Heinz acquisition of HP Foods receives provisional clearance from UK Competition Commission
The Competition Commission is expected to issue its final report by April 11, 2006.
23/02/06 H.J. Heinz Company has welcomed the announcement by the UK Competition Commission that it has provisionally cleared the completed acquisition by Heinz of the HP Foods Group. The press release from the competition commission and the provisional findings can be viewed at: http://www.competition-commission.org.uk/index.htm
"Heinz is delighted with the initial findings of the Competition Commission and we continue to cooperate fully with them as they review the merits of our acquisition of HP Foods," said William R. Johnson, Heinz Chairman, President and CEO. "The initial findings are in line with our expectations and we remain confident that this acquisition will meet the criteria for final clearance by the Competition Commission."
The Competition Commission is expected to issue its final report by April 11, 2006.
On August 16, 2005, Heinz completed its acquisition of HP Foods for GBP 470 million in cash. The transaction included culinary brands such as Lea & Perrins(R) Worcestershire Sauce, HP(R) sauces and a license to market Amoy(R) Asian sauces brands in Europe.
H.J. Heinz Company, offering "Good Food, Every Day(TM)," is one of the world's leading marketers and producers of branded foods in ketchup, condiments, sauces, meals, soups, seafood, snacks, and infant foods. Heinz satisfies hungry consumers in every outlet, from supermarkets to restaurants to convenience stores and kiosks. Heinz is a global family of leading brands, including Heinz(R) Ketchup, sauces, soups, beans, pasta and infant foods (representing nearly one-third of total sales or close to $3 billion), HP(R) and Lea & Perrins(R), Ore-Ida(R) french fries and roasted potatoes, Boston Market(R) and Smart Ones(R) meals, and Plasmon(R) baby food. Heinz's 50 companies have number-one or number-two brands in 200 countries, showcased by Heinz(R) Ketchup, The World's Favorite Ketchup(TM).
