Kraft Heinz is selling its half of a joint venture in South Africa, meaning Pioneer Food Group Limited will control all of Heinz Foods South Africa.
The announcement from the global food maker said Kraft Heinz’s subsidiary Heinz Foods South Africa Pty Ltd. now holds 50.1 percent of the joint venture.
Terms of the deal, which is expected to close early next year if regulators approve, were not disclosed.
“By acquiring full ownership of Heinz Foods South Africa, we look forward to the further growth and development of the portfolio that includes a range of number one or two brands in their respective categories,” said Pioneer Foods CEO Tertius Carstens, in the announcement.
The new owner will continue to make and sell Heinz ketchup and to distribute HP and Lea & Perrins sauces, as well as some other Kraft Heinz products.
“We believe this change is an excellent opportunity for the business and our employees to leverage Pioneer Foods’ existing scale and platform in South Africa to grow the business further,” said Felipe Guimaraes, managing director of Kraft Heinz Middle East and Africa, in the announcement.
Kraft Heinz was formed in 2015 from the merger of Pittsburgh-based H.J. Heinz and Illinois-based Kraft Foods. It is dually headquartered in Pittsburgh and Chicago.
By Teresa F. Lindeman
Source: Pittsburgh Post Gazette
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