IRS Issues Favorable Ruling On Heinz/Del Monte Transaction
November 22, 2002 - PITTSBURGH -- H. J. Heinz Company announced today that the U.S. Internal Revenue Service (IRS) has issued a private letter ruling that Heinz's previously announced spin-off of certain businesses and their subsequent merger with Del Monte Corporation, a subsidiary of Del Monte Foods Company, will be tax free to the companies and their U.S.-based shareholders.