Parmalat to acquire Kraft's natural cheese division for $1.62B

Parmalat Group says it has reached an agreement valued at $1.62 billion to acquire Kraft Heinz Canada's natural cheese division.

The deal would see Parmalat Canada take stewardship of the brands Cracker Barrel, P'tit Quebec and Amooza

The Kraft Heinz Company says in a statement the deal is subject to regulatory review and approval, and is expected to close in the first half of 2019. (Pat Wellenbach/AP Photo)

Parmalat Group says it has reached an agreement valued at $1.62 billion to acquire Kraft Heinz Canada's natural cheese division.

The deal would see Parmalat Canada take stewardship of the cheese brands Cracker Barrel, P'tit Quebec and Amooza.

It would also include the purchase of Kraft's Ingleside, Ont., processing plant, which employs nearly 400 people who would be transferred to Parmalat.

The company says the acquisition would help grow its business and include further investment.

The Kraft Heinz Company says in a statement the deal is subject to regulatory review and approval, and is expected to close in the first half of 2019.

Parmalat's Canadian business includes nearly 3,000 employees, 16 dairy processing plants, and a research and development facility.