Heinz gets saucy
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Manufacturing News, Source : TheManufacturer.com
Published : 20 Jun 2005 20:19
Condiment maker H.J. Heinz Company today announced that it has signed an agreement with French sauce maker Groupe Danone to acquire its Lea & Perrins and HP sauce brands for about $855 million in cash.
The transaction also includes a license to market Amoy Asian sauces and products in Europe. The combined brands, marketed primarily in the UK, the United States and Canada, have approximately $300 million in worldwide annual sales. This acquisition will also make it the sauces leader in the UK. The acquisition is expected to close during the next few months, pending all regulatory approvals.
The acquisition of these brands is consistent with our strategy to drive growth in our profitable and expanding core condiments and sauces category, said Heinz Chairman, President and Chief Executive Officer William R. Johnson.
The Lea & Perrins brand is the world's number-one Worcestershire sauce, and the market leader in the United States, Canada and the UK. The HP brand of sauce is a leader in both Canada and the UK. Both brands are exported worldwide to more than 75 countries. The Amoy brand of Asian varieties is popular in more than 40 countries.
HP Foods employs approximately 450 workers at three factories. Two are located in the UK, at Aston Cross, Birmingham; and Worcester, Worcestershire, while the North American production facility is in Fair Lawn, NJ.
Heinz reported net income of $752.7 million on sales of $8.91 billion in its latest fiscal year.
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