Heinz Acquires Israel's Remedia

H. J. Heinz Company (Pittsburgh) has signed an agreement to obtain a 51% share of Remedia Ltd., an infant nutrition company in Israel that offers a complete range of baby food. Remedia is the leading brand in infant cereals and biscuits in that nation, with a strong No. 2 position in infant milks. Remedia manufactures infant cereals and has distributed kosher-certified Heinz wet baby foods made in the U.S. since 1991. Remedia cereals are also exported to the USA as well as Central and Eastern Europe.

"Remedia is one of the leading brands in Israel with products sold in almost every outlet in the country," said Heinz president and CEO William Johnson. "This joint venture, representing approximately $30 million in annual revenue, provides a platform for growth both within infant nutrition as well as other Heinz key global categories in this growing market."

According to Moshe Miller, managing director of Remedia, the partnership of Remedia with Heinz will open a vast potential of business opportunities to the company. Miller said, "This is an important strategic move in the Israeli food market. As a result of the joint venture with Heinz, Remedia will become a leading company in categories in addition to those it handles currently."