Heinz cleared to acquire HP Foods
Receives final clearance from the UK Competition Commission with no modifications.
27/03/06 H. J. Heinz Company ha said that its acquisition of the HP Foods Group has received final clearance from the UK Competition Commission with no modifications. The completion of the review enables Heinz to integrate leading brands such as HP(TM), Lea & Perrins(TM) and Amoy(TM) into the Company's operations.
HP(TM) Sauces and Lea & Perrins(TM) Worcestershire Sauce joins a roster of 10 category-leading consumer brands at Heinz that now account for 60% of the Company's global sales, growing at 6% this year.
Heinz research and brand development teams will now collaborate to build a product pipeline to excite consumers with new flavors and improved packaging, increase consumption and drive profitable growth for Heinz on both sides of the Atlantic in this important category.
The acquisition of HP Foods marks another important milestone in Heinz's strategic growth plan and portfolio transformation. Coupled with the divestitures of European Seafood, HAK(TM) vegetables, and the HP Foods Ethnic business, and the acquisition of the Petrosoyuz sauces businesses in Russia, Heinz is better positioned for stronger growth and higher gross margins in Europe. Globally, Heinz is on-track to achieve nearly $1 billion in proceeds from disposals by the end of the first quarter of fiscal 2007 as it hones its focus on growth in its three core categories of Ketchup & Sauces; Meals & Snacks; and Infant Nutrition.
Heinz completed its acquisition of HP Foods for GBP 470 million on Aug. 16, 2005. The transaction gave Heinz leading culinary brands such as Lea & Perrins(TM) Worcestershire Sauce, HP(TM) sauces and a license to market Amoy(TM) Asian sauces brands in Europe.
On Feb. 22, 2006, the UK Competition Commission had issued provisional clearance of the completed acquisition of the HP Foods Group.
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).
