Heinz expands in Russia
Heinz will have a clear majority stake in Petrosoyuz, a privately-held St. Petersburg-based food company that holds Russia’s number-one or number-two positions in mayonnaise, ketchup and margarine.
Petrosoyuz has annual revenue of approximately US $140 million, more than 2,000 employees and three manufacturing plants in St. Petersburg, Otradnoe and Ivanovo. Those factories and the Heinz baby food factory in Georgievsk will become part of the joint venture company.
Petrosoyuz’s business includes famous local brands such as Picador, Derevenskoe, Mechta Hoziayki and Moya Semya. Petrosoyuz has number one market positions in Mayonnaise and Spreads/Margarines, with shares of 19% and 59.5% respectively, and a number two position for Ketchup with a 23.7% market share. The company was established in 1990.
“This joint venture agreement accelerates Heinz’s growth in Eastern Europe, now the largest market for ketchup and condiments in Europe. Heinz will have a clear majority stake in Petrosoyuz, a privately-held St. Petersburg-based food company that holds Russia’s number-one or number-two positions in mayonnaise, ketchup and margarine,” said William R. Johnson, Chairman, President and CEO of the H.J. Heinz Company.
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