Kraft Heinz Co. is preparing to break itself up, people familiar with the matter said. Under the plan, the company could spin off a large part of its grocery business into a new entity, according to the people. This would allow it to focus on faster-growing segments such as sauces, they said.

The split could be finalized in weeks, but plans are not yet set in stone, the Wall Street Journal reported Friday.

Kraft Heinz is preparing to break itself up in what could be its most significant restructuring since the company’s formation in 2015, The Wall Street Journal reported on Friday. Nearly a decade after the blockbuster merger between Kraft and Heinz—engineered by Warren Buffett’s Berkshire Hathaway and private equity firm 3G Capital—the packaged