Message #58 From:
NewsBot Date: March 16, 2007 03:32:00 AM
HNZ News Heinz to Move its World Headquarters Offices to One PPG Place, Reaffirms Commitment to Downtown Pittsburgh
PITTSBURGH--(BUSINESS WIRE)--H. J. Heinz Company (NYSE:HNZ) will move its World Headquarters offices to One PPG Place and is finalizing a long-term lease in the 40-story skyscraper.
“Heinz is an iconic Pittsburgh company with an abiding commitment to the city that has been our home since the Company’s founding in 1869. We greatly value the heritage and vitality of Pittsburgh as an academic, cultural, business and sports hub. We are pleased to be able to call One PPG Place our new home,” stated William R. Johnson, Heinz Chairman, President and Chief Executive Officer.
Heinz World Headquarters includes the Office of the Chairman, the H. J. Heinz Company Foundation, the Company’s international management teams and functional areas of law, finance, tax, audit, strategic planning, corporate affairs, business development, IT and human resources.
Heinz will occupy roughly 85,000 square feet of One PPG Place. More than 200 people will work in a newly designed space, which will incorporate traditional design, with a combination of open work areas, offices, conference rooms and cafes. Other amenities will include showcase areas for products and archive collections, a board room, dining room, product sampling areas and a media center for global employee communications and enhanced marketing and internet communications.
“From the outside, PPG Place is a striking architectural tour de force in one of the world’s most distinctive skylines. On the inside, we look forward to creating a dynamic working environment for our dedicated employees,” Mr. Johnson said.
Heinz World Headquarters has been located in the U.S. Steel Tower since 1981, when it relocated from its former North Side campus.
Heinz expects to sign a long-term lease with Market Associates, an affiliate of the Hillman Company, in the next few weeks. The Design Alliance of Pittsburgh will serve as interior design architects and will work closely with Heinz in developing floor configurations and allocating work areas. The internal build of the new space will be handled by Mascaro Construction. Grubb & Ellis is representing Heinz in the leasing negotiations.
Plans call for Heinz to complete its move to One PPG Place by March 2008.
Originally opened in 1983, PPG Place was designed by John Burgee Architects with the renowned architect Phillip Johnson.
Today, PPG Place is home to both the Wintergarden and The Rink (a spectacular ice skating rink), and has a variety of retail shops and dining establishments. The complex also includes an underground garage and open-air plaza. PPG Place central location offers easy access to public transportation and to hotels and other businesses.
Mr. Johnson continued, “Pittsburgh’s future is bright. Downtown, in particular, is fulfilling its legacy and future promise as an attractive place to live, work, learn, shop, dine and be entertained. Heinz is pleased to play an integral part in the city’s next renaissance.”
Overall, Heinz employs more than 1,200 people in Western Pennsylvania.
The headquarters of Heinz’s U.S. Consumer Products and Foodservice businesses will continue to be based on seven floors in the Heinz 57 Center at 357 6th Avenue downtown, which opened in June 2001.
Heinz also employs more than 100 people in Marshall Township at the Global Innovation and Quality Center – the company’s primary research and development center.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by the words "will," "expects," "anticipates," "believes," "estimates" or similar expressions and include our expectations as to future revenue growth, earnings, capital expenditures and other spending, as well as anticipated reductions in spending. These forward-looking statements reflect management's view of future events and financial performance. These statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond Heinz's control, and could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Factors that could cause actual results to differ from such statements include, but are not limited to:
sales, earnings, and volume growth,
general economic, political, and industry conditions,
competitive conditions, which affect, among other things, customer preferences and the pricing of products, production, energy and raw material costs,
the ability to identify and anticipate and respond through innovation to consumer trends,
the need for product recalls,
the ability to maintain favorable supplier relationships,
currency valuations and interest rate fluctuations,
changes in credit ratings,
the ability to identify and complete and the timing, pricing and success of acquisitions, joint ventures, divestitures and other strategic initiatives,
approval of acquisitions and divestitures by competition authorities, and satisfaction of other legal requirements,
the ability to successfully complete cost reduction programs,
the voting results on shareholder proposals, including the proposed amendments to require majority voting,
the ability to limit disruptions to the business resulting from the emphasis on three core categories and potential divestitures,
the ability to effectively integrate acquired businesses, new product and packaging innovations,
product mix,
the effectiveness of advertising, marketing, and promotional programs,
the ability to maintain sales growth while reducing any spending on advertising, marketing and promotional programs,
supply chain efficiency,
cash flow initiatives,
risks inherent in litigation, including tax litigation, and international operations, particularly the performance of business in hyperinflationary environments,
changes in estimates in critical accounting judgments and changes in laws and regulations, including tax laws,
the success of tax planning strategies,
the possibility of increased pension expense and contributions and other people-related costs,
the possibility of an impairment in Heinz's investments,
the potential adverse impact of natural disasters, such as flooding in Indonesia, and
the ability to implement new information systems; and
other factors described in "Risk Factors" and "Cautionary Statement Relevant to Forward-Looking Information" in the Company's Form 10-K for the fiscal year ended May 3, 2006.
The forward-looking statements are and will be based on management's then current views and assumptions regarding future events and speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the securities laws.
ABOUT HEINZ: H. J. Heinz Company, offering “Good Food Every Day”TM is one of the world’s leading marketers and producers of nutritious foods in ketchup, condiments, sauces, meals, soups, snacks and infant foods. Heinz provides superior quality, taste and nutrition to people eating at home, at restaurants, at the office and “on-the-go.” Heinz is a global family of leading brands, including Heinz® ketchup, sauces, soups, beans, pasta and infant foods (representing nearly one-third of total sales or close to $3 billion), Ore-Ida® potato products, Weight Watchers® Smart Ones® entrees, Boston Market® meals, T.G.I. Friday’s® snacks, and Plasmon infant nutrition. Heinz has number-one or number-two brands on five continents, showcased by Heinz® ketchup, The World’s Favorite Ketchup®. Information on Heinz is available at www.heinz.com.
