Parmalat Canada has announced the completion of its acquisition of Kraft Heinz’s Canadian natural cheese business for a consideration of C$1.62bn ($1.24bn).

The deal includes Canadian brands Cracker Barrel, P’tit Québec and aMOOza!.

Under the terms of the transaction, Parmalat Canada acquired Kraft Heinz’s production facility located in Ingleside, Ontario, along with relevant volumes of milk quotas and around 400 employees from the Ingleside facility.

Parmalat Canada’s current operations include approximately 3,000 employees, 16 dairy processing plants, and a research and development facility.

In November 2018, Parmalat Group announced that it had reached an agreement to acquire the natural cheese division of Kraft Heinz Canada.

The company said that the transaction, coupled with additional investment, is expected to produce synergies with its existing manufacturing and distribution network, which could lower costs, protect jobs and support dairy farm incomes.

Parmalat Group said that the Ingleside plant will expand the company’s operations in eastern Canada.

The company already has processing facilities in Winchester and Belleville in ontario and Victoriaville in Quebec. All three facilities will remain open after the closing of the transaction.

Parmalat Canada is a subsidiary of Lactalis Group, a third-generation, family owned business founded in France in the 1930s, has more than 80,000 employees and 250 facilities around the world.

The company intends to provide consumers with a range of products in all dairy categories under popular brands, such as President, Galbani and Parmalat.

With nearly 140 years of presence in the Canadian dairy industry, Parmalat Canada manufactures dairy products and supports the health and wellbeing of Canadians through brands such as Beatrice, Lactantia, Astro, Black Diamond and Balderson.