01-Dec-2021 - Kraft Heinz Company

Kraft Heinz Completes Sale of Natural Cheese Business to an Affiliate of Groupe Lactalis

The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) announced today that it has completed the sale of certain assets in its global cheese business and the license of certain trademarks to an affiliate of Groupe Lactalis for total consideration of approximately $3.3 billion, including cash consideration of approximately $3.2 billion. The transaction involves the divestiture of Kraft Heinz’s natural, grated, cultured, and specialty cheese businesses in the U.S., its grated cheese business in Canada, and its grated, processed, and natural cheese businesses outside the U.S. and Canada. This divestiture includes the Company’s global intellectual property rights to several brands, including, among others, Cracker Barrel, Breakstone’s, Knudsen, Athenos, Polly-O, and Hoffman’s,as well as the Cheez Whiz brand in the majority of countries outside the U.S. and Canada. The transaction also includes perpetual licenses for the Kraft and Velveeta brands that the Company will grant to Groupe Lactalis for certain cheese products.

Kraft Heinz will retain its KraftSingles, Velveeta processed cheese, and Cheez Whiz processed cheese businesses in the U.S. and Canada and its Kraft, Velveeta, and Cracker Barrel macaroni and cheese, Kraft sauces, and cream cheese, including Philadelphia cream cheese, businesses worldwide.

“The sale of our natural cheese portfolio is another milestone in our rapid transformation,” said Kraft Heinz CEO Miguel Patricio. “The divestiture is a great example of our agile portfolio management, and we believe it will help Kraft Heinz enhance our overall growth profile, our strategic focus, and financial flexibility.”

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