Heinz to sell New Zealand poultry processor
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's, the packaged foods company.
Commenting on the divesture, Heinz chairman, president and CEO William Johnson said, "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."
"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," Mr Johnson continued.
Source: Food Business Review
23 December 2005
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