America’s largest food group, Kraft Foods Inc, has agreed to sell its Brazilian dairy business to Italian food producer Parmalat Finanziaria SpA
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Kraft’s Pilar pasta and biscuit business in Brazil will also be subject to a buyout by two undisclosed privately held companies in the country, as part of a Latin American restructuring programme that will include three plant closures and 500 job cuts.
By Monica Dobie, just-food.com correspondent
