- Kraft Heinz Co (NASDAQ:KHC) has entered into a definitive agreement to sell its B2B powdered cheese business to Kerry Group, a food, beverage, and pharma manufacturer. The financial details of the transaction were not disclosed.
- KHC noted that the sale reflects its ongoing and active portfolio optimization.
- The deal involves the sale of Kraft Heinz’s B2B powdered cheese products, sold through the company’s Ingredients business.
- The sale includes the Albany, Minnesota manufacturing facility, and the employees at the Albany location will be shifted to Kerry Group.
- The proposed transaction is expected to close in the second half of 2022.
- Price Action: KHC shares are trading lower by 0.92% at $37.74 on the last check Tuesday.
Piper Sandler Maintains Neutral on Columbia Banking System, Lowers Price Target to $31
Piper Sandler analyst Matthew Clark maintains Columbia Banking System (NASDAQ:COLB) with a Neutral and lowers the price target from $35 to $31.
