Heinz completes sale of Tegel Foods
The transaction is part of Heinz's strategy to divest non-core businesses in order to focus on growth in its core categories: Ketchup & Sauces, Meals & Snacks, and Infant Nutrition.
11/04/06 H.J. Heinz Company has completed the sale of its Auckland, New Zealand-based poultry business, Tegel Foods, to Pacific Equity Partners. The transaction is valued at NZ$250 million (approximately US$165 million).
First announced on December 22, 2005, the transaction is part of Heinz's strategy to divest non-core businesses in order to focus on growth in its core categories: Ketchup & Sauces, Meals & Snacks, and Infant Nutrition.
Tegel is a leading processor of fresh poultry and animal feeds. It markets Tegel(R) brand chilled and frozen chicken and turkey products and owns processing plants, feed mills and livestock operations throughout New Zealand. Tegel was purchased by Heinz in 1992.
Heinz remains committed to the New Zealand marketplace. Heinz Wattie's is the leading food manufacturer in New Zealand. Its flagship range, Wattie's(R), is the country's most recognized grocery brand.
Pacific Equity Partners, headquartered in Sydney, Australia, is a major Australasian private equity firm.
Additional terms of the transaction have not been released.
