<p>在許多人認為可能會發生的舉動中，<strong>卡夫亨氏</strong>（KHC 1.17%）的管理團隊選擇分拆為兩家公司。一家公司為全球口味提升公司，專注於快速增長的調味品和調料產品。另一家公司為北美雜貨公司，將負責北美的雜貨業務。</p>
<p>這一舉動是在卡夫亨氏的股票在過去五年中大幅下跌超過 22% 之後做出的。消費者對健康食品的偏好轉變對卡夫亨氏的核心業務造成了挑戰，同時該公司也在努力降低其高額債務負擔。</p>
<p>在分拆公告發布後，<strong>伯克希爾哈撒韋</strong> 的首席執行官沃倫·巴菲特告訴 CNBC，他對這一戰略舉動感到&#34;失望&#34;。考慮到巴菲特在股市中的地位，企業很難與奧馬哈的先知對抗，尤其是伯克希爾是最大股東。卡夫亨氏的這一大膽舉動會帶來回報嗎？</p>
<h2>巴菲特不滿意</h2>
<p>巴菲特和伯克希爾基本上創造了我們今天所知的卡夫亨氏公司。2013 年，伯克希爾與巴西私募股權公司 3G 合作，以 280 億美元的交易收購亨氏，包括承擔公司的債務。兩年後，伯克希爾和 3G 再次合作，將公司與卡夫合併。</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>圖片來源：The Motley Fool。</p>
<p>如今，伯克希爾是最大股東，擁有 27.5% 的流通股。然而，顯然巴菲特和伯克希爾對分拆的決定並不滿意，理由是分拆公司需要 300 百萬美元的費用，完成交易需要一年時間，以及股東沒有對這一決定進行投票。</p>
<p>也許巴菲特早就預見到了這一點，因為伯克希爾在今年早些時候放棄了在卡夫亨氏董事會的兩個席位，並在第二季度減記了該投資，表明伯克希爾可能會考慮撤回其持股。伯克希爾即將上任的首席執行官格雷格·阿貝爾據報道在分拆公告發布前大約一週與卡夫亨氏管理層會面，並表達了對這一想法的不滿。</p>
<p>儘管明顯感到沮喪，巴菲特也告訴 CNBC，除非其他股東也獲得相同的交易，否則他不會接受對其股份的封閉式報價。</p>
<p>儘管伯克希爾顯然不滿意，但他們合併卡夫和亨氏的決定卻是失敗的。自 2015 年交易完成以來，股票下跌了約 70%。</p>
<h2>旨在提供更好的增長空間</h2>
<p>這兩家新公司將分別專注於全球口味創新和北美雜貨。全球口味公司將包括快速增長的品牌，如亨氏、費城奶油奶酪和卡夫麥片。2024 年，這些公司實現了 154 億美元的淨銷售額和 40 億美元的調整後息税折舊攤銷前利潤（EBITDA）。其目標是最大化高利潤增長和領先的市場份額。</p>
<p>北美雜貨業務將包括奧斯卡·邁耶、卡夫單片奶酪、午餐包、卡普里太陽和麥克斯韋咖啡等品牌。2024 年，這些業務實現了約 104 億美元的銷售額和 23 億美元的調整後 EBITDA。管理層希望雜貨業務專注於通過穩定品牌實現可靠的自由現金流生成。</p>
<p>卡夫亨氏面臨的問題之一是其經營着如此多不同的食品品牌，迫使公司在許多不同的消費品子類別中競爭，這使得公司很難真正專注並在多個類別中實現強大的市場份額。根據卡夫亨氏管理團隊在解釋這一決定的演示中所述，分拆後這一情況將會改變：</p>
<blockquote>
<p>... 分拆為兩家獨立的上市公司將使兩家公司能夠將適當的關注和資源投入到業務的各個領域，改善執行，創造更好的激勵機制，使我們的標誌性品牌能夠發揮其全部潛力。我們還將能夠減少運營複雜性，量身定製運營模式，推動進一步的效率和行業領先的利潤率。</p>
</blockquote>
<p>如前所述，分拆將導致 3 億美元的&#34;不協同效應&#34;。預計分拆將在 2026 年下半年完成。卡夫亨氏高達 6% 以上的股息收益率預計在成立時將保持不變，儘管每家公司的資本結構，包括債務的重新分配尚待確定。</p>
<h2>這能行嗎？</h2>
<p>這裏仍然有很多未知數，包括債務將如何重新分配，以及是否有任何一家公司能夠實現預期的增長。也有可能快速增長的全球口味提升業務吸引大部分投資者的興趣。我還想知道，最終大部分股息是否會分配給雜貨業務，以吸引更多的股息投資者，然後讓口味業務支付更少的股息，專注於增長和增值。</p>
<p>巴菲特和伯克希爾承認他們在卡夫亨氏的過去決策中犯了錯誤，但儘管股票表現糟糕，自 2015 年以來，伯克希爾沒有買入或賣出過一股。</p>
<p>在這一點上很難做出真正的判斷，因為現在主要是一個展示故事。好消息是，投資者應該能夠在至少分拆發生之前享受高股息。壞消息是，公司失去了伯克希爾的支持，而市場對伯克希爾的看法很高。</p>
<p>即使卡夫亨氏的計劃確實有效，這項投資也適合耐心的長期投資者。這顯然不會在一夜之間發生。</p>

