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
A new wave of brands is emerging that promotes indulgence and rejects the notion of sacrifice. Low-maintenance “hangover” beauty products are designed to address the effects of late nights and partying without judgment or hassle, and even include cosmetics that are formulated in a way that means you can fall asleep in your makeup without feeling guilty.
The pilot will allow the company to scale circular packaging in about 18 markets over the next three years, an approach that jumps on the success of similar efforts in the company’s Indonesia ecoSPIRITS program, which launched in 2022 and is active in 38 bars.
Unilever’s focus on purpose across its brands has been a source of criticism from some of its investors. Its new CEO Hein Schumacher says the company now recognises there are some brands where the concept is simply not relevant.
