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Heinz will buy College Inn: H.J. Heinz Co. posted a profit
Tuesday for its fourth fiscal quarter in contrast to a loss a year ago. The processed-food concern also disclosed it is buying the College Inn brand of canned broths from Nabisco Inc. The price wasn’t disclosed, but the brand’s annual sales come to about $50 million. Heinz earned $181 million, or 49 cents per diluted share, in the quarter ended April 29 compared with a loss of $230 million, or 62 cents a share, a year ago. Fourth-quarter sales rose 1 percent to $2.48 billion.
