Heinz Plans To Sell Non-Core Businesses

Ketchup and condiment maker H.J. Heinz Co. announced Tuesday it is planning to sell some non-core businesses but declined to name those headed for the block.

“We’re not going to give any information because we’re not going to tip off our competitors,” Chairman Anthony J.F. O’Reilly told reporters after disclosing the plan to stockholders.

Wall Street bid up Heinz shares 4 percent on the news. They closed $1.25 higher at $33 each on the New York Stock Exchange.

John McMillin, an analyst at the New York brokerage firm Prudential Securities, speculated only some small businesses, like Heinz’ chicken farms in New Zealand, will be sold. He estimated non-core businesses account for $2.5 billion of Heinz’ annual sales, or 28 percent of its total.