The corporate battle at Heinz
Heinz is stressing that the battle over its future between the board and Nelson Peltz’s Trian Group is not about personalities. But the relationship between CEO William R Johnson and major Wall St investors is...
HJ Heinz Company has posted a sales increase of 6.7% to US$8.6bn for the 2006 financial year but EPS from continuing operations decreased $0.66 from the prior year.
Under-fire HJ Heinz Company will cut 2,700 jobs and exit 15 production plants to contribute US$165m towards $355m of the cost savings revealed in its growth plan for 2007 and 2008.
The board of directors of HJ Heinz Company has unanimously rejected the demand by a group of dissident shareholders for representation on the Heinz board.
Heinz has reiterated its commitment to returning value to shareholders in response to the proposal submitted by the group of activist investors spearheaded by billionaire Nelson Peltz.
In the hope of placating activist shareholders, US food group Heinz is planning to unveil details of its business plan for the coming two years at the beginning June. The company…