The food giant has confirmed it has now signed an agreement to sell the seafood business to Lehman Brothers Merchant Banking, which has been in negotiations regarding a deal since the beginning of the month.
The deal, which affects around 5,000 workers mainly in the Seychelles and Ghana, is still subject to EU competition review, but if successful is set to be completed by the end of March.
William R Johnson, Heinz chairman, president and CEO, said: "This major transaction successfully focuses our portfolio in Europe on three core categories, ketchup and sauces, infant nutrition and meal and snacks."
This latest move is part of a strategy by Heinz to "simplify its portfolio", according to Johnson. This has already included deals to sell off "non-core" businesses such as Hak vegetables and the impending sale of Tegel poultry brand.
Heinz had been seeking buyers for the seafood business, which also includes French canned tuna brand brand Petit Navire, since September last year.
Recent advertising campaigns for John West included a print campaign by Leo Burnett in April 2004, with the slogan, "Straight from the sea", featuring a can lid as a wave.
Leo Burnett also produced the award-winning "fishing" spot for the brand in 2000, in which a fisherman is seen fighting a bear for the best salmon.
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