US-based food company Kraft Heinz is reportedly exploring options to divest its Ore-Ida frozen potato business.

According to CNBC, the sale of the Tater Tot manufacturer could be worth around $1.5bn to $2bn, however, the final valuation may change.

Kraft Heinz plans to use proceeds from the sale to pay off its debts, as well as focus on restructuring its business.

The company has appointed global investment banking advisory firm Evercore Partners for selling its Ore-Ida brand.

Additionally, the company is considering the sale of its entire frozen food business, including brands such as Smart ones and Devour.

“The sale of the Tater Tot manufacturer could be worth around $1.5bn to $2bn.”

Conagra and Lamb Weston are believed to be some of the potential firms that could acquire Ore-Ida brand. A Kraft Heinz spokesperson declined to comment.

The latest announcements come as Kraft Heinz is in the midst of its executive reorganisation.

The company has appointed Miguel Patricio as CEO effective 1 July. Patricio will succeed Bernardo Hees.

Prior to joining Kraft Heinz, Patricio was associated for more than two decades with Anheuser-Busch InBev, wher he was part of the executive leadership team in various positions.

Patricio said: “Kraft Heinz is an incredible company with iconic brands that are loved around the world.

“It will be a privilege and an honour to lead such a talented group of employees as we focus on the consumer to capitalise on the growth opportunities that exist in the rapidly evolving food industry.”

CNBC further reported that Kraft Heinz is also evaluating Maxwell House coffee and Breakstone’s cottage cheese and sour cream brands.