Heinz serves up increased profits
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Manufacturing News, Source : TheManufacturer.com
Published : 26 May 2005 19:17
Food industry giant H.J. Heinz Co. announces a 5.1 percent increase in fiscal fourth-quarter profit.
The company attributes the spike to improved sales volume and pricing. Of note is Heinz's upside-down ketchup bottle which has fueled strong sales in the US and European consumer and food service markets. A recent advertising campaign for Ore-Ida's extra crispy French fries has also boosted sales.
This comes as some relief after Heinz recently expressed disappointment with its European seafood and frozen foods businesses. Heinz has announced its intentions to sell the HAK line of prepared vegetables in Northern Europe and has commenced a strategic review of its seafood and frozen businesses in Europe and its Tegel poultry businesses in New Zealand. This is in line with the company's strategic focus on its core categories: Ketchup, Condiments and Sauces; Foodservice; Infant Nutrition; and Quick Serve Meals and Snacks.
"We have initiated a strategic review of our international portfolio and our global organizational structure,” said Heinz's Chairman, President and CEO William R. Johnson. “This strategic review follows the successful transformation of our North American businesses, and we expect, as a result, that Heinz will become a faster-growing, even more focused company. We are going to place our focus and resources on our big brands with number-one and number-two market positions and in four large developing markets."
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