US food giant Heinz plans to sell its 51% stake in Heinz-Remedia in a process resembling a tender.
According to Globes, Heinz representatives who have come to Israel received at least five bids for Heinz-Remedia. Potential buyers were invited to the information room and obtained financial information about all of the company’s divisions.
Heinz Israel includes Heinz Remedia Ltd; Heinz Remedia Industries, which produces, markets, sells and supports dairy substitutes and porridges; Heinz Foodline Marketing, which markets Heinz foods brands in Israel, including ketchup, mayonnaise, mustards, StarKist tuna and Yona tuna; and Shkedia Geva Industries Ltd.
Heinz Remedia founder Moshe Miller owns the other 49% of the company. Heinz Remedia reportedly lost millions of shekels in 2004.