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Article: Korean firm says it will buy Del Monte's StarKist for $300 million
- Article from:
- Tribune-Review/Pittsburgh Tribune-Review
- Article date:
- June 24, 2008
CopyrightCopyright 2008 Tribune-Review/Pittsburgh Tribune-Review. Provided by ProQuest LLC. (Hide copyright information)
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South Korean food group Dongwon said on Tuesday that it will buy
canned tuna company StarKist from Del Monte Foods Co. for about $300
million.
Del Monte, whose brands include College Inn broths and Meow Mix
pet food, was exploring a possible sale of StarKist as the unit, one
of four acquired by Del Monte in 2002 from the H.J. Heinz Co.
StarKist has weighed on Del Monte's profits in recent quarters as
the cost of skipjack tuna soared.
"The acquisition price will slightly top $300 million," a Dongwon
spokesman said, according to Reuters report.
The South Korean company will hold a news conference on Thursday
about the acquisition, he added, declining to give further details.
Dongwon Group is ...