Companies / Zimbabwe
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Heinz Makes Its Exit
September 2007 | Company News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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American food company HJ Heinz has sold its 49% stake in leading cooking oil producer Olivine to Cotton Company of Zimbabwe (Cottco), an enterprise that is closely connected to the state. Heinz was one of the first foreign investors in Zimbabwe following the country's independence in 1980. The company, which produces Ore-Ida potatoes and Smart Ones frozen meals in addition to Heinz ketchup, indicated to the government in January that it was ready to sell its interest in Olivine. Heinz sold its stake for USE6.8mn to Cottco, which was a state enterprise until its privatisation in 1997, with the government