Parmalat to acquire Kraft Heinz Canadian natural cheese division
By Canadian Pizza
By Canadian Pizza
Toronto – Parmalat Group has reached an agreement to acquire the natural cheese division of Kraft Heinz Canada in a transaction valued at $1.62 billion Cdn.
The acquisition, if approved, would mean that Parmalat Canada will take on stewardship of iconic Kraft Heinz Canada cheese brands: Cracker Barrel, P’tit Quebec and aMOOza!, Parmalat Canada said in a news release.
The move is expected to produce synergies with Parmalat Canada’s manufacturing and distribution network.
Parmalat Canada has been producing natural cheese since 1881. 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,” said Mark Taylor, Parmalat chief executive officer and president, in the news release. “We are excited to work closely with the community and our stakeholders to ensure we can grow sustainably and help Canada’s natural cheese business thrive. Parmalat’s brands in Canada date back as far as 1881 (Balderson). This deep-rooted heritage in Canada makes the proposed transaction a logical step for us as we seek to make an even more significant economic and social contribution in Canada.”
In a separate news release, Kraft Heinz said it will continue to own and market its other cheese products, including Philadelphia, Cheez Whiz and Kraft Singles, which are processed in Mount Royal, Que., where the company employs approximately 900 employees.
“We’re excited about what this transaction means for our future growth and business in Canada,” said Bernardo Hees, chief executive officer of Kraft Heinz. “We also believe Parmalat is uniquely positioned to advance the natural cheese business given their experience and focus on the dairy industry. At the same time, we can focus on the segments and categories where we have stronger brand equity, competitive advantage and greater growth prospects.”