Heinz Backs Out of Zimbabwe

Zimbabwe’s dysfunctional economy is hitting American companies. 

The Zimbabwean government has taken control of one of the country’s leading food processors by buying out US firm HJ Heinz.
The state will buy Heinz’s 49% stake in Olivine Industries, which makes cooking oils, fats and soaps, for $6.8m.

Rampant annual inflation of more than 7,600% has crippled the economy and firms failing to reduce prices face the threat of possible nationalization.

Heinz has been present in Zimbabwe for more than 25 years.