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February 15, 2013

Heinz Charity Says Food Firm's Sale Won't Affect Giving

The $28-billion sale of food giant H.J. Heinz Co. is not expected to have an impact on giving by its founding family's philanthropy, writes the Pittsburgh Post-Gazette.

The Heinz Endowments, which makes about $60-million in grants a year, largely separated from the company decades ago. Spokesman Doug Root said the philanthropy has only "a very tiny amount" of Heinz stock, amounting to 1.2 percent of its $1.4-billion in assets, and "will be the same after this deal as it was before."

The famed ketchup maker announced Thursday that it had agreed to the purchase by billionaire investor and philanthropist Warren Buffett's Berkshire Hathaway and New York firm 3G Capital, which also owns Burger King and Budweiser, the Post-Gazette reports.