Heinz Completes Acquisition of 80% Stake in Brazilian Foodmaker

H.J. Heinz Company HNZ today announced that it has completed its acquisition of an 80% stake in Coniexpress S.A. Industrias Alimenticias, a leading Brazilian manufacturer of the Quero brand of tomato-based sauces, tomato paste, ketchup, condiments and vegetables. The acquisition of the Quero business, which has annual sales of approximately $325 million, gives Heinz its first major business in Brazil, a key Emerging Market and the world's fifth most populated nation. Terms of the acquisition were not disclosed.