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News > Deals
Heinz in Borden buy
June 6, 2001: 6:59 p.m. ET

Maker of ketchup adds Classico pasta sauces, Wyler's bouillon from Borden
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NEW YORK (CNNfn) - H.J. Heinz Co. agreed Wednesday to acquire the pasta sauce, dry bouillon and soup business of Borden Foods Corp. for more than $270 million.

Financial terms were not announced. Pittsburgh-based Heinz (HNZ: down $0.08 to $43.20, Research, Estimates) will add such popular brands as Classico pasta sauces, Wyler's bouillon and soups, and Mrs. Grass traditional dry soup mixes.

Classico is the top premium pasta sauce in the United States, while Wyler's holds a 36 percent share of the U.S. bouillon market.

"They fit very well with our tomato-based expertise and will enable us to further satisfy growing consumer demand for flavor and taste solutions," said Heinz Chairman William Johnson in a statement.

Heinz brands include StarKist tuna, Ore-Ida potatoes, 9-Lives cat food and Heinz Ketchup.

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The transaction includes Borden production facilities in Pennsauken, N.J., and Northbrook, Ill. Aggregate annual sales of the businesses are about $270 million, Borden said in a statement.

Columbus, Ohio-based Borden plans to continue running its remaining businesses and will continue to engage in discussions for strategic alternatives regarding its other units, the company said.

The Heinz purchase, which is still subject to closing conditions, is expected to be completed in three months. Goldman Sachs & Co. served as financial adviser to Borden. graphic

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.