Heinz agrees to sell its European Seafood business
Pending regulatory approval, Heinz expects to complete the transaction by the end of March, 2006.
22/02/06 H.J. Heinz Company has announced that it has signed a definitive agreement to sell its European Seafood business to Lehman Brothers Merchant Banking for EUR 425 million. The transaction is subject to customary EU competition review and approval. Pending regulatory approval, Heinz expects to complete the transaction by the end of March, 2006.
Heinz has carried out the required employee consultation processes relating to this deal. Heinz announced on February 1 that it was in advanced and exclusive negotiations with Lehman Brothers Merchant Banking regarding the sale of its European Seafood business.
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).
