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Heinz may shed Kiwi Poultry Firm Tegel

by 5m Editor
27 May 2005, at 12:00am

NEW ZEALAND - Baked bean and sauce giant Heinz is reviewing and considering shedding Tegel poultry products in New Zealand and some of its operations in Europe. The review of the company&#39;s international operations in Europe and New Zealand will take about six to nine months. Heinz is the latest in a line of US conglomerates pulling back from Western Europe. Heinz said it was planning on selling the HAK line of prepared vegetables in Northern Europe and has begun a strategic review of its seafood and frozen businesses in Europe as part of an effort to focus on &quot;core&quot; offerings of ketchup, condiments, food services and infant foods. A spokesman said no final decision had been made on European operations, which employ about 15,000 people. But the Pittsburgh, Pennsylvania giant said some of the brands involved in the review will include: John West, Weight Watchers from Heinz, Linda McCartney and Aunt Bessie&#39;s in the United Kingdom; Petit Navire and Parmentier canned fish in France; Tegel poultry products in New Zealand; Marie Elisabeth seafood in Portugal; and Mareblu seafood in Italy. Heinz chairman and chief executive William Johnson announced the review at the same time the company released that its most recent quarterly earnings rose 5.5% to $US206.5 million ($290.6 million). &quot;We have initiated a strategic review of our international portfolio and our global organisational structure,&quot; Johnson said. &quot;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.&quot; <i>Source: TVNZ</i>

5m Editor