Kraft Heinz Canada to sell its natural cheese business to Parmalat
The transaction is expected to close in the first half of 2019.
The Kraft Heinz Co., based in Pittsburgh and Chicago, said it entered into a definitive agreement to sell its Canadian natural cheese business to Italian company Parmalat for a purchase price of $1.62 billion CAD (approximately $1.23 billion USD). The agreement includes the sale of natural cheese brands Cracker Barrel, P’tit Quebec and aMOOza! in the Canadian market. The proposed transaction is expected to close in the first half of 2019, subject to regulatory review and approval.
“We’re excited about what this transaction means for our future growth and business in Canada,” said Bernardo Hees, CEO of Kraft Heinz. “We also believe Parmalat is uniquely positioned to advance the natural cheese business, given their experience and focus on the dairy industry. At the same time, we can focus on the segments and categories where we have stronger brand equity, competitive advantage and greater growth prospects.”