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Kraft Heinz Sells This Business – As Part Of Active Portfolio Optimization

Kraft Heinz Co (NASDAQ:KHC) has entered into a definitive agreement to sell its B2B powdered cheese business to Kerry Group, a food,…
byShivani Kumaresan
August 30, 2022
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  • 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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