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Parmalat Canada completes acquisition of Kraft cheese biz at $1.24B

08 July 2019 | News

The transaction represents a significant investment in Canadian dairy

image credit- istock.com

image credit- istock.com

Parmalat Canada Inc., a subsidiary of the Lactalis Group, is pleased to announce the closing of the previously announced transaction involving Parmalat's acquisition of Kraft Heinz's Canadian natural cheese business for a purchase price of $1.62 billion CAD (approximately $1.24 billion USD at current FX rates). The acquisition includes the Cracker Barrel, P'tit Québec, and aMOOza! brands in the Canadian market.

Under the terms of the transaction, Parmalat Canada acquired Kraft Heinz's production facility located in Ingleside, Ontario, relevant volumes of milk quotas and approximately 400 employees from the Ingleside facility.

The transaction represents a significant investment in Canadian dairy and represents a strong commitment to the Lactalis Group's Canadian business, building on Parmalat Canada's current Canadian footprint, which includes nearly 3,000 employees, 16 dairy processing plants and a dedicated research and development facility.

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