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Article: Del Monte to sell StarKist for $300 million
- Article from:
- Tribune-Review/Pittsburgh Tribune-Review
- Article date:
- June 25, 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.,
has weighed on its profits in recent quarters as the cost of
skipjack tuna soared. Dongwon Group is the country's best-known
brand for processed fishery food, with one of its units -- Dongwon
F&B Co. Ltd. -- taking about 75 percent of South Korea's canned tuna
market.
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