HEINZ PORTFOLIO OF BUSINESSES LOSING WEIGHT
By Adnews Staff
H.J. Heinz Company of Pittsburgh has lost some weight. The food processor company has announced it has sold its Weight Watchers control business for $375 million. The sale was made to a unit of Artal Luxembourg, S.A., a European private investment firm. The Invus Group, Ltd. of New York acts as the investment advisor to Artal. The sale is expected to close in three months and is subject to customary closing conditions. The deal does not include Weight Watchers core food businesses which includes Smart Ones frozen meals, desserts and breakfast items, Weight Watchers from Heinz in the UK and a range of Weight Watchers branded foods in Heinz's product categories. Artal's investment in the Weight Watchers business follows the company's recent investments in the Keebler Company and Sunshine Biscuit Company. Other well known brands of the H.J. Heinz company include: 9-Lives, Kibbles 'n Bits, Bagel Bites and Heinz.