The food company and the entertainment mogul announced Wednesday, Jan. 25, that they'd formed a joint venture called Mealtime Stories, which will offer "ready to eat refrigerated products across multiple categories," which "will make real, nutritious products more accessible to everyone."
In its brief statement, Kraft Heinz said the products would be developed and manufactured in the United States. The company, co-based in Pittsburgh and Illinois, has managed to avoid attracting criticism from President Donald Trump about making its products overseas.
Mondelez (MDLZ) - Get Report , former parent of Kraft Heinz predecessor Kraft Foods, for example, faced criticism from the then-candidate, who vowed never to eat Mondelez's Oreo cookies again after Mondelez invested $130 million in a plant in Mexico rather than investing the sum in a Chicago plant.
The company and Winfrey said additional details about the products will be announced later in 2017, and Mullen would not provide more specific information. According to the press release, 10% of the profits from the joint venture will be donated to charities combating hunger.
Winfrey acquired a 10% stake in Weight Watchers (WTW) - Get Report , paying $43.2 million in October 2015 and joining the company's board. When Weight Watchers unveiled an ad campaign in December in which Oprah touted her personal weight loss on the diet program, the company's shares shot up 17%.
Kraft Heinz spokesman Michael Mullen said in an email that there was no connection between the joint venture and Weight Watchers.
In July 2015, Kraft Foods Group was acquired by Warren Buffett's Berkshire Hathaway (BRK.A) - Get Report and private equity firm 3G Capital, which combined Kraft with the ketchup maker H.J. Heinz Co. to form Kraft Heinz.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long KHC.