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Food finance
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The food industry is in constant financial motion; there’s always some company snapping up the assets of another, or reporting on a radical new strategy aimed at protecting its profits. The latest money moves can have a big impact on ingredient supply, so it pays to keep up to date. |
Kraft’s Cadbury bid could foretell M&A boom
20-Nov-2009 - Kraft’s pursuit of Cadbury could mark the start of a surge in M&A activity for the sector as consumers’ focus on value supports a stable outlook for food manufacturers during 2010, Fitch Ratings has predicted.
Hershey confirms interest in Cadbury
19-Nov-2009 - Hershey has confirmed that it is “reviewing its options” regarding a possible joint bid with Ferrero for British confectioner Cadbury, following media speculation about talks yesterday.
Coke reveals ambitious 2020 growth targets
17-Nov-2009 - Coca-Cola has outlined key business goals for 2020 including plans to more than double system revenue from $95bn to $200bn.
NutraCea files for Chapter 11 bankruptcy
12-Nov-2009 - Rice bran ingredient supplier NutraCea filed for Chapter 11 bankruptcy on Tuesday, claiming that it will allow the company to restructure, reduce overheads and sell non-core assets.
SunOpta reports Q3 loss; continues debt reduction
10-Nov-2009 - Canadian natural and organics group SunOpta has reported a loss of $4.7m in the third quarter of 2009, much of it linked to professional and banking fees, but it has continued its debt reduction strategy.
Kraft’s bid is ‘contemptuous’, says analyst
10-Nov-2009 - Even if Kraft intends to increase its bid for Cadbury, its latest offer has probably managed to upset both the board and shareholders, says Andrew Wood, senior research analyst at Sanford C. Bernstein.
Kraft launches hostile takeover bid for Cadbury
09-Nov-2009 - Kraft has formally made a £9.8bn ($16.3bn) hostile takeover bid for British confectioner Cadbury, just hours before the 5pm GMT deadline imposed by the UK Takeover Panel.
Danisco’s Madison plant expansion underway
09-Nov-2009 - Danisco has started expansion of its cultures plant in Madison, Wisconsin, which it says responds to increased demand for direct vat inoculants (DVI) cultures in the US.
MGPI’s restructuring pays off in Q1
09-Nov-2009 - MGP Ingredients has reported a net income of nearly $4m for the first quarter of fiscal 2010 on the back of lower energy and commodity prices, as well as restructuring which slashed its payroll costs.
Plant closure expenses drag profits down at IFF
04-Nov-2009 - Sales were showing signs of recovery for International Flavors and Fragrances in the third quarter, but profits were dragged down by charges.
MGP Ingredients forecasts ‘positive turnaround’
23-Oct-2009 - MGP Ingredients has said it expects a significant positive turnaround in the first quarter of fiscal 2010, as it hopes to exit a transition period toward value-added ingredients.
Kraft sale could help with Cadbury bid - report
19-Oct-2009 - Kraft may look to sell its brand Maxwell House to generate a higher offer to Cadbury, the world's second largest confectionery group, claim media reports.
Lower phosphate and potash prices slash Cargill’s Q1 earnings
14-Oct-2009 - Cargill has reported a 65 percent drop in earnings for the first quarter of fiscal 2010 from the same period last year, partly due to the company’s investment in phosphate and potash suppliers The Mosaic Company.
Kraft given November deadline for Cadbury bid
30-Sep-2009 - The UK’s Takeover Panel has announced a deadline of November 9 for Kraft to make a bid for Cadbury or to say that it does not intend to make an offer.
Cocoa price spike may favor Kraft over Cadbury
28-Sep-2009 - World cocoa prices have just hit record highs sparking suggestions that the resulting cost changes could aid the Kraft bid for Cadbury.
SunOpta to settle class action lawsuits
28-Sep-2009 - Canadian natural foods group SunOpta has said it has agreed to pay $11.25m to settle class action lawsuits that accused the company of overstating its earnings and lacking internal financial controls.
Cadbury tells Kraft to bid or back off
24-Sep-2009 - Cadbury has approached the UK’s Takeover Panel, asking it to impose a deadline for Kraft to make an offer.
Commodity price cuts push up ConAgra's profits
23-Sep-2009 - Lower ingredient prices and a more profitable product mix helped ConAgra Foods achieve a big profit increase in its quarterly results, while overall turnover slipped.
'Brand Canada' gets funding boost
22-Sep-2009 - The Canadian government has announced a $32 million investment into a branding initiative to enhance the competitiveness of the country’s food sector.
Cadbury slams Kraft bid and business model
14-Sep-2009 - Cadbury has labelled Kraft “a low growth conglomerate” in a letter restating its rejection of the food giant’s £10.2bn ($16.7bn) takeover bid.
Thousands of suppliers threatened by $300m Kraft cutbacks
11-Sep-2009 - Kraft Foods is slashing its supply chain costs by $300m - a decision that Leatherhead Food International predicts will dramatically affect suppliers and could result in casualties.
Food industry execs optimistic about business in 2010, says KPMG
21-Aug-2009 - Employment prospects and revenues in the US food and beverage industry are likely to improve next year, predict most executives in the sector, according to a national survey from tax advisory firm KPMG.
Senomyx sees Q2 slump, enters new royalties deal
06-Aug-2009 - Senomyx revenues fell by 17 percent in the second quarter of 2009 compared to the same period last year, primarily due to a 2007 payment from Ajinomoto that bolstered previous revenue, the company said.
Lallemand acquires Wisconsin-based yeast company
06-Aug-2009 - Lallemand Bio-Ingredients said on Wednesday that it has completed its acquisition of the Wisconsin-based Lake States Yeast Company, in a move which marks its first entry into inactivated torula yeast.
ADM reports 83% profit decline; corn processing division battered
05-Aug-2009 - Archer Daniels Midland (ADM) has reported an 83 percent decline in net earnings for Q4 2009, and in corn processing increased profits from corn-based starches and sweeteners were buried by losses in ethanol.
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