According to a report on MSNBC.com, wholesale prices surged last month at their fastest pace in just over 1-1/2 years due to higher energy costs and the steepest rise in food prices in 36 years. Excluding those volatile categories, inflation was tame. The Labor Department said today that the Producer Price Index rose a seasonally […]
Tag: financial
Posted in, Suppliers, West
Del Monte Shareholders Approve Buyout
Del Monte Foods Co. said Monday that shareholders approved the company’s buyout by private equity investors KKR, Vestar Capital Partners and Centerview Capital, reports the San Francisco Business Times. The deal, reached on last Thanksgiving Day, is expected to close this week. The buyout was approved by 99 percent of shareholders voting, with 149.8 million […]
Posted in, National, Suppliers
Heinz to Acquire Brazilian Firm
H.J. Heinz Co. announced a major gain March 3 in its push into emerging markets—the purchase of an 80 percent stake in a Brazilian food company, reports The Associated Press. Heinz, the world’s largest ketchup maker, has relied recently on emerging markets like China, India and Russia to fuel its growth. Its plan to acquire […]
Posted in, Southeast
Fresh Del Monte Reports Q4 Loss
Bad weather continued to pound at Fresh Del Monte Produce bottom line, reports the South Florida Business Journal. The Coral Gables-based fruit and vegetable producer said it lost $9.6 million, or 16 cents a share, in the fourth quarter, down from a profit of $28.2 million, or 44 cents a share, in the same year-ago […]
Posted in, National, West
Utah Passes Food Tax Bill
The Utah Senate passed a bill that that would raise the tax on food, but lower taxes on other items, reports Forbes. The Senate approved Senate Bill 270 on a 19-9 vote on Monday. It now moves to the House. Adams of Layton says the measure would add stability, since most food sales don’t drop […]
Posted in, Beverage News, Southeast, Suppliers
Coca-Cola Buys Remainder of Honest Tea
The Coca-Cola Co. has exercised its option to acquire the remaining 60 percent of Maryland-based organic bottled tea maker Honest Tea, reports The Atlanta Journal-Constitution. The companies described it Tuesday as a chance to make organic drinks more mainstream. What they didn’t say is that it also may be a chance to invigorate Coca-Cola’s tea […]
Posted in, Beverage News, Southwest, Suppliers
Molson Coors 4Q Net Declines as it Sells Less Beer
Denver-based Molson Coors Brewing Co. says its net income fell 51 percent in the fourth quarter as it sold less beer and dealt with rising costs for taxes, ingredients and fuel. The Denver-based brewer reported Thursday that it earned $109.8 million, or 58 cents per share, for the quarter that ended Dec. 25. That’s down […]
Posted in, Beverage News, National, Suppliers
PepsiCo 4Q Net Income Falls
New York-based PepsiCo Inc.’s fourth-quarter net income fell 5 percent because of higher costs and cut its earnings forecast on a dim view of the economy. Shares of the maker of soft drinks, Frito-Lay snacks and Quaker cereal fell nearly 3 percent in pre-market trading. Net income fell to $1.37 billion, or 85 cents per […]
Posted in, National, Suppliers
Higher Prices Help Tyson Foods
Springdale, Ark.-based Tyson Foods’s net income jumped 86 percent jump its fiscal first quarter, helped by improving chicken sales and rising prices for beef and pork, the meat producer said today, reports The Associated Press. Tyson shares climbed 8 percent to $18.95 in pre-market trading. The improvement is a strong signal the meat producer has […]