Kraft Heinz Divests Its Baby Food Business In Russia: Report

Kraft Heinz Co KHC has agreed to sell its baby food to Russian soft drinks maker, Chernogolovka.
Chernogolovka has been a major gainer and has capitalized well on the departure of western brands in the wake of the Russia-Ukraine crisis, reported Reuters.
The Russian company has also acquired Kellogg Co's K local operations. It is also expecting to expand and gain more share in the soft drinks market as giants Coca-Cola Co KO and PepsiCo Inc PEP withdrew.
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The deal will comprise two factories and the 'Umnitsa' and "Sami s usami' brands.
The report noted that Kraft Heinz estimates the deal's value at between 2.5 and 3 billion roubles ($32.4-$38.9 million).
Price Action: KHC shares are trading lower by 0.53% at $38.63 on the last check Friday.