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Food finance and prices

The food industry is in constant financial motion; there’s always some company snapping up the assets of another, not to mention grappling with fluctuating costs of commodities. The latest money moves can have a big impact on ingredient supply, so it pays to keep up to date.

IFF profits slump 56% on ‘unprecedented’ raw material costs

10-Feb-2012 - International Flavors and Fragrances (IFF) saw net profits slump 56% in the fourth quarter due to one-off costs and ongoing high raw material prices, but adjusted results were largely in line with analysts’ expectations.

Q4 net profit soars 83% at Corn Products International

10-Feb-2012 - Net profit soared 83% at Corn Products International in the fourth quarter of 2011 on the back of higher sales, increased prices, and a one-off accounting gain, the company said Thursday.

PepsiCo to cut 8,700 jobs as part of growth strategy

09-Feb-2012 - PepsiCo plans to cut 8,700 jobs, with a particular focus on North America, as part of a wider strategy to drive growth, the company said on Thursday.

Ralcorp completes Post cereals spin-off

06-Feb-2012 - Ralcorp Holdings has completed the separation of its Post Holdings cereals business, through a tax-free spin-off to Ralcorp shareholders, the company has said.

DuPont announces increased investment in food and nutrition research

03-Feb-2012 - DuPont has said it intends to invest over $10bn in food and nutrition research and development over the next nine years, in an effort to meet the challenge of feeding the world’s growing population.

ADM profits shrink 89% on higher corn costs

31-Jan-2012 - Grain processing giant Archer Daniels Midland (ADM) has seen its second quarter profit shrink 89% on higher corn costs and lower oilseed earnings, although sales have grown, the company said on Tuesday.

Coupon use is now ‘a way of life’: Report

30-Jan-2012 - Coupon use continued to increase in 2011 as money-saving habits adopted during the recession have become a way of life for many Americans, according to media and marketing services company Valassis.

MA governor proposes taxing soda and candy

30-Jan-2012 - Massachusetts governor Deval Patrick has proposed eliminating a sales tax exemption on soda and candy in the state as part of the state’s 2013 budget, and plough extra taxes raised into public health programs.

Naturex introduces fruit- and vegetable-derived colors in the US

27-Jan-2012 - Natural extracts manufacturer Naturex has introduced a new range of fruit and vegetable-derived colors in the United States, as part of its NAT color range.

Danisco acquisition provides bright spot for DuPont in 2011

25-Jan-2012 - DuPont benefited from last year’s acquisition of Danish specialty food ingredient company Danisco in the fourth quarter of 2011, as revenue more than doubled in its nutrition and health business – although the chemical group’s overall profit fell slightly.

Kraft to cut 1,600 jobs in preparation for company split

18-Jan-2012 - Kraft Foods has said it will cut about 1,600 jobs from its US and Canadian workforce over the next 12 months, as it prepares to split into two separate companies.

Ralcorp board approves Post cereals spin-off

18-Jan-2012 - Ralcorp has outlined the shape of the company after it spins off its Post cereals business, four years after it bought the maker of Grape-Nuts, Raisin Bran and Honey Bunches of Oats from Kraft Foods for $1.65bn.

Hostess financial woes due to 'ineffective executives', says union leader

13-Jan-2012 - A major bakery workers union has hit out against Hostess Brands for its assertion that pensions obligations were a principal reason for its Chapter 11 bankruptcy filing, blaming 'ineffective executives' instead.

ADM to slash 1,000 jobs

12-Jan-2012 - Archer Daniels Midland (ADM) intends to cut 1,000 jobs, or about 3% of its global workforce, as part of an effort to save about $100m a year, the company said on Wednesday.

Imperial Sugar loss widens, shares fall to year-low

11-Jan-2012 - Imperial Sugar’s share price slumped to a 52-week low on Wednesday, after it reported a wider net loss in the fourth quarter and missed analyst expectations by $1.84.

Twinkies maker Hostess Brands files for bankruptcy

11-Jan-2012 - Wonder bread and Twinkies maker Hostess Brands has filed for Chapter 11 bankruptcy to allow it to restructure, but does not expect to stop producing or delivering any of its products during the process, the company said on Wednesday.

Cargill reports third consecutive quarter of squeezed margins, profits plunge 88%

10-Jan-2012 - Cargill has reported an 88% drop in profits in the second quarter, as volatile financial markets hit its commodity-based trading and asset management businesses.

USDA to shut 259 offices in cost-saving initiative

10-Jan-2012 - The US Department of Agriculture (USDA) said on Monday it intends to close 259 offices, facilities and laboratories across the United States, as part of an effort to save about $150m a year in the agency’s $145bn budget.

US dairy sector beat fiscal doldrums in 2010, IDFA

03-Jan-2012 - 2010 world dairy market prices recovered from lows caused by the world financial crisis the year before, according to a new report from the US-based International Dairy Foods Association (IDFA).

General Mills looks to China as profits slump 28%

21-Dec-2011 - General Mills profits fell 27.5% in its second quarter results as the company said it was eyeing investment in China to improve its fortunes.

ConAgra squeezed by higher food costs, but beats expectations

20-Dec-2011 - Food manufacturer ConAgra Foods has reported a 14% drop in its second-quarter profits, under pressure from higher food commodity costs, despite increased sales.

Diamond shares fall to two-year low on news of SEC probe

16-Dec-2011 - Diamond Foods shares fell to their lowest level in two years on Thursday, after the company said it had received a formal order of investigation from the US Securities and Exchange Commission (SEC) regarding the accounting of its payments to walnut growers.