The Kraft Heinz Company has on Tuesday said it has entered into a definitive agreement to sell its B2B powdered cheese business to global food, beverage and pharma manufacturer Kerry Group for $107.5m (£92m).
The transaction involves the divestiture of Kraft Heinz’s B2B powdered cheese products, which are sold through the company’s ingredients business.
The deal includes the manufacturing facility in Albany, Minnesota in the US. The plant is expected to operate in ordinary course, with Kerry Group taking on the 62 employees at the location.
Kraft Heinz said the divestment reflects the company's ongoing and active portfolio optimization. Kerry said the asset acquisition will enhance its scale, manufacturing capability and customer base in the snacking category.
The transaction is expected to close in the second half of 2022, subject to regulatory review and approval.
