By Amanda Brodhagen, Farms.com
H.J. Heinz Co. says ketchup deal is the largest purchase that’s ever occurred in the food industry
In a surprise announcement on Thursday, billionaire investor Warren Buffet’s Berkshire Hathaway is set to buy Heinz ketchup in a $23.3 billion deal. The Pittsburgh based company; Heinz in addition to its famous ketchup makes Classico spaghetti sauces, Ore-lda potatoes and Smart Ones frozen meals. The company was founded by Henry John Heinz along with his neighbour L. Clarence Noble in 1869. Their first product was horseradish in a glass bottle. Their first ketchup wasn’t introduced until 1876. It’s typical for Buffet to purchase entire companies and allow the businesses to continue operating very much the same as before. Heinz shareholders will get $72.50 cash for every share that they own. The deal is expected to close in the third quarter of 2013.