H.J. Heinz Company unveiled its growth and innovation strategy, which when completed is expected to drive annual revenue growth of 3% to 4%, earnings per share growth near the upper end of a 6% to 8% range off the fiscal year 2006 pro forma base, and operating free cash flow (cash from operations less capital expenditures) of approximately $800 million to $1 billion a year.
Heinz's plans include focusing on three attractive food categories where it has unique strengths -- Ketchup, Condiments & Sauces; Meals & Snacks; and Infant Nutrition. Heinz said it is the "category champion" in these businesses by virtue of its detailed knowledge of consumer preferences, its distribution and channel expertise (including its world-class foodservice business), its operational capabilities with leading-edge tomato technologies, and the strength of its brands, especially the iconic Heinz brand, which has approximately $3 billion in sales and represents one-third of global revenue.