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June 22, 2010

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Food firm deal

HJ Heinz Co says it has agreed to buy a Chinese food company that makes soy sauces and fermented bean curd for US$165 million.

Yesterday's deal for Foodstar would give the United States ketchup maker a bigger foothold in China, boosting sales in China by US$300 million a year.

The acquisition from the private equity firm Transpac Industrial Holdings Ltd also includes a possible extra payout in 2014 if Foodstar has strong performance as a Heinz brand.

Foodstar has about 2,500 employees in China and four manufacturing sites.

The deal still requires regulatory approval in China.



 

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