Beans, sauces and soup manufacturer Kraft Heinz said the sale of the powdered cheese unit – which was part of its ingredients business – “reflects the company’s ongoing and active portfolio optimisation”.
A Kraft Heinz spokesperson declined to comment on whether the company would look to sell more ingredients assets, or on the division’s annual sales.
The group’s Kraft Heinz Ingredients business supplies a range of cheese and dairy ingredients to food manufacturers, including processed cheese and soft cheese. Its ingredients arm also offers confectionery ingredients and condiments.
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Kerry, meanwhile, said the acquisition enhances its “scale, manufacturing capability and customer base in the important snacking category”.
In 2020, Kraft Heinz sold a clutch of cheese brands to Lactalis, the French dairy heavyweight, for $3.2bn while at the same time announcing a wider “transformation plan” to grow more consistently. Lactalis subsequently had to sell two of the brands after a competition review.
Two years earlier, the Heinz soup maker sold its Canadian natural cheese business to Parmalat, the Italy-based dairy company majority-owned by Lactalis, for CAD1.62bn (then US$1.23bn).
Kraft Heinz continues to sell cheese products under brands including Kraft and Philadelphia.