Heinz to Acquire 80% Stake in a Brazilian Food Company

H.J. Heinz Company HNZ today announced that it has agreed to acquire 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, accelerates Heinz’s growth in Latin America and gives the Company its first major business in Brazil, the world’s fifth most populated nation.