Kraft Heinz Co. is planning to sell a part of its cheese business to the French multinational dairy products corporation Lactalis for $3.2 billion, the Wall Street Journal reported on Tuesday.

The deal, which is expected to be announced today, includes a mix of Kraft Heinz's brands in North America, people close to the matter told the news organization.

In addition, the food giant announced plans to cut $2 billion in costs over five years.