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

by Shivani Kumaresan, Benzinga Staff Writer

August 30, 2022 10:32 AM | 1 min read | Make a Comment

Kraft Heinz Co 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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