- Kraft Heinz Co (NASDAQ:KHC) has entered into a definitive agreement to sell its B2B powdered cheese business to Kerry Group, a food, beverage, and pharma manufacturer. The financial details of the transaction were not disclosed.
- KHC noted that the sale reflects its ongoing and active portfolio optimization.
- The deal involves the sale of Kraft Heinz’s B2B powdered cheese products, sold through the company’s Ingredients business.
- The sale includes the Albany, Minnesota manufacturing facility, and the employees at the Albany location will be shifted to Kerry Group.
- The proposed transaction is expected to close in the second half of 2022.
- Price Action: KHC shares are trading lower by 0.92% at $37.74 on the last check Tuesday.
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