Food firm deal
Source: Agencies |
June 22, 2010, Tuesday
|
Print Edition
Print Edition
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.
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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