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Kraft Foods Inc. has agreed to sell its Latin American Fleischmann's yeast and industrial bakery ingredients business to Burns Philp, an Australian food conglomerate, for $110 million. The deal is expected to close by the end of the year.

Joachim Krawczyk, president of the Latin American region, said that the bakery ingredients business sale is part of ongoing efforts to “focus on the growth of our core categories” such as beverages, snacks, cheese and convenience meals.
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