Heinz completes sale of New Zealand poultry processor
H.J. Heinz Company has completed the sale of its Auckland, New Zealand-based poultry business, Tegel Foods, to Pacific Equity Partners. According to Business Wire, the transaction is valued at NZ$250 million (approximately US$165 million). First announced on December 22, 2005, the transaction is part of Heinz''s strategy to divest non-core businesses in order to focus on growth in its core categories: Ketchup & Sauces, Meals & Snacks, and Infant Nutrition. Tegel is a processor of fresh poultry and animal feeds. It markets Tegel® brand chilled and frozen chicken and turkey products and owns processing plants, feed mills and livestock operations throughout New Zealand. Tegel was purchased by Heinz in 1992. Additional terms of the transaction have not been released.