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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.
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.
ADM announces plan for 20% more job cuts
Grain processing giant Archer Daniels Midland (ADM) has said it will lay off about 20% more employees than previously announced, bringing the total number to about 1,200 or 4% of its global workforce.
IFF profits slump 56% on ‘unprecedented’ raw material costs
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...
Q4 net profit soars 83% at Corn Products International
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
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
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.
Florida bill to prohibit “junk” SNAP food purchases passes committee
A Florida State Senate Committee has passed a bill intended to restrict purchases of certain foods under nutrition assistance programs, such as Food Stamps, or SNAP (Supplementary Nutrition Assistance Program).
ADM profits shrink 89% on higher corn costs
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...
Naturex introduces fruit- and vegetable-derived colors in the US
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
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...
Kraft to cut 1,600 jobs in preparation for company split
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
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...
Hostess financial woes due to 'ineffective executives', says union leader
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
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
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
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...
Cargill reports third consecutive quarter of squeezed margins, profits plunge 88%
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.
Distributor Batory Foods acquires Mac & Massey
Food and ingredients distributor Batory Foods has acquired Atlanta, Georgia based ingredient broker and distributor Mac & Massey for an undisclosed sum, although the company is calling it the largest...
US dairy sector beat fiscal doldrums in 2010, IDFA
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).
ConAgra squeezed by higher food costs, but beats expectations
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
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...
'Not about tree-hugging': Sustainability is simply good for business
Companies should be concerned about their environmental sustainability - but it has more to do with ensuring profitability than it does with saving the planet, according to president of Bluehorse...
Hershey to acquire Canadian confectionery firm Brookside Foods
The Hershey Company has said it will acquire Canadian confectionery firm Brookside Foods for an undisclosed sum.
Cargill to cut 2,000 jobs from global workforce
Cargill has said it will cut 2,000 employees from its global workforce over the next six months, citing a continued weak economy.
Special edition: Dealing with higher commodity costs
‘Inflationary pressures have reached their worst’: USDA economist
“I think it’s safe to say that inflationary pressures have reached their worst,” claims research economist Ricky Volpe of the USDA’s Economic Research Service, in an interview with FoodNavigator-USA....
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