Heinz Acquires Asian Sauces Brand
Apr. 11, 2000
PITTSBURGH (AP) _ The H.J. Heinz Co. has acquired the Yoshida's brand of Asian sauces in North America, including stir-fry, teriyaki and Hawaiian flavors.
Terms of the deal were not disclosed Monday, but Heinz said in a statement that sales for the brand exceed $20 million annually.
``Yoshida's is a well-regarded brand and a key player in the Asian sauces business, which is growing in the U.S. at a rate of more than 6 percent annually,'' said Heinz president and chief executive William R. Johnson.
Last year, Heinz acquired ABC Indonesia, the world's second-largest soy sauce company, and in March, it entered a joint agreement with Nutri Asia, the top producer of ketchup in the Philippines.
``As Americans continue to experiment with international cuisine, prepared sauces are becoming important additions to their pantries,'' said Joe Jimenez, president and chief executive officer of Heinz North America.
Yoshida Food Products Co. will continue to co-pack sauces at its facility in Portland, Ore., and will maintain its business outside North America, including rights to the Yoshida's trademark.
Heinz brands include its flagship ketchup as well as Heinz steak, cocktail and chili sauces.