{"id":25105,"date":"2023-06-20T15:21:51","date_gmt":"2023-06-20T19:21:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/worlds-top-dairy-maker-plans-chicago-expansion-after-3-2-billion-kraft-deal\/"},"modified":"2023-06-20T15:21:52","modified_gmt":"2023-06-20T19:21:52","slug":"worlds-top-dairy-maker-plans-chicago-expansion-after-3-2-billion-kraft-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25105","title":{"rendered":"World\u2019s Top Dairy Maker Plans Chicago Expansion After $3.2 Billion Kraft Deal"},"content":{"rendered":"
\n

(Bloomberg) — The world\u2019s largest dairy maker, France\u2019s Groupe Lactalis, is expanding in Chicago after a $3.2 billion deal to acquire cheese brands from Kraft Heinz (NASDAQ:) Co.<\/p>\n

The family-owned company plans to hire almost 100 people at its offices in the Windy City over the next year, according to Peter Cotter, chief executive officer of Lactalis Heritage Dairy \u2014 the business that runs the natural cheese brands bought from Kraft.<\/p>\n

The expansion comes as Lactalis prepares to separate its supply chain and finance systems as part of the integration of Kraft brands including Cracker Barrel (NASDAQ:) and Knudsen. The little known, secretive French dairy giant has in recent years been growing its business in the US, which is now its second-largest market.<\/p>\n

\u201cThe US is obviously a much bigger country from a land-based standpoint than France is,\u201d Cotter said during an interview at the firm\u2019s office in Chicago\u2019s West Loop neighborhood. \u201cThe absolute growth opportunity that exists I think makes it the perfect growth market.\u201d<\/p>\n

Lactalis agreed to buy Kraft\u2019s natural cheese business in 2020 and has since then completed the first phase of separation, which included sales, marketing, human resources, the commercial area and manufacturing, Cotter said. A transition agreement for the supply chain and finance systems will end in March, he said.<\/p>\n

Lactalis, founded in 1933 and known for its President cheese, is now hiring to build out those areas and expects to have more than 850 employees at its Chicago offices by the end of the year. Lactalis Heritage Dairy represents 39% of the group\u2019s total US business.<\/p>\n

Lactalis says hiring is still challenging in engineering, manufacturing and other technical areas, but the company is confident it can continue bring in employees from firms that have decided to leave the city. Cotter also touted the company\u2019s locations in a trendy neighborhood close to multiple commuter rail lines as enticements to lure talent.<\/p>\n

Corporate Departures<\/p>\n

\u201cWe\u2019ve had a number of folks that we\u2019ve taken on from from other businesses in the area that have either downsized or shifted their location,\u201d Cotter said, without naming the companies.<\/p>\n

Caterpillar <\/span><\/span> Inc (NYSE:)., Boeing (NYSE:) Co., and Tyson Foods <\/span><\/span> Inc (NYSE:). are among firms that have departed or scaled back in the Chicago area, as well as billionaire Ken Griffin\u2019s Citadel hedge fund.<\/p>\n

A tight labor market is one of the reasons inflation remains sticky, Cotter said. Fuel costs have declined but are still not in line with historical levels, and dairy farmers are still being squeezed by high feed costs, fueling concerns that some will cull herds or pull out of the market altogether, reducing supplies down the road.<\/p>\n

\u201cYou will see softening from an inflation standpoint, and we\u2019ll be able to pass some of that value along to consumers, but some of it has to stick because the cost equation is not going to go all the way back to the original,\u201d Cotter said.<\/p>\n

\u00a92023 Bloomberg L.P.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Bloomberg) — The world\u2019s largest dairy maker, France\u2019s Groupe Lactalis, is expanding in Chicago after a $3.2 billion deal to acquire cheese brands from Kraft Heinz (NASDAQ:) Co. The family-owned company plans to hire almost 100 people at its offices in the Windy City over the next year, according to Peter Cotter, chief executive officer […]<\/p>\n","protected":false},"author":1,"featured_media":25106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-25105","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nWorld\u2019s Top Dairy Maker Plans Chicago Expansion After $3.2 Billion Kraft Deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"(Bloomberg) -- The world\u2019s largest dairy maker, France\u2019s Groupe Lactalis, is expanding in Chicago after a $3.2 billion deal to acquire cheese brands from\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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