Kraft Heinz to Sell Indian Brands
The Kraft Heinz Company is to sell its Indian brands Complan, Glucon-D, Nycil and Sampriti to Zydus Cadila for approximately US$625 million on a debt free and cash free basis. The transaction is expected to close in early 2019, subject to regulatory approvals of the Competition Commission of India and other customary closing conditions.
“The sale of this niche business fits into our overall global growth strategy and our focus on investing in and growing brands within our core categories,” explains Bernardo Hees, chief executive of Kraft Heinz. “India continues to be a key market for Kraft Heinz, and in fact, we’re strengthening our commitment to expand and grow our Heinz sauces and Kraft business in India.”
The business being sold generates US$150 million in net sales and US$30 million in adjusted EBITDA. The sale is not expected to have a material impact on Kraft Heinz’s annual financial results.
