Pioneer Foods to aquire all of Heinz Foods SA | Fin24
 
  • New Notes

    Long queues have formed in Harare after Zimbabwe released new bank notes and coins.

  • Open Book

    Former President Jacob Zuma says the public protector can access his tax records.

  • Electricity

    Sowetans should pay rate of R150/month to foster a payment culture, says an ANC councillor.

Loading...

Pioneer Foods to aquire all of Heinz Foods SA

Nov 06 2017 18:01


Company Data

PIONEER FOOD GROUP LIMITED [JSE:PFG]

Last traded 108
Change 0
% Change 0
Cumulative volume 101436
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Pioneer shares drop after profit warning

Pioneer Foods share price drops 8% as CEO to retire

Tiger Brands, Pioneer on the prowl

Pioneer Food profit slumps as drought takes its toll

 

Cape Town - Pioneer Foods on Monday announced that it is set to acquire full ownership Heinz Foods SA – makers of the famous tomato ketchup. 

Other brands in the Heinz Foods SA stable are Wellington’s sauces and condiments, the John West range of canned seafood products, the Today range of frozen prepared meals, and Mama’s meals, pies and pastries.

In a market update at 17:00, Pioneer [JSE:PFG] said that Heinz Foods SA will become a wholly owned subsidiary of Pioneer Foods in 2018. 

“By acquiring full ownership of Heinz Foods SA, 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 Carsten in statement. 

It did not say how much it would be paying for the outstanding 50.1% of Heinz Foods SA. 

Pioneer, which sells a number of well-known brands including Sasko, Weet-Bix, Ceres fruit juice, White Star maize meal and more, said it would also be entering into a two-year agreement with Kraft Heinz to manufacture and distribute Heinz tomato ketchup products.

It will also distribute HP & Lea Perrins products and certain 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 a statement. 

Pioneer said the transaction was expected to be completed in the first quarter of 2018. 


SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...