Heinz Buys Out Joint Venture Partner

HJ Heinz Company has taken full control of its Egyptian subsidiary Cairo Food Industries (CFI) after acquiring the outstanding 49% stake from its joint venture partner Americana Group for an undisclosed sum. With a dynamic headline food consumption forecast and a population nearing 80mn, Egypt is an integral regional growth market. The decision to take sole ownership of the venture follows Heinz's announcement in December 2009 that it expects emerging markets to make up 20% of group sales by 2013, rising from about 14%

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