Heinz Acquires the Remaining 49% Shares of Cairo Food Industries, S.A.E.
Milone: “The acquisition of the remaining 49% shares of Cairo Food Industries fits perfectly into Heinz’s global strategy to focus its portfolio on three attractive core categories: Ketchup & Sauces, Infant/Nutrition and Meals & Snacks."
18 Dec 2009 --- H.J. Heinz Company has announced its acquisition of the remaining 49% shares of Cairo Food Industries, S.A.E., an Egyptian manufacturer of ketchup, condiments and sauces. Prior to the acquisition, Heinz was the owner of 51% of the shares.
“The acquisition of the remaining 49% shares of Cairo Food Industries fits perfectly into Heinz’s global strategy to focus its portfolio on three attractive core categories: Ketchup & Sauces, Infant/Nutrition and Meals & Snacks (including baked beans, soups and pasta meals). This is expected to contribute to our Emerging Markets strategy by accelerating growth of our business in Egypt and the Middle East. Americana has been a valued partner in CFI, and one with whom we look forward to having continuing business interactions in the future,” said Michael D. Milone, Senior Vice President, Heinz.
Cairo Foods was founded in Egypt as a joint venture with the Americana Group in 1989.
