logo
Plus   Neg
Share
Email

Kraft Heinz To Sell Indian Brands Complan, Glucon-D, Nycil,Sampriti For $625 Mln

Kraft Heinz Co. (KHC), the fifth-largest food and beverage company in the world, announced Wednesday its agreement to sell Heinz India Private Limited to Zydus Cadila for approximately 46 billion Indian rupees or approximately $625 million on a debt free and cash free basis.

Heinz India is comprised of Indian brands Complan, Glucon-D, Nycil and Sampriti. Under the deal terms, Kraft Heinz will sell to Zydus Wellness Ltd., jointly with Cadila Healthcare Ltd, Heinz India, and two manufacturing facilities, with approximately 900 employees associated with these brands and operations.

At current FX rates, this business generates approximately $150 million or 11.50 billion rupees in net sales and approximately $30 million or 2.25 billion rupees in adjusted EBITDA. The sale is not expected to have a material impact on Kraft Heinz's annual financial results.

The transaction is expected to close in early 2019, subject to regulatory approvals of the Competition Commission of India and other customary closing conditions.

Bernardo Hees, Chief Executive Officer of Kraft Heinz, said, "The sale of this niche business fits into our overall global growth strategy and our focus on investing in and growing brands within our core categories. India continues to be a key market for Kraft Heinz, and in fact, we're strengthening our commitment to expand and grow our Heinz sauces and Kraft business in India."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Major U.S. retail container ports are estimated to report a five-year low for imports in March as consumer demand has been impacted with millions of Americans out of work amid the coronavirus (COVID-19) outbreak, according to a report by the National Retail Federation or NRF. The U.S. Food and Drug Administration has issued warning letters to three sellers of fraudulent COVID-19 products. There are currently no approved preventatives or treatments for COVID-19, the FDA said in a statement. Walt Disney Co.'s streaming service Disney+ now has 50 million paid subscribers globally, with the company achieving the milestone within five months after its U.S. launch.
RELATED NEWS
Follow RTT
>