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Heinz Company: Financial History from 1990 - Essay Example

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Heinz Company: Financial History From 1990 H.J. Heinz Company, generally known as Heinz is the most famous US based food company that has a portfolio of world-class food products wherein it possesses the top spots in various markets across the globe. Today, Heinz brands and products have become the cultural icons in various parts of the world, selling more than 1,000 products ranging from Ketchups to snacks…
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Heinz Company: Financial History from 1990
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Download file to see previous pages More than two-third of the company’s annual sales are constituted by its top 15 power brands. The company was founded in Sharpsburg, Pennsylvania, in 1869 by entrepreneur Henry John Heinz. Heinz has employed about 35,000 people around the globe. The Heinz Company operates as a responsible corporate citizen that is committed to safe practices, environmental stewardship, and returning back to the community for development. Therefore, each change in the social and commercial environment becomes a new opportunity for the growth and expansion of the business. As Moloney and Cadamore (2009) point out, the period during 1990s and the later ones were crucial to the operations of the company for its slower growth and restructurings. O’Reilly had adopted some financial strategies and found them succeeding in the 1980s, and as a result, the Heinz’s sales mounted from $2.9 billion in 1980 to $6.1 billion in 1990, and the net profit of the firm quadrupled to $504 million. The CEO, considering his intention to close his contract in 1995, aimed to increase company’s annual revenues to $10 billion by 1994. ...
The new financial policies of the company included divestments, especially of the Hubinger subsidiary during 1993 which totaled about $700 million and internal cost-cutting measures that comprised of workforce and management staff cutbacks and manufacturing efficiency methods. As Moloney and Cadamore, (2009) noted, in order to overcome the financial tight spot, O’Reilly cut down the American brand advertising by 40% from the levels in 1990 and also extended the discounting revenue to overcome the market share losses to private labels during 1990. In the same way, another strategy was to change the firm’s domestic sales attention to the high-margin foodservice sector by acquiring J.L. Foods from Borden Inc. for $500 million in 1994. However, the domestic market operation remained just a little above the half of Heinz’s operations during the 1990s. And O’Reilly’s idea was to expand the business in the overseas markets and so the concentration was given to baby food in particular, pinning his expectations for future growth. The financial history of the company shows that in 1994, it controlled about 29% of the global infant food industry acquiring the renowned Farley’s baby food of Great Britain and Glaxo Holdings baby foods in India the same year. The financial position was not bad and the firm remained unchallenged for quite a long time in the international baby food market until it faced some serious competition from the U.S.’s leading Gerber during the same period. On the other hand, Heinz was able to enhance its interests throughout the Asia/Pacific region with the acquisition of New Zealand’s Wattie’s Limited for $300 million in 1992, where O’Reilly identified the new ...Download file to see next pagesRead More
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