H. J. Heinz Company (NYSE:HNZ) has completed the acquisition of the pasta sauce and dry bouillon and soup businesses of Borden Foods Corporation. Terms of the transaction, which was first announced in a news release on June 6, were not disclosed.
“These strong and growing businesses perfectly complement our tomato-based expertise and provide numerous marketing opportunities to further build on our success,” noted Heinz Chairman, President and Chief Executive Officer William R. Johnson.
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This acquisition brings to Heinz a group of outstanding brands, including Classico® pasta sauces (the number-one premium brand in the U.S.), Aunt Millie’s® pasta sauce, Mrs. Grass® Recipe soups and Wyler® bouillons and soups. In addition, Heinz now has the Catelli®, Gattuso® (under license) and Bravo® pasta sauce brands, which are all Canadian favorites. Sales of these businesses total more than US$270 million in Canada and the United States.
This news release contains forward-looking statements regarding the company’s future performance. These forward-looking statements are based on management’s views and assumptions, and involve risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These include, but are not limited to, sales, earnings and volume growth, competitive and industry conditions, production costs, achieving cost savings programs, acquisitions or disposals of business assets and new product and packaging innovations, and other factors described in “Cautionary Statement Relevant to Forward-Looking Information” in the company’s Form 10-K for the fiscal year ended May 3, 2000, as updated from time to time by the company in its subsequent filings with the Securities and Exchange Commission. In particular, any predictions about these acquisitions could be affected by integration problems; failure to achieve synergies; unanticipated liabilities; participation in new business lines; and changes in competitive environment.
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By GlobalDataABOUT HEINZ: With sales over US$9 billion, H. J. Heinz Company is one of the world’s leading marketers of branded foods to consumers everywhere, whether in supermarkets, restaurants or on the go. Its 50 companies operate in some 200 countries, with more than 20 power brands, including the Heinz® brand with nearly US$3 billion in annual sales. Among the company’s famous brands are Heinz®, StarKist®, Ore-Ida®, 9-Lives®, Wattie’s®, Plasmon®, Farley’s®, Smart Ones®, Bagel Bites®, John West®, Petit Navire®, Kibbles `n Bits®, Pounce®, Pup-Peroni®, Orlando®, ABC®, Olivine®, Juran® and Pudliszki®. Heinz also uses the famous brands Weight Watchers®, Boston Market® and Linda McCartney® under license. Information on Heinz is available at http://www.heinz.com.
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