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Heinz to get out of European...

Heinz to get out of European Frozen

21 Sep 2005
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The move came as the world’s largest producer of ketchup signaled a "dramatic shift" away from slower growth markets.

21/09/05 Heinz is planning to shed its frozen and chilled foods businesses in Europe. The non-core businesses with combined annual sales of $1.4bn. The move came as the world’s largest producer of ketchup signaled a "dramatic shift" away from slower growth markets. As well as unveiling plans to sell its frozen foods business in Europe, the company will close plants and boost its presence in China and Russia.

Heinz Europe president Joe Jimenez said the plan would make the company more "leaner and nimble" and allow it to invest in its three core products, including ketchup and meals. The company said it will look for potential buyers over the next six to 12 months as part of a "transformation plan".

Heinz, which this week opened a $13m research and development facility in the US, said it would now focus on three product categories where it had "unique strengths": ketchup, condiments and sauces; meals and snacks; and infant nutrition.
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