Heinz Sells Ethnic Business to Associated British Foods
On Wednesday, H.J. Heinz Company announced that its HP Foods business has signed a definitive sales agreement with Associated British Foods plc group for the sale of HP Foods' Ethnic Foods business. The unit comprises a small part of the HP business Heinz acquired in August. Terms of the agreement were
not disclosed.
"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, and sauces; meals and snacks; and infant nutrition," said Joe Jimenez, president and CEO, Heinz Europe.
Originally, Heinz acquired HP to focus on three sauce brands: Lea and Perrins, HP sauces, and a perpetual license to market the rapidly growing Amoy Asian sauces brands in Europe. The HP Foods Ethnic Food business supplies a wide range of owned and agency brands to the Chinese, Indian, and Thai restaurant sector, as well as specialty retailers, including Rajah, Green Dragon, Lotus, Maharajah, Cathay, and Dynasty.
"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, and sauces; meals and snacks; and infant nutrition," said Joe Jimenez, president and CEO, Heinz Europe.
Originally, Heinz acquired HP to focus on three sauce brands: Lea and Perrins, HP sauces, and a perpetual license to market the rapidly growing Amoy Asian sauces brands in Europe. The HP Foods Ethnic Food business supplies a wide range of owned and agency brands to the Chinese, Indian, and Thai restaurant sector, as well as specialty retailers, including Rajah, Green Dragon, Lotus, Maharajah, Cathay, and Dynasty.
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