Earlier this week, US food group HJ Heinz revealed a fourth quarter loss of US$171m, down from net earnings of US$97.3m for the year previous. Slipping into the red, Heinz blamed the US$299m restructuring charges at its tuna and pet food operations announced in March, but yesterday CEO Bill Johnson defied analysts by stressing that he still has no intention of abandoning the problematic tuna business.
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“We still feel it’s too early to give up on tuna,” Johnson said, while admitting that the company is unlikely to commit much by way of capital spending in the business this year. He noted that the division has recently launched new pouch packaging and commented: “I want to see pouches working.”
The Pittsburgh-based company experienced strong growth in other divisions, and revealed that it will continue to pursue potential acquisitions.
