Heinz receives offer for its European Seafood business from Lehman Brothers
A sale would include brands such as John West(R), a leading brand of canned tuna and seafood in the UK, Ireland and The Netherlands; Petit Navire(R), the top canned tuna brand in France; and Mareblu(R) in Italy and four seafood processing facilities.
02/02/06 H.J. Heinz Company has announced that it has received an offer and is in advanced and exclusive negotiations with Lehman Brothers Merchant Banking for the sale of its European Seafood business. A transaction would require an opinion from the French Works Council and communications with other relevant employee representatives in Europe. A transaction would also be subject to customary EU competition review and approval. Terms of the offer were not disclosed.
A sale would include brands such as John West(R), a leading brand of canned tuna and seafood in the UK, Ireland and The Netherlands; Petit Navire(R), the top canned tuna brand in France; and Mareblu(R) in Italy and four seafood processing facilities. The European Seafood business has approximately 5,000 employees and annual sales of over EUR 400 million and produces more than 400 million cans of seafood products annually.
The major seafood processing facilities included in the offer are located in The Seychelles, where the plant has approximately 2,400 employees; and in Ghana, where there are 1,800 employees. Other manufacturing facilities include Douarnenez, France and Peniche, Portugal.
On Sept. 20, 2005, Heinz announced that it would seek buyers for its European Seafood business and separately, its European Frozen Foods business, as part of a strategic plan to improve its performance in Europe, which remains a key market for Heinz.
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).
