H.J. Heinz Company announced that its European business has completed a transaction that will make Heinz a majority owner of Petrosoyuz, a Russian maker of ketchup, condiments and sauces, through the formation of a new joint venture company to market ketchup and other products in Russia and neighboring Eastern European nations.
"This joint venture agreement accelerates Heinz's growth in Eastern Europe, now the largest market for ketchup and condiments in Europe. Heinz will have a clear majority stake in Petrosoyuz, a privately held St. Petersburg-based food company that holds Russia's number-one or number-two positions in mayonnaise, ketchup and margarine," said William R. Johnson, chairman, president and CEO of the H.J. Heinz Company.