It looks like H.J. Heinz Co. is hungry for acquisitions.
At the annual shareholders' meeting, Heinz chairman, president and CEO William Johnson said the company was interested in acquiring in
"the developed and developing world."
There is a strong likelihood that Heinz might make acquisitions in emerging markets as company sales in China and India increased 25%, over $10 billion, particularly in health and wellness brands, according to the press release. Heinz expects sales in emerging markets will contribute to a third of the company's total revenue growth over the next two years.
With the depreciated dollar and high commodity costs, food companies such as Heinz,
Kraft Foods Inc.,
General Mills Inc. and
Kellogg Co. are branching out into emerging markets where large retailers such as
Tesco plc and Wal-Mart Stores Inc. are also expanding their presence.
- Maria Woehr
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