US food giant HJ Heinz has taken full ownership of Egyptian condiments and sauces maker Cairo Food Industries, buying out its joint venture partner.
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Heinz acquired the 49% of Cairo that it did not already own from Americana Group for a total of US$61.87m.
The company said the move would strengthen its operations in Egypt and the Middle East, accelerating growth in the region.
Commenting on the deal, Heinz senior vice president Michael Milone said that it also furthered Heinz’ global strategy to focus its product portfolio on core categories
“The acquisition of the remaining 49% shares of Cairo Food Industries fits perfectly into Heinz’s global strategy to focus its portfolio on three attractive core categories, ketchup and sauces, infant/nutrition and meals and snacks,” he said.
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By GlobalDataCairo Foods was founded in Egypt as a joint venture with the Americana Group in 1989.
