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Kraft Heinz Plunges to Record Low on Writedown of Brands' Value

  • Oscar Mayer, Kraft trademarks have lost value as tastes change
  • Buffett-backed giant still looking for a transformative deal
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Kraft Heinz Plunges on $15.4 Billion Writedown
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Kraft Heinz Co. plummeted the most on record Friday, one day after writing down the value of some of its best-known brands by $15.4 billion, an acknowledgment that changing consumer tastes have destroyed the value of some of the company’s most iconic products.

The packaged-food giant’s charge to reduce the goodwill value of the Kraft and Oscar Mayer trademarks and other assets came with disappointing fourth-quarter earnings and an accounting subpoena from securities regulators. The charges resulted in a net loss of $12.6 billion, or $10.34 a share.