Food Industry
Industry: Email Alert RSS FeedDel Monte absorbs Heinz spin-offs - Company News - Brief Article
Eurofood, June 20, 2002
The boards of US food giant Heinz and compatriot firm Del Monte have approved a plan to spin off several Heinz brands and merge them with a newly organised Del Monte.
The deal is expected to create a new holding that will generate about US$1.8bn (1.91bn [euro]), or 20% of Heinz' annual sales.
Del Monte said the deal would increase its annual sales to about US$3.1bn, significantly more than the US 1.51bn the company reported for its fiscal year ended 30 June.
Share distribution will give Heinz a 74.5% stake in the newly formed unit. Del Monte share holders will get the remaining 25.5% stake.
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Heinz said Del Monte will assume about US$1.1bn in debt from the deal. Heinz added that it plans to put down an additional US$1bn in debt by the end of fiscal 2005.
HEINZ Q4 RESULTS AS EXPECTED
Fourth quarter results for Heinz showed an 18.2% rise in earnings year-on-year to US$219.4m excluding special items. Including special items net income came in at US$223.5m compared to an earlier net loss of US$170.5m. Sales rose 4.8% to US$2.57bn from US$2.46bn favourably driven by acquisitions.
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