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 Kraft Singles, 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.
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“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.”
ABOUT THE KRAFT HEINZ COMPANY
We are driving transformation at The Kraft Heinz Company (Nasdaq: KHC), inspired by our Purpose, Let's Make Life Delicious. Consumers are at the center of everything we do. With 2020 net sales of approximately $26 billion, we are committed to growing our iconic and emerging food and beverage brands on a global scale. We leverage our scale and agility to unleash the full power of Kraft Heinz across a portfolio of six consumer-driven product platforms. As global citizens, we're dedicated to making a sustainable, ethical impact while helping feed the world in healthy, responsible ways. Learn more about our journey by visiting www.kraftheinzcompany.com or following us on LinkedIn and Twitter.
This press release contains a number of forward-looking statements. Words such as “complete," “involve,” “include,” “will,” “retain,” “enhance,” “believe,” “expect,” “focus,” “plan,” “grow,” “limit,” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These statements include, but are not limited to, expected benefits of the proposed sale, impacts of the proposed sale on the Company’s business, financial results, opportunities, and future plans, and other statements that are not historical facts, each of which is based on the Company’s current beliefs, expectations, estimates, and projections. These forward-looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company’s control, which could cause actual results to differ materially from those indicated in the forward-looking statements. Those factors include, but are not limited to, the Company’s ability to achieve intended benefits of the sale, the expected costs of the transaction, the success of business transitions, and the risk factors set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. The Company disclaims and does not undertake any obligation to update, revise, or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation.