H J Heinz Co's (HNZ.N) recent acquisitions in Brazil and China are doing better than expected as the food maker works on boosting its business around the globe, Chairman and Chief Executive William Johnson said on Tuesday.
During the ketchup maker's annual shareholders meeting, Johnson also stood by the profit forecast Heinz reaffirmed last week, when it posted first-quarter results. [ID:nN1E77M0EJ]
During fiscal 2011, Heinz bought Foodstar, the producer of Master soy sauces and fermented bean curd in China; and Quero, a Brazilian brand of tomato-based sauces, ketchup, condiments and vegetables. Foodstar should boost Heinz's total sales in China to around $350 million in fiscal 2012 and the company should double its sales in Latin America this year as it invests in Quero, Johnson said.
Heinz still expects fiscal 2012 earnings of $3.24 to $3.32 a share, excluding one-time items and the effects of foreign currency fluctuations.