- Zhengzhou Sanquan Foods Co. has reached a deal with H.J. Heinz Co. subsidiaries to acquire the company's packaged food business in China.
- The move comes as Berkshire Hathaway and 3G Capital reached a deal to buy Heinz for $23 billion and Heinz seeks to de-emphasize some of its frozen foods offerings internationally.
- Zhengzhou Sanquan already sells frozen food and snacks in China and hopes to become more competitive as a result of the new deal.
From the article:
"... Zhengzhou Sanquan signed a deal with H.J. Heinz’s subsidiaries, Country Ford Development Ltd. and Heinz (China) Investment Co., to buy Shanghai Long Fong Co. on Feb. 22, Henan- based Zhengzhou Sanquan said in a statement to the Shenzhen stock exchange dated Feb. 23. ..."