卡夫亨氏

<p>卡夫亨氏計劃拆分為兩家公司：全球風味提升公司（Global Taste Elevation Co.）專注於醬料和調味品，北美雜貨公司（North American Grocery Co.）專注於雜貨產品。此決定是在過去五年中股價下降 22% 的背景下做出的，原因歸結為消費者偏好的變化和高負債。沃倫·巴菲特對這一拆分表示失望，拆分將產生 3 億美元的費用，並且沒有股東投票。此次拆分旨在增強專注度和效率，預計將在 2026 年底前完成，同時保持高股息收益率</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>在許多人認為可能會發生的舉動中，<strong>卡夫亨氏</strong>（KHC 1.17%）的管理團隊選擇分拆為兩家公司。一家公司為全球口味提升公司，專注於快速增長的調味品和調料產品。另一家公司為北美雜貨公司，將負責北美的雜貨業務。</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>這一舉動是在卡夫亨氏的股票在過去五年中大幅下跌超過 22% 之後做出的。消費者對健康食品的偏好轉變對卡夫亨氏的核心業務造成了挑戰，同時該公司也在努力降低其高額債務負擔。</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>在分拆公告發布後，<strong>伯克希爾哈撒韋</strong> 的首席執行官沃倫·巴菲特告訴 CNBC，他對這一戰略舉動感到&#34;失望&#34;。考慮到巴菲特在股市中的地位，企業很難與奧馬哈的先知對抗，尤其是伯克希爾是最大股東。卡夫亨氏的這一大膽舉動會帶來回報嗎？</p>
</div><h2>Buffett is not pleased</h2>
<div class="lb-trans"><h2>巴菲特不滿意</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>巴菲特和伯克希爾基本上創造了我們今天所知的卡夫亨氏公司。2013 年，伯克希爾與巴西私募股權公司 3G 合作，以 280 億美元的交易收購亨氏，包括承擔公司的債務。兩年後，伯克希爾和 3G 再次合作，將公司與卡夫合併。</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>圖片來源：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，伯克希爾是最大股東，擁有 27.5% 的流通股。然而，顯然巴菲特和伯克希爾對分拆的決定並不滿意，理由是分拆公司需要 300 百萬美元的費用，完成交易需要一年時間，以及股東沒有對這一決定進行投票。</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>也許巴菲特早就預見到了這一點，因為伯克希爾在今年早些時候放棄了在卡夫亨氏董事會的兩個席位，並在第二季度減記了該投資，表明伯克希爾可能會考慮撤回其持股。伯克希爾即將上任的首席執行官格雷格·阿貝爾據報道在分拆公告發布前大約一週與卡夫亨氏管理層會面，並表達了對這一想法的不滿。</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>儘管明顯感到沮喪，巴菲特也告訴 CNBC，除非其他股東也獲得相同的交易，否則他不會接受對其股份的封閉式報價。</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>儘管伯克希爾顯然不滿意，但他們合併卡夫和亨氏的決定卻是失敗的。自 2015 年交易完成以來，股票下跌了約 70%。</p>
</div><h2>Aiming to give growth a better runway</h2>
<div class="lb-trans"><h2>旨在提供更好的增長空間</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>這兩家新公司將分別專注於全球口味創新和北美雜貨。全球口味公司將包括快速增長的品牌，如亨氏、費城奶油奶酪和卡夫麥片。2024 年，這些公司實現了 154 億美元的淨銷售額和 40 億美元的調整後息税折舊攤銷前利潤（EBITDA）。其目標是最大化高利潤增長和領先的市場份額。</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>北美雜貨業務將包括奧斯卡·邁耶、卡夫單片奶酪、午餐包、卡普里太陽和麥克斯韋咖啡等品牌。2024 年，這些業務實現了約 104 億美元的銷售額和 23 億美元的調整後 EBITDA。管理層希望雜貨業務專注於通過穩定品牌實現可靠的自由現金流生成。</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>卡夫亨氏面臨的問題之一是其經營着如此多不同的食品品牌，迫使公司在許多不同的消費品子類別中競爭，這使得公司很難真正專注並在多個類別中實現強大的市場份額。根據卡夫亨氏管理團隊在解釋這一決定的演示中所述，分拆後這一情況將會改變：</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>... 分拆為兩家獨立的上市公司將使兩家公司能夠將適當的關注和資源投入到業務的各個領域，改善執行，創造更好的激勵機制，使我們的標誌性品牌能夠發揮其全部潛力。我們還將能夠減少運營複雜性，量身定製運營模式，推動進一步的效率和行業領先的利潤率。</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，分拆將導致 3 億美元的&#34;不協同效應&#34;。預計分拆將在 2026 年下半年完成。卡夫亨氏高達 6% 以上的股息收益率預計在成立時將保持不變，儘管每家公司的資本結構，包括債務的重新分配尚待確定。</p>
</div><h2>Can it work?</h2>
<div class="lb-trans"><h2>這能行嗎？</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>這裏仍然有很多未知數，包括債務將如何重新分配，以及是否有任何一家公司能夠實現預期的增長。也有可能快速增長的全球口味提升業務吸引大部分投資者的興趣。我還想知道，最終大部分股息是否會分配給雜貨業務，以吸引更多的股息投資者，然後讓口味業務支付更少的股息，專注於增長和增值。</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>巴菲特和伯克希爾承認他們在卡夫亨氏的過去決策中犯了錯誤，但儘管股票表現糟糕，自 2015 年以來，伯克希爾沒有買入或賣出過一股。</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>在這一點上很難做出真正的判斷，因為現在主要是一個展示故事。好消息是，投資者應該能夠在至少分拆發生之前享受高股息。壞消息是，公司失去了伯克希爾的支持，而市場對伯克希爾的看法很高。</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>即使卡夫亨氏的計劃確實有效，這項投資也適合耐心的長期投資者。這顯然不會在一夜之間發生。</p>
</div>

儘管沃倫·巴菲特表示反對，卡夫亨氏公司計劃進行拆分。這一大膽舉措能否為這隻表現不佳的股票帶來收益？