Heinz ketchup on display at a market in Pittsburgh, U.S. Photo by Gene J. Puskar/AP files

Kraft Heinz Co. said Tuesday it plans to split into two separate companies, undoing a mega-deal ushered in a decade ago that turned the maker of Kraft Mac & Cheese into one of the largest packaged food sellers in the world.

Following the breakup, one company will sell Heinz ketchup, other iconic condiments and boxed meals that comprise its fastest-growing global brands with US$15.4 billion in annual sales. The other firm will include slower-growing grocery products, such as Oscar Mayer hot dogs and Lunchables, which currently generate revenue of US$10.4 billion.

Shares of Kraft Heinz fell as much as 5.5 per cent, their biggest drop since Feb. 12. The stock has dropped about 14 per cent this year

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