The Heinz ketchup and Oscar Mayer hot dogs featured at barbecues this summer are owned by the same company. Next summer, that might not be the case.Kraft Heinz Co. is preparing to break itself up and spin off a large part of its business into a new entity,

The acquisition of Heinz and Kraft by 3G Capital and Warren Buffett seemed like a classic play from the world’s most famous investor: buy boring staples with long histories and hold them forever. But not this time.