TRALEE, IRELAND — Kerry Group entered into a definitive agreement with the Kraft Heinz Co., Pittsburgh, to acquire Kraft’s B2B powdered cheese business.
Terms of the transaction were not disclosed. The deal is expected to close in the latter half of 2022, following regulatory review and approval.
In addition to powdered cheese products from the Kraft Heinz Ingredients brand, Kerry will acquire Kraft’s manufacturing facility in Albany, Minn., and the facility’s employees.
Per Kraft Heinz, “The divestiture of the B2B powdered cheese business reflects the company’s ongoing and active portfolio optimization.”
In November 2021, Kraft Heinz completed the sale of its natural cheese business to an affiliate of Groupe Lactalis for approximately $3.3 billion.