TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Heinz raises bonus payment for Chinese soy sauce maker to $60M

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

HNZ $60.28 +$0.14

at close on WEDNESDAY

Wednesday, Jan. 23, 2013, 10:42 a.m.
 

A soy sauce business in China that H.J. Heinz Co. acquired two years ago is performing so well that the Pittsburgh-based company has decided to pay the former owner $60 million more than the original price.

Under terms of the deal announced in 2010, Heinz agreed to pay the Foodstar owner more if the company performed well. The business has done so well that the performance bonus payment is 20 percent higher than the $50 million originally specified. It will be made earlier than the July 2014 agreed-on date.

Heinz paid $165 million for Foodstar, which makes and sells soy sauce and fermented bean curd and operates five factories.

Heinz said on Wednesday it will record the payment to Transpac Industrial Holdings Ltd. of Singapore as a 4-cents-per-share charge in its third quarter that ends on Jan. 27.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Streaming won’t mean the end of cable
  2. IBM to pay $1.5B to shed chip division
  3. Natrona Bottling Co. keeps soda pop operation small, putting effort into craft, taste
  4. PPG Industries to buy Westmoreland Supply paint store chain
  5. Fannie Mae might take 3% down
  6. Stocks on upswing
  7. Open enrollment puts varied impact of health care law back in focus
  8. Plastics, tech sectors crucial to cracker plants
  9. Hackers rip into heart of open-source software
  10. EDMC loses $664M; executives receive six-figure bonuses
  11. BNY Mellon profits up in third quarter
Subscribe today! Click here for our subscription offers.