Kraft Heinz Co has agreed to sell its Canadian natural cheese business to Parmalat SpA in a C$1.62 billion ($1.23 billion) deal that will help Kraft trim its debt and extend the North American footprint of Parmalat owner Lactalis, Reuters says.
Parmalat’s acquisition in Canada marks a further addition to the North American footprint of France’s Lactalis, the world’s largest dairy firm that controls nearly 90 percent of Parmalat.