heinz's high 6%-plus dividend yield is expected to be maintained in aggregate at inception, although the capital structures of each company including reallocation of the debt has yet to be determined.</p>
<div class="lb-trans"><p>如前所述，分拆将导致 3 亿美元的&#34;不协同效应&#34;。预计分拆将在 2026 年下半年完成。卡夫亨氏高达 6% 以上的股息收益率预计在成立时将保持不变，尽管每家公司的资本结构，包括债务的重新分配尚待确定。</p>
</div><h2>Can it work?</h2>
<div class="lb-trans"><h2>这能行吗？</h2>
</div><p>There are still a lot of unknowns here, including how the debt will be reallocated and whether either company can achieve the desired growth. It's also possible that the faster-growing Global Taste Elevation business draws the majority of investor interest. I also wonder whether the bulk of the dividends will eventually be allocated to the grocer business to draw more dividend investors, and then have the taste business pay fewer dividends and focus on growth and appreciation.</p>
<div class="lb-trans"><p>这里仍然有很多未知数，包括债务将如何重新分配，以及是否有任何一家公司能够实现预期的增长。也有可能快速增长的全球口味提升业务吸引大部分投资者的兴趣。我还想知道，最终大部分股息是否会分配给杂货业务，以吸引更多的股息投资者，然后让口味业务支付更少的股息，专注于增长和增值。</p>
</div><p>Buffett and Berkshire have acknowledged that they made mistakes in the past with Kraft Heinz, but despite the stock's wretched performance, Berkshire hasn't bought or sold a share since 2015.</p>
<div class="lb-trans"><p>巴菲特和伯克希尔承认他们在卡夫亨氏的过去决策中犯了错误，但尽管股票表现糟糕，自 2015 年以来，伯克希尔没有买入或卖出过一股。</p>
</div><p>It's too hard to make a real call at this point because it's largely a show-me story right now. The good news is that investors should be able to ride out the high dividend until at least the split happens next year. The bad news is the company has lost the support of Berkshire, which the market holds in high regard.</p>
<div class="lb-trans"><p>在这一点上很难做出真正的判断，因为现在主要是一个展示故事。好消息是，投资者应该能够在至少分拆发生之前享受高股息。坏消息是，公司失去了伯克希尔的支持，而市场对伯克希尔的看法很高。</p>
</div><p>Even if Kraft Heinz's plan does work, this investment is for patient, long-term investors. It certainly won't happen overnight.</p>
<div class="lb-trans"><p>即使卡夫亨氏的计划确实有效，这项投资也适合耐心的长期投资者。这显然不会在一夜之间发生。</p>
</div>

尽管沃伦·巴菲特表示反对，卡夫亨氏公司计划进行拆分。这一大胆举措能否为这只表现不佳的股票带来收益？