The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) today announced that it has entered into a definitive agreement to sell its B2B powdered cheese business to global food, beverage and pharma manufacturer Kerry Group. The proposed transaction is expected to close in the second half of 2022, subject to regulatory review and approval.
The transaction involves the divestiture of Kraft Heinz’s B2B powdered cheese products, which are sold through the Company’s Ingredients business. This divestiture includes the Albany, Minn., manufacturing facility, which is expected to operate in ordinary course. Employees at the Albany location will be transferred from Kraft Heinz to Kerry Group.
The divestiture of the B2B powdered cheese business reflects the Company's ongoing and active portfolio optimization.