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Heinz Makes $60 Million Earn-Out Payment for Foodstar Business in China, Resulting in a $0.04 EPS Impact in Third Quarter

PITTSBURGH--(BUSINESS WIRE)--H.J. Heinz Company (NYSE:HNZ) announced today that it has made an early earn-out payment of $60 million to Transpac Industrial Holdings Ltd., a Singapore-based private equity holding company, and various Transpac Funds, the previous owners of Heinz’s Foodstar business in China. Heinz acquired Foodstar in November 2010. The earn-out payment is in addition to the original purchase price of $165 million.