Hot dogs go to the left; ketchup to the right. That’s Kraft Heinz, one of the world’s largest food conglomerates, splitting into two companies.

The breakup comes a decade after its messy mega-merger, orchestrated by billionaire investor Warren Buffett and considered one of his notable missteps. In recent weeks, both Kraft Heinz and Buffett’s Berkshire Hathaway took multibillion-dollar impairment charges reflecting the declining value of the food giant.

Kraft Heinz spent years slicing its costs while rivals invested in new ideas to keep up with changing consumer tastes. Budget-conscious shoppers have been buying more store-brand packaged foods, while people willing to spend extra often reach for fresher alternatives to processed products.

Now, Kraft Heinz executives hope the sum of two s

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