Kraft Heinz: confirms divestment of businesses to Lactalis
(CercleFinance.com) - Kraft Heinz announces an agreement to sell several cheese activities to the Lactalis Group.
The purchase price has been set at 3.2 billion dollars. The proposed transaction is expected to close in the first half of 2021, subject to regulatory review and approval.
The transaction includes Kraft Heinz's natural, grated, cultured and specialty cheese business in the United States, the grated cheese business in Canada and all international cheese businesses outside these two countries, including the following brands : Breakstone's, Knudsen, Polly-O, Athenos, Hoffman's, Cracker Barrel in the US alone, and outside the US and Canada only, Cheez Whiz.
In addition, Kraft Heinz will partner with the Lactalis Group for a license for natural, grated and international cheeses and Velveeta for grated and international cheeses.
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