H.J. Heinz to Sell European Seafood Unit
NewsMax.com Wires
Wednesday, Feb. 22, 2006
NEW YORK -- Food company H.J. Heinz Co. said Tuesday it has agreed to sell its European seafood business to Lehman Brothers Merchant Banking for 425 million euros ($506.1 million).
Heinz said the sale will allow it to focus in Europe on its ketchup and sauces, infant nutrition, and meals and snacks businesses.
The company said it expects to complete the sale by the end of March, pending approval from European Union competition regulators.
Heinz shares rose 8 cents to close at $36.78 on the New York Stock Exchange.
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