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Trends > Food finance
Food finance
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.
General Mills CEO: ‘It’s been a challenging year for the food industry’
While US food heavyweight General Mills reported a 12% rise in sales for the 2012 fiscal year ending May 27, it said growth had been constrained by cost pressures in...
Confectionery industry heartened by close sugar program vote
The candy industry and sugar growers are both claiming at least a partial victory after the US Senate voted 50-46 to shelve an amendment to the 2012 Farm Bill that...
Diamond Foods faces Nasdaq delisting as it misses filing deadline
Diamond Foods expects to receive a delisting letter from Nasdaq for failing to meet today’s deadline for filing financial reports, the company has said.
Nutrition advocates urge Congress to turn farm bill into ‘healthier food bill’
The Environmental Working Group (EWG) and about 70 food and nutrition experts have urged Congress to turn the 2012 Farm Bill into a ‘healthier food bill’ – by cutting crop...
Flowers Foods to buy Lepage Bakeries in $370m deal
Just days after its CEO told analysts his firm was in “great shape” to do more deals , Flowers Foods has announced plans to expand its bakery empire in the Northeast...
General Mills agrees to buy Brazilian food maker Yoki
General Mills has agreed to buy Brazilian food maker Yoki Alimentos for 1.95bn reais (about $853m) in a move it says could double its annual sales in Latin America.
Diamond Foods secures $225m investment
Diamond Foods has secured $225m of funding as it looks to reestablish itself in the walnut industry and grow its business, in a deal that could see investment firm Oaktree...
General Mills to cut 850 jobs in cost savings plan
General Mills intends to cut 850 jobs globally as part of a cost savings plan, the company said Tuesday.
Campbell’s fails to heat up soup sales as profit slips 5%
The Campbell Soup Company saw its profit fall 5.4% on declining soup volumes and higher costs in the third quarter, although sales in its US beverages and snacking segments were up.
Judge denies Hostess’ bid to reject Teamsters contracts
Bankruptcy Judge Robert Drain has denied Hostess Brands’ bid to scrap labor contracts for members of its largest union, the Teamsters, in a move that leaves Hostess having to rethink...
Imperial Sugar reports $6.5m loss in Q2
Imperial Sugar Company reported a net loss of $6.5m in the second quarter, compared to a net profit of $4.2m in the prior year period, while net sales were up 5.6%.
Food grade alcohol and ingredients boost MGPI sales
MGP Ingredients (MGPI) reported a 34% increase in sales in the first quarter of 2012, led by food grade alcohol and better results in its food ingredients segment.
High raw material costs continue to weigh on IFF in Q1
High raw material costs continued to impact International Flavors and Fragrances (IFF) in the first quarter, as it reported a 4% decline in net profit, the company reported on Wednesday.
Higher prices boost Kraft profit in Q1
Kraft Foods reported a 1.8% increase in first quarter profit after it raised prices for its products around the world and increased sales of its ‘power’ brands, particularly in developing markets.
GLG Life Tech receives cease trade order
Stevia supplier GLG Life Tech has stopped trading on the Toronto Stock Exchange after it received a full cease trade order from the British Columbia Securities Commission, due to delayed...
Chr Hansen shares jump 9% on strong H1 profits
First half EBIT profits for 2011-12 surged 19% to €83m at Chr Hansen as it shrugged off the effects of severe fluctuations in the price of red colorant carmine, and...
DuPont profit climbs on higher prices and agriculture sales
DuPont posted higher profits and revenue for the first quarter of 2012, citing higher prices and increased sales in developing markets, as well as continuing benefit from last year’s acquisition...
News in brief
JM Smucker enters Chinese market with oat products investment
Jif peanut butter and Folgers coffee maker JM Smucker has taken an “exciting first step” in its bid to develop a meaningful presence in China with the acquisition of a...
Viterra confirms exclusive acquisition talks
Canadian agribusiness firm Viterra has confirmed it is in exclusive discussions with a third party about a possible sale, after trading of its shares was halted on the Toronto stock...
Viterra sets up sales process following potential buyer rumors
Canadian agribusiness firm Viterra has set up a process to review potential bids, but has warned it cannot guarantee that a deal will result, the company said on Thursday.
Ralcorp receives negative outlook from ratings agency
US-based cereal and snacks firm Ralcorp has received a negative outlook from credit agency Standard & Poor’s (S&P) as it struggles to limit its debts.
Hostess appoints new CEO to lead it out of bankruptcy
Beleaguered Twinkies and Wonder Bread maker Hostess Brands has appointed Gregory Rayburn as CEO to lead it out of Chapter 11 bankruptcy, replacing Brian Driscoll, whose resignation was effective on Friday.
Post Q1 profits down 45% on lower cereal sales
Higher raw material costs and lower cereal sales saw first quarter profits at Post Holdings fall 45%, as it reported its earnings results for the first time since its spin-off...
Imperial to sell Wholesome Sweeteners stake to boost liquidity
Imperial Sugar Company has agreed to sell its 50% stake in Wholesome Sweeteners for around $55m-$60m.
SunOpta reports Q4 loss, following job cuts announcement
Canadian natural and organics group SunOpta has reported a net loss in the fourth quarter on charges related to some of its assets and inventories.
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