Food Industry
Industry: Email Alert RSS FeedHeinz sells Weight Watchers business for US$735m
Eurofood, July 29, 1999
US food group Heinz has signed a definitive agreement for the sale of its Weight Watchers weight control business for US$735m (??719m) to a unit of Artal Luxembourg, a private investment firm. The sale does not include the Weight Watchers food range which features frozen ready meals, desserts and breakfast items.
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While the Weight Watchers weight control business is a highly successful operation, Heinz feels its "service orientation does not fit with its long-term food growth strategy." Heinz president and CEO William R. Johnson said the sale would enable Heinz to "focus on Weight Watchers foods and our other global food businesses.
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