INGLESIDE, Ontario – The Kraft Heinz company announced on Tuesday, Nov. 6 that it was selling its natural cheese business to Parmalat for $1.62 billion.
Brands included in the sale include Cracker Barrel, P’tit Quebec and aMOOza!
Also included in the sale is the Kraft Heinz production facility in Ingleside, ON. It, and around 400 jobs, will be transfered to Parmalat as a part of this deal.
“We’re excited about what this transaction means for our future growth and business in Canada,” said Bernardo Hees, Chief Executive Officer 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.”
This part of Kraft Heinz business generated approximately $560 million for the company in 2017. The company plans on using the proceeds of the sale to primarily pay down debt.
Neither Kraft Heinz or Parmalat have commented on whether staffing levels at the Ingleside plant would be changing in the foreseeable future.