Heinz raises bonus payment for Chinese soy sauce maker to $60M
By Kim Leonard
Published: 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
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Obamacare dramatically increases costs for some small businesses
- Hearing scheduled on landowners’ rights to block drilling
- Job postings up in January
- Disney to lose ‘powerful’ TV exec Sweeney
- California mulls rules for ‘driverless cars’
- EBay CEO’s pay for 2013 cut in half
- Market high on buyback fever
- Minorities crucial to filling Marcellus shale gas drilling jobs
- Men’s Wearhouse, Jos. A. Bank agree to merger
- Dick’s Sporting Goods business brisk while American Eagle feels chill in profits
- Wholesalers boost stockpiles as sales fall