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Kraft to sell Canada natural cheese business to Parmalat in $1.23 billion deal

natural cheese
Acquisition   Kraft will sell its production facility in Ingleside

Kraft Heinz has agreed to sell its Canadian natural cheese business to Parmalatin a C$1.62 billion ($1.23 billion) deal.

The cheese business being sold by Kraft, which includes brands like Cracker Barrel, P’tit Quebec and aMOOza, generated about C$560 million in net sales in 2017, Kraft and Parmalat said in statements on Tuesday.

The transaction followed a competitive bidding process, Parmalat said.

Under the deal, expected to close in the first half of 2019, Kraft will sell its production facility in Ingleside, Ontario and transfer 400 employees to Parmalat.

The U.S. food group will continue to own and market other cheese products, including Philadelphia, Cheez Whiz and Kraft Singles, which are processed in Quebec.


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