The Kraft Heinz Company is divesting its North American coffee business for $650 million, the company announced Wednesday.

Nov. 4 (UPI) -- The Kraft Heinz Company is divesting its North American coffee business for $650 million, the company announced Wednesday.

The company will focus on its core brands but retain a 30% non-controlling equity stake, a press release said.

Kraft Heinz sold the coffee business, which includes Maxwell House, Gevalia, Nabob, Yuban, Tassimo, Ethical Bean and Sanka, to One Rock Capital Partners. The deal is expected to close in the middle of 2027.

"We have long admired Kraft Heinz's iconic coffee brands, such as Maxwell House and Gevalia, which have been household staples for more than 100 years," said Tony W. Lee, managing partner of One Rock. "We intend to accelerate investment across the brand portfolio to drive growth and innovation, enhance the consumer experience, and strengthen relationships with retail partners."

Kraft Heinz will use the cash it takes in from the transaction to pay down its debts and prioritize resources where it can accelerate growth, CNBC reported. It's expected to take in about $500 million.

"This transaction is a meaningful step in unlocking value from our portfolio and will further accelerate the momentum behind our transformation," Steve Cahillane, CEO of Kraft Heinz, said in a statement. "We are proud of the role these brands have played in the lives of generations of coffee drinkers, and our continued stake reflects the confidence we have in their long-term potential under One Rock's focused ownership."

The new coffee company expects about 250 full-time employees to transition with the business, along with its coffee manufacturing facilities in Jacksonville, Fla., and Vancouver, British Columbia.

Shares of the company rose about 5% Wednesday morning, CNBC reported.