About: http://data.cimple.eu/news-article/c77c9473193ba7a11429cf8ad19aec243dc01ec6ca213d31199359c0

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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	French dairy company Lactalis reached a deal to acquire several leading cheese brands from US food giant Kraft Heinz for $3.2 billion, the companies announced Tuesday. Lactalis, which sells cheese under the President brand, will acquire several Kraft brands in the United States, including Cracker Barrel, Breakstone's, Polly-O and Athenos. The two companies will also partner to develop the license for some products under the Kraft and Velveeta brands. But Kraft will retain Philadelphia Cream Cheese and Velveeta Processed Cheese, among other products, it said in a press release. "Our company has been in the US for more than 40 years and this transaction takes it to a whole new level," said Lactalis Chief Executive Emmanuel Besnier. "The Kraft brand has been synonomous with cheese in America," Besnier said. "But this deal will also allow us to grow the brand internationally along with our products." Kraft Heinz unveiled the deal in connection with a new corporate strategy that includes a 30 percent increase in marketing spending. The deal "will enable us to build sustainable competitive advantage in businesses where we have strong brand equity, greater growth prospects and can use our manufacturing scale and consumer-based platforms approach," said Kraift Heinz Chief Executive Miguel Patricio. "This is a great example of agile portfolio management at work." The deal will shift production facilities in California and Wisconsin to Lactalis, as well as a distribution center in Wisconsin. About 750 workers will transfer from Kraft to Lactalis. Shares of Kraft Heinz rose 1.3 percent to $132.28 in afternoon trading. jmb/cs
schema:headline	Kraft Heinz sells several cheese brands to Lactalis for $3.2 bn
schema:mentions	Kraft Heinz Cracker Barrel Kraft Foods French language Wisconsin California United States Emmanuel Besnier Polly-O Velveeta Miguel Patricio Competitive advantage Johannes Brand Processed cheese Lactalis Marketing spending Brand equity Investment management Mark Roebuck
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-09-15 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	61 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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