TORONTO — Parmalat Group has reached an agreement to acquire the natural-cheese division of Kraft Heinz Canada in a deal valued at $1.62 billion.
The transaction, if approved, would see Parmalat Canada take on stewardship of iconic Kraft Heinz Canada cheese brands Cracker Barrel, P’tit Quebec and Amooza! This acquisition, if approved, would also include a processing plant in Ingleside, Ont. and its almost 400 employees.
“Today’s announcement speaks volumes about our drive to support dairy farmers, help the local economy and continue to build on our family tradition of cheese making,” says Mark Taylor, Parmalat president and CEO. “We’re excited to work closely with the community and our stakeholders to ensure we can grow sustainably and help Canada’s natural-cheese business thrive.”
Taylor says the proposed transaction will also help key customer partners — both retail and foodservice — as they seek to meet growing demand from consumers.
The transaction, coupled with further planned investment, is expected to produce synergies within the existing Parmalat Canada manufacturing and distribution network.
“The Ingleside plant fits well into our current network and helps expand our operations in Eastern Canada,” the release states. “Along with our existing processing facilities in Winchester and Belleville, Ont. and Victoriaville, Que. (all three of which will remain open post the closing of this transaction), we are well positioned for future growth.”
