Benzinga | Sep 23, 2021 12:57PM EDT

Kraft Heinz To Acquire Brazilian Food Company Hemmer For Undisclosed Sum

* Kraft Heinz Co (NASDAQ:KHC) has agreed to acquire Companhia Hemmer Ind?stria e Com?rcio, a Brazilian company focused on condiments and sauces, for an undisclosed sum.

* Kraft Heinz expects the acquisition to support the strategy of growing its International Taste Elevation product platform and its presence in emerging markets.

* Kraft Heinz foresees the addition of more than 250 meal-enhancing products to accelerate its Taste Elevation strategy in Brazil.

* The completion of this transaction is subject to regulatory approvals by CADE (Brazil's Administrative Council for Economic Defense).

* Kraft Heinz held $3.9 billion in cash and equivalents as of June 30, 2021.

* Price Action: KHC shares traded higher by 1.09% at $36.52 on the last check Thursday.