Heinz to purchase HP sauces for $855 million
U.S. food company H.J. Heinz has agreed to buy Danone''s UK-based HP Foods business for about $855 million in a deal that puts HP and Lea & Perrins sauces under the same roof as its own Heinz ketchup, Reuters reports. About 38 percent of Heinz''s business would come from condiments and sauces following the deal, a spokesman said. But the company also has a large business in products like soups and baked beans in Britain. Heinz said it expected the acquisition to add to earnings in the first full fiscal year and to close in the next few weeks pending all regulatory approvals. The deal follows on the acquisition of a majority stake in Russian condiments and sauces maker Petrosoyuz as Heinz shifts its focus from an overhaul of its U.S. business to Europe.