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Heinz acquires remaining shares in Cairo Food
HJ Heinz Company has announced its acquisition of the remaining 49% shares of Cairo Food Industries SAE – an Egyptian manufacturer of ketchup, condiments and sauces. Prior to the acquisition, Heinz was the owner of 51% of the shares.
“The acquisition of the remaining 49% shares of Cairo Food Industries fits perfectly into Heinz’s global strategy to focus its portfolio on three attractive core categories: Ketchup & Sauces, Infant/Nutrition and Meals & Snacks (including baked beans, soups and pasta meals),” said Michael D Milone, senior vice president, Heinz. “This is expected to contribute to our emerging markets strategy by accelerating growth of our business in Egypt and the Middle East.
“Americana has been a valued partner in CFI, and one with whom we look forward to having continuing business interactions in the future.”
Cairo Foods was founded in Egypt as a joint venture with the Americana Group in 1989.
HJ Heinz
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