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Heinz sells China packaged food unit
Source: Bloomberg News |
February 26, 2013, Tuesday
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Print Edition
Print Edition
HJ Heinz Co, the ketchup maker which agreed to be acquired in a US$23 billion buyout this month, will sell its China packaged food business to Zhengzhou Sanquan Foods Co.
Zhengzhou Sanquan signed a deal with HJ Heinz's subsidiaries, Country Ford Development Ltd and Heinz (China) Investment Co, to buy Shanghai Long Fong Co on Friday, Henan-based Zhengzhou Sanquan has said in a statement to the Shenzhen Stock Exchange.
Zhengzhou Sanquan, which sells frozen meals and snacks such as fried chive dumplings in China, said the purchase will help increase competitiveness and expand market share. The acquisition will be financed using internal cash, it said, without giving a value for the deal.
The sale is in line with "Heinz's global strategy to de-emphasize non-core frozen food businesses outside the US," the Pittsburgh-based firm said in an e-mailed statement. "The decision to seek a buyer for our Long Fong frozen foods business in China is unrelated to the merger deal with Berkshire Hathaway and 3G Capital."
Heinz agreed on February 14 to sell itself to Warren Buffett's Berkshire Hathaway Inc and Jorge Paulo Lemann's 3G Capital Inc for about US$23 billion.
Shanghai Long Fong is involved in food packaging and frozen food in China.
The deal may be done in four months or less, Heinz said.
Zhengzhou Sanquan signed a deal with HJ Heinz's subsidiaries, Country Ford Development Ltd and Heinz (China) Investment Co, to buy Shanghai Long Fong Co on Friday, Henan-based Zhengzhou Sanquan has said in a statement to the Shenzhen Stock Exchange.
Zhengzhou Sanquan, which sells frozen meals and snacks such as fried chive dumplings in China, said the purchase will help increase competitiveness and expand market share. The acquisition will be financed using internal cash, it said, without giving a value for the deal.
The sale is in line with "Heinz's global strategy to de-emphasize non-core frozen food businesses outside the US," the Pittsburgh-based firm said in an e-mailed statement. "The decision to seek a buyer for our Long Fong frozen foods business in China is unrelated to the merger deal with Berkshire Hathaway and 3G Capital."
Heinz agreed on February 14 to sell itself to Warren Buffett's Berkshire Hathaway Inc and Jorge Paulo Lemann's 3G Capital Inc for about US$23 billion.
Shanghai Long Fong is involved in food packaging and frozen food in China.
The deal may be done in four months or less, Heinz said.
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