Kraft Heinz is reportedly exploring a sale of its Oscar Mayer business, having hired financial advisors to work on the process.

The sale could bring in between $3bn and $5bn, according to the Wall Street Journal, which cited unnamed people familiar with the proceedings.

The publication reported that Kraft Heinz has hired Bank of America and Centreview Partners to gauge interest in the hot dogs, bacon and ham business.

Potential buyers could include private-equity firms or other food companies, the Journal added.

Approached by Just Food, a Kraft Heinz spokesperson declined to comment.

In 2019, Kraft Heinz wrote down the value of its Oscar Mayer and Kraft brands, along with assets sitting within its US refrigerated and Canadian retail divisions, which resulted in a fourth-quarter loss of $12.6bn.

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In the Heinz ketchup brand owner’s recent first-quarter results, it remained in negative territory as far as volumes were concerned as cash-strapped consumers looked for cheaper options.

The business narrowly missed Wall Street estimates, with net sales increasing by 1.2% year-on-year to $6.41bn, slightly below analysts’ average estimates of $6.43bn.

In February, Kraft Heinz said it was anticipating a return to “historical activity” volume levels in the latter half of 2024.

Kraft Heinz reported first-quarter net income was down 3.9% year-on year at $804m, while adjusted operating income was up 1.7% at $1.26bn.