Kraft Heinz Announces Closing of the Sale of its Canadian Natural Cheese Business to Parmalat

Date : 07/02/2019 @ 6:00PM
Source : PR Newswire (Canada)
Stock : Kraft Heinz Company (KHC)
Quote : 27.08  0.0 (0.00%) @ 4:59AM

Kraft Heinz Announces Closing of the Sale of its Canadian Natural Cheese Business to Parmalat

Kraft Heinz (NASDAQ:KHC)
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TORONTO, PITTSBURGH, and CHICAGO, July 2, 2019 /CNW/ - The Kraft Heinz Company announced today the closing of the previously announced sale of its Canadian natural cheese business to Parmalat for a purchase price of $1.62 billion CAD (approximately $1.24 billion USD at current FX rates). The agreement includes Cracker Barrel, P'tit Québec, and aMOOza! brands in the Canadian market.

Under the terms of the transaction, Parmalat acquired Kraft Heinz's production facility located in Ingleside, Ontario, relevant volumes of milk quotas and approximately 400 employees from the Ingleside facility.

Kraft Heinz will continue to own and market its other cheese products, including iconic brands such as Philadelphia, Cheez Whiz and Kraft Singles, which are manufactured in Mount Royal, Quebec, where Kraft Heinz Canada proudly employs approximately 900 people.

About Kraft Heinz
The Kraft Heinz Company (NASDAQ: KHC) is the fifth-largest food and beverage company in the world. A globally trusted producer of delicious foods, The Kraft Heinz Company provides high quality, great taste and nutrition for all eating occasions whether at home, in restaurants, or on the go. The Company's iconic brands include Kraft, Heinz, ABC, Capri Sun, ClassicoJell-OKool-Aid, Lunchables, Maxwell House, Ore-Ida, Oscar Mayer, Philadelphia, Planters, Plasmon, Quero, Smart Ones and Velveeta. The Kraft Heinz Company is dedicated to the sustainable health of our people, our planet and our Company. 

For more information, please visit www.kraftheinzcompany.com.

SOURCE Kraft-Heinz Canada

Copyright 2019 Canada NewsWire

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