PITTSBURGH, Pa. and MANILA, Philippines, March 1, 2000 /PRNewswire/ --
H. J. Heinz Company (NYSE: HNZ) today announced that it has signed an
agreement for a joint venture with the Philippines' leading ketchup producer,
Nutri Asia of Manila, Philippines. The transaction is subject to customary
regulatory approvals in the Philippines and is expected to be completed in
early May. The new joint venture will be named Heinz UFC Philippines.
"We have long admired the strength and popularity of Nutri Asia's ketchup
brands in the Philippines. Their brands, which include UFC, are the leading
names in the Philippines' well-developed local ketchup category. This joint
venture will provide an excellent platform for developing and expanding Heinz
products in the Philippines," noted William R. Johnson, Heinz president and
chief executive officer. "Heinz's growth strategy is to globalize its core
categories, such as ketchup and sauces, and to invest in businesses with
strong number-one and number-two brands that bring economies of scale. We are
excited that this line of leading Philippine sauce products now will enhance
the Heinz portfolio of powerful international businesses. By investing in the
Philippines at this time, Heinz is recognizing the growth potential of this
vibrant economy in Asia, with a population of nearly 76 million people and a
GDP expected to grow this year at 3 percent."
Heinz will enjoy excellent distribution coverage in both retail and
foodservice outlets through the strength of the well-established local
company.
Joselito D. Campos Jr., chairman and chief executive officer of Nutri
Asia, commented on the joint venture: "We look forward to the superior
manufacturing technology that Heinz can bring and to working closely with
Heinz to expand our business in new markets."
Heinz UFC will employ more than 200 people currently working at Nutri
Asia. Existing company manufacturing facilities - located in Tarlac, Alabang
and Davao - will become part of the joint venture.
Heinz ketchup is the world's leading brand. The Company has more than
$2 billion in annual sales worldwide of ketchup, condiments and sauces.
ABOUT HEINZ: With sales over US$9 billion, H. J. Heinz Company is one of
the world's leading marketers of branded foods to supermarkets and away-from-
home eating establishments. Its 50 companies operate in some 200 countries,
offering more than 57 hundred varieties. Among the company's famous brands
are Heinz, StarKist, Ore-Ida, 9-Lives, Weight Watchers, Wattie's, Plasmon,
Farley's, Smart Ones, The Budget Gourmet, Linda McCartney, San Marco, Go
Ahead!, Bagel Bites, John West, Petit Navire, Skippy, Kibbles 'n Bits, Pounce,
Wagwells, Nature's Recipe, Orlando, ABC, Olivine and Pudliszki. Information
on Heinz is available at http://www.heinz.com.
SOURCE H. J. Heinz Company
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http://www.prnewswire.com/comp/575757.html or fax,
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CONTACT:
MEDIA: Ted Smyth, SVP-Corp. & Govt. Affairs,
412-456-5780; Debbie Foster, Director-Corp. Comm., 412-456-5778;
or Jack Kennedy, GM-Strategic Comm., 412-456-5923; INVESTORS:
Jack Runkel, VP-Investor Relations, 412-456-6034, all of Heinz
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