NEW YORK (AP) — Billionaire Warren Buffett is dipping into the ketchup business as part of $23.3 billion deal to buy the Heinz ketchup company, uniting a legend of American investing with a mainstay of grocery store shelves.
It's the largest deal ever in the food industry and will help Heinz continue its transformation into a global business. The company, based in Pittsburgh, also makes Classico pasta sauces, Ore-Ida potatoes and Smart Ones frozen meals.
Buffett's Berkshire Hathaway and its partner on the deal — 3G Capital, the investment firm that bought Burger King in 2010 — say Heinz will remain headquartered in Pittsburgh.
Heinz CEO William Johnson said at a news conference that taking the company private would give Heinz the flexibility to make decisions more quickly, without the burden of having to report quarterly earnings.
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