Kraft Heinz Co. has announced the closing of the previously announced sale of its Canadian natural cheese business to Parmalat.
The purchase price is $1.62 billion CAD.
The agreement includes the Cracker Barrel, P'tit Québec and aMOOza! brands in the Canadian market.
Under the terms of the transaction, Parmalat acquires Kraft Heinz's production facility in Ingleside, Ontario, relevant volumes of milk quotas and approximately 400 employees from the Ingleside facility.
Kraft Heinz will continue to own and market its other cheese products, including brands such as Philadelphia, Cheez Whiz and Kraft Singles, which are manufactured in Mount Royal, Québec, where Kraft Heinz Canada employs approximately 900 people.