H.J. Heinz Co. is licking its chops in this current sagging global economic environment. "The pipeline for potential acquisitions has risen to unprecedented levels," executive vice president and chief financial officer Art Winkleblack said at the Wachovia 2008 Consumer Growth Conference on Tuesday.
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Heinz already acquired the Wyko sauce business of the Netherlands from Unifine Sauces & Spices for $66 million in April and the added Benedicta SAS of France, a sauce business, in June. The Pittsburgh-based company's shopping list recently included Australia's Golden Circle Ltd., a makers of jams, snacks and canned fruit, for $216 million on Oct. 6.
So what's next for Heinz on the M&A front? Winkleblack stresses that his company will continue to look for "strategic acquisitions that strengthen our core categories, bring new capabilities and add shareholder value." - Gerald Magpily
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