Heinz Completes Sale of HAK Business to NPM Capital
Heinz is continuing to explore sale options for its European Seafood and European Frozen & Chilled Food businesses as announced on September 20.
09/12/05 H. J. Heinz Company has announced that it has successfully completed the sale of its HAK jarred vegetables business to NPM Capital. Terms of the agreement were not disclosed. The sale was approved by the Dutch Works Council and the competition authorities in the Netherlands.
"Selling the HAK vegetables business is the first step in our process of refocusing our portfolio in Europe in order to generate more predictable and sustainable earnings growth in three core categories: ketchup, condiments & sauces; meals & snacks; and infant nutrition," said Joe Jimenez, President and CEO, Heinz Europe.
Earlier this year, Heinz announced that it intended to seek buyers for the HAK business as part of the Company's plan to transform the European business into a world-class competitor and place its focus and resources on its core categories with leading market positions.
The HAK brand is one of the strongest and best known brands in the Netherlands. HAK products are produced in Giessen (the Netherlands) and have annual sales of approximately $65 million. The sale to NPM Capital includes the 191 employees at the Giessen facility.
Heinz is continuing to explore sale options for its European Seafood and European Frozen & Chilled Food businesses as announced on September 20. This sale process is expected to take another 4 to 6 months.
