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Heinz
sells
HP
Ethnic Foods
to
ABF
H.J. Heinz
Company has announced that its HP Foods subsidiary has signed a
definitive agreement with Associated British Foods plc (ABF) for the
sale of HP Foods' Ethnic Foods business.
The terms of
the deal were not disclosed. The Ethnic Foods division represents a
small part of the HP business which Heinz acquired in August from
Danone. Heinz's intention when it acquired HP Foods was to focus on
three sauce brands: Lea & Perrins, HP sauces and a perpetual
licence to market the rapidly growing Amoy Asian sauces brands in
Europe. |
"Selling
the HP Ethnic Foods business, which is sold primarily through the
ethnic distribution channel, is in line with our strategy of focusing
on three core categories where Heinz is a sector leader: ketchup,
condiments & sauces; meals & snacks; and infant
nutrition," said Joe Jimenez, president and CEO, Heinz Europe.
The HP Foods
Ethnic Food business markets a wide range of owned and agency brands
to the Chinese, Indian and Thai restaurant sector, as well as
specialist retailers. These include the Rajah, Green Dragon, Lotus,
Maharajah, Cathay and Dynasty brands. Some 30 employees will be
transferred from HP to ABF as a result of the deal which is expected
to be completed within the next two months.
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