Heinz raises bonus payment for Chinese soy sauce maker to $60M
By Kim Leonard
Published: Wednesday, January 23, 2013, 10:42 a.m.
Updated: Wednesday, January 23, 2013
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.
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