Food Industry
Industry: Email Alert RSS FeedHeinz: leaner, meaner days ahead
Prepared Foods, April, 1997
Heinz chairman and CEO Anthony O'Reilly laid the groundwork for the plan last September in a meeting with shareholders, suggesting Heinz "would divest ourselves of assets which do not play to major strengths."
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Heinz derives 75% of annual sales from six core groups: foodservice; ketchup and condiments; tuna; baby food; pet food; and weight control. Nomi Ghez, an analyst with Goldman Sachs, says the move is not totally a surprise considering that Heinz is one of the last food giants to restructure and return to core-product emphasis.
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