Heinz sells European Seafood Business to Lehman Brothers Merchant Banking
The sale includes three major brands - John West(R) in the UK, Ireland and The Netherlands; Petit Navire(R) in France; and Mareblu(R) in Italy.
21/03/06 H.J. Heinz Company has announced that it has completed the sale of its European Seafood business to Lehman Brothers Merchant Banking for EUR 425 million.
William R. Johnson, Heinz Chairman, President and Chief Executive Officer commented: "This sale is an important step in the Company's global strategy to drive profitable growth and innovation in three core categories where Heinz has strong brands: Ketchup and Sauces; Infant Nutrition; and Meals and Snacks. In Europe specifically, Heinz has been streamlining its organizational structure and divesting non-core businesses like Seafood, the HP Foods Limited Ethnic business and the HAK(R) vegetable business to create a more focused portfolio that will accelerate growth and deliver improved margins."
The sale includes three major brands - John West(R) in the UK, Ireland and The Netherlands; Petit Navire(R) in France; and Mareblu(R) in Italy - and a reduction of approximately 5,000 employees at four seafood processing facilities in Ghana, The Seychelles, Douarnenez, France and Peniche, Portugal.
On February 21, 2006, Heinz announced that it had reached a definitive agreement to sell its European Seafood business to Lehman Brothers Merchant Banking. Following this date, the transaction was approved by the European Commission. The February 21 press release can be viewed on the Heinz web site at https://ir.kraftheinzcompany.com/news-events/press-releases. The plan to divest the European Seafood business was initially announced on September 20 when Heinz unveiled its strategy for growth plan.
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).
