US food giant Kraft Foods has announced that it is to sell its Invernizzi branded cheese business in Italy to French dairy product maker Groupe Lactalis.
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The proposed sale, which is subject to approval by the Italian competition authorities, includes the Invernizzi gorgonzola, crescenza and mozzerella businesses as well as a manufacturing facility in Caravaggio.
Although financial terms were not disclosed, Kraft said Invernizzi had revenues of around €95m (US$103.0m) in 2002.
The sale forms part of Kraft’s strategy of focusing on leading brands in its core categories.
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By GlobalData
