The acquisition of Foodstar would increase Heinz’s annual sales in China to about $300m and enable the company to enter the nation’s fast-growing $2bn retail soy sauce market.
The purchase price consists of a cash payment at closing of $165m and an earn-out potentially payable in 2014 based on the performance of the business.
The completion of the proposed acquisition is subject to regulatory approval in China and other customary conditions.
Source: HJ Heinz Company
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