Kraft Heinz to sell part of cheese business to Lactalis in $3.2 billion deal

The proceeds of the sale will be used to pay down Kraft Heinz's debt.

Heinz Kraft Co. Cracker Barrel brand cheddar cheese is arranged for a photograph in Dobbs Ferry, New York, U.S., on Wednesday, Feb. 20, 2019.on Tuesday said it is selling part of its cheese business to Lactalis in a $3.2 billion deal. The deal is expected to close in the first half of next year and is subject to regulatory approval. Kraft Heinz will use the proceeds of the deal to pay down its debt.

FIRE JIM CRAMER

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