Kraft sells Brazilian dairy

Kraft Foods is to sell its dairy business in Brazil to Italian company Parmalat for an undisclosed sum.
The sale, which should be finalised by the end of November, includes the Gloria and Avare brands and manufacturing facilities in Cerqueira Cesar, Itaperuna and Jaragua do Sul. The dairy employs 600 people and reached sales of 69million Euros in 2000.
Group vice president Joachim Krawczyk said that despite the sale the company remained committed to the Brazilian market.