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Heinz to sell New Zealand poultry processor

by 5m Editor
23 December 2005, at 12:00am

NEW ZEALAND - Global snack products giant HJ Heinz Company has signed a definitive agreement to sell Tegel Foods, its Auckland, New Zealand-based subsidiary to Pacific Equity Partners, the Australian private equity firm. Tegel Foods is a leading processor of fresh poultry and animal feeds, operating processing plants, feed mills and livestock operations throughout New Zealand. Tegel was purchased by Heinz in 1992 as part of a transaction to acquire Wattie&#39;s, the packaged foods company. Commenting on the divesture, Heinz chairman, president and CEO William Johnson said, &quot;The company is making very good progress in accomplishing its objective of divesting non-core businesses and expects that total proceeds from all non-core divestitures will approximate $1 billion.&quot; &quot;The divestiture of Tegel Foods represents another important step in executing our strategic plan to focus on core categories in which Heinz has unique strengths, namely condiments & sauces; meals & snacks; and infant nutrition,&quot; Mr Johnson continued. <i>Source: Food Business Review</i>

5m Editor