Kraft Heinz Co has agreed to sell its Canadian natural cheese business to the dairy food company, Parmalat SpA, which in turn is a subsidiary of the Belgian food giant Lactalis. The price is said to be $1.62 billion US. Kraft Cheese has been a household name for a century and is currently known by names such as Cracker Barrel, P’tit Quebec and Amooza. The business generated about $560 million in net sales in 2017. The deal appears to be a result of new United States-Mexico-Canada Agreement (USMCA) under which Canada partially opened its protected domestic market to the US. According to Thomson-Reuters, Parmalat says the transaction followed a competitive bidding process. James L. Kraft began the business selling cheese from the back of a wagon in Chicago, Illinois. In 1914 the company started making its own cheese
