Heinz Closes Acquisition of Stake in Brazilian Ketchup Maker
Ketchup giant Heinz has closed on its previously announced acquisition of a majority stake in a Brazilian food maker, according to the Associated Press. Pittsburgh-based H.J. Heinz Co. didn''t say how much it spent to buy the 80 percent stake in Coniexpress S.A. Industrias Alimenticias, which makes the Quero brand of ketchup and other condiments. Heinz said it expects the purchase won''t add to earnings until fiscal year 2013. Heinz announced its intent to buy its stake in Quero last month, marking its first major move into Brazil. In November, Heinz bought Foodstar, a soy sauce manufacturer in China. Heinz said Friday that it expects emerging markets, including Russia, India and China, to generate more than 20 percent of its revenue in fiscal 2012, which begins April 28.