Molson Coors Brewing Co. said Thursday its fourth-quarter net income dropped 65 percent, hurt by a higher tax rate and tough comparisons to an exceptionally strong year-ago period. For the quarter ended Dec. 29, Molson Coors earned $60 million, or 33 cents per share, down from $173.2 million, or 95 cents per share, in the same quarter the year before.
The $23.3 billion H.J. Heinz Co. deal announced Thursday would be the biggest deal in the food industry when debt is excluded from the total. The rankings from data provider Dealogic also exclude spinoffs and beverage companies. Here are the top five food company deals.
No one's trying to take away supertanker-sized soda drinks in Mississippi, but state lawmakers passed a bill Wednesday to make sure they never do. House Bill 1182 would prohibit counties and cities from creating food regulations such as requiring nutritional labeling at restaurants, banning junk foods and keeping toys out of meals.
PepsiCo's net income rose 17 percent in the fourth quarter as it raised prices and sold more of its snacks and drinks around the world. The company's earnings and revenue beat analysts' estimates. It also provided an annual earnings outlook in line with Wall Street expectations and raised its quarterly dividend by 5.6 percent.
British food safety officials say six horse carcasses that tested positive for the equine drug bute may have entered the human food chain in France. The Food Standards Agency says eight out of 206 horses it checked tested positive for bute, an equine painkiller and anti-inflammatory. It said of those eight, six — all slaughtered by a firm in southwest England — were sent to France and "may have entered the food chain."
Shares of Mondelez International Inc. dropped in after-hours trading Wednesday after the maker Oreo, Cadbury and Nabisco said sales didn't grow as strongly as Wall Street expected. After splitting from Kraft Foods last year, the company also says it expects 2013 revenue growth to be in the low range of its long-term growth target of 5 to 7 percent.
Officials in Oslo say that processed food products have been recalled from stores in Norway after warnings from the European Union that they may contain horsemeat. Norwegian Food Safety Authority spokesman Kenneth Vikse said Wednesday that leading store chains, Findus and other producers had recalled all such possible products.
Scientists in Zimbabwe say a fresh water crayfish brought from Australia is breeding out of control in the northern Lake Kariba, devouring the food sources of other fish and putting the nation's entire aquatic ecosystem at risk. Officials at the Zimbabwe University lakeshore research station say the red claw crayfish, introduced a decade ago for a fish farming project, has no natural predators in the wild.
Dr. Pepper Snapple Group Inc. said Wednesday that its fourth-quarter net income edged up 2 percent, bolstered by higher prices. But its performance missed Wall Street's expectations, and its 2013 earnings forecast fell short of analysts' estimates. The soft drink company's stock dropped more than 5 percent in morning trading.
The French government pinned the bulk of the blame on a French wholesaler at the heart of a growing scandal in Europe. Police in the U.K., meanwhile, announced the arrests of three men on suspicion of fraud at two meat plants inspected earlier this week by the country's Food Standards Agency.
Political artist Kaya Mar poses for photographs with his horsemeat scandal painting which depicts French President, Francois Hollande, and British Prime Minister, David Cameron, in London, Wednesday, Feb. 13, 2013. British authorities on Tuesday raided a slaughterhouse and a meat processing company suspected of selling horsemeat labeled as beef for kebabs and burgers.
International Innovative Technologies Ltd. (IIT), the UK-based manufacturer of patented milling and fine grinding technology, has appointed The Fitzpatrick Company, a business unit of IDEX Corporation, as its exclusive distributor for the Americas.
Anheuser-Bush InBev changed the terms of its proposed $20.1 billion acquisition of Mexican brewer Grupo Modelo Thursday in an attempt to push through a deal that federal regulators say will kill competition. AB InBev is willing to sell Modelo's Piedras Negras brewery and give perpetual rights for Corona and the Modelo brands in the U.S. to Constellation for $2.9 billion, the company said Thursday.
Nestle SA, the world's biggest food and drinks maker, predicted another challenging year ahead but overcame tough global economic conditions to post a full-year net profit Thursday of 10.6 billion Swiss francs ($11.55 billion) for 2012. With 330,000 employees worldwide and 461 factories in 83 countries, Nestle is a major buyer of food commodities such as wheat, sugar, milk and coffee.
European Union nations on Wednesday called for more intensive testing for a month to try to contain the scandal in which horsemeat was sold as beef. The emergency meeting at EU headquarters included nations most affected by the horsemeat scandal that has swept through Europe, with millions of burgers and frozen meals recalled across the continent.
Monster Beverage Corp. is changing the labeling on its cans so that its energy drinks will no longer be considered dietary supplements, a move that changes the federal guidelines the drinks must follow. Monster's CEO told the industry tracker Beverage Digest that the cans will now list "Nutrition Facts" rather than "Supplement Facts," as well as disclosing caffeine content.
Scientists wondering why some children and not others survived one of China's worst food safety scandals have uncovered a suspect: germs that live in the gut. In 2008, at least six babies died and 300,000 became sick after being fed infant formula that had been deliberately and illegally tainted with the industrial chemical melamine.
There's good news to report for the casual-dining segment: customer enthusiasm is up. But the other side of the coin shows that new challenges are emerging for casual-dining operators as the lines continue to blur between limited-service fast-casual restaurants and full-service casual-dining chains.
Billionaire Warren Buffet's Berkshire Hathaway, along with 3G Capital, will acquire Heinz in a $23.3 billion dollar deal, netting Heinz shareholders $72.50 per share of common stock. The deal is expected to close in the third quarter of this year.
The state Senate judiciary committee has pushed forward a proposal to add a fee to sugary beverages in Hawaii. The judiciary committee's vote Tuesday came just a day after the Senate health committee approved the same bill. Gov. Neil Abercrombie says the fee is an important way to fight obesity.