Header image

Royal Cosun sells Canadian subsidiary to Heinz

4 February 2004

Royal Cosun and Heinz Canada, reached agreement on February 3, 2004 regarding the sale of Richardson (Canada) to Heinz. Richardson has been a member of Unifine, a specialist in products for the foodservice sector, since the summer of 1998.

 

The decision to sell Richardson has been taken in response to Cosun’s concentration of its sauce and spice activities more on the European market and less on the North American market on the one hand and the limited synergy between the European and the American activities on the other. This, in combination with the opportunity to sell the company to a party that can dovetail Richardson into its current business and strategy, prompted Cosun to sell the company. Of the parties that had shown an interest in this successful business, Heinz remained as the most serious party for the acquisition.


Heinz intends to merge Richardson into its existing organisation. The specially designed production factory for the foodservice sector will remain in operation. Unifine’s works council and Cosun’s Central Works Council have issued a positive advisory opinion on the sale. The staff has been informed about the acquisition and its short-term consequences.