News
Analyst Raises Earnings Forecast for Green Mountain
May 7, 2013 12:01 pm | CommentsStifel analyst Mark S. Astrachan upgraded his earnings estimates for Green Mountain Coffee Roasters Inc. Monday, despite an otherwise dim view of the company's prospects. The analyst said lower coffee costs should help Green Mountain in the near term, which will offset what he sees as weakening fundamentals at the coffee roaster.
Consumer Trends: American Strawberry Consumption Doubles
May 7, 2013 12:00 pm | CommentsMay is National Strawberry Month, a time when farmers and consumers alike celebrate the peak abundance of America's favorite fruit. Strawberries are a fond and familiar fare at any time of day. According to the U.S. Department of Food and Agriculture, Americans now consume twice as many strawberries as they did two decades ago.
Cargill Breaks Ground on $100M Investment in Indonesia
May 7, 2013 11:59 am | CommentsCargill broke ground today on a U.S. $100 million investment to construct a state-of-the-art cocoa processing facility in Gresik, in the East-Java region of Indonesia. Cargill stated that the new facility is to meet the growing demand amongst customers for cocoa products and to encourage the development of the Asian cocoa sector.
Coke Adding 25K Acres of Fla. Orange Groves
May 7, 2013 11:57 am | by TAMARA LUSH,Associated Press | CommentsThe Coca-Cola Co. says it is spending $2 billion to support the planting of 25,000 acres of new orange groves in Florida, a move officials are lauding as a major investment in the Sunshine State's citrus industry. The announcement is being made at a late-morning news conference at Coca-Cola's juice production plant in Auburndale.
Daily Sound Bite: Farmers Buckle Under Weight of Too Many Cranberries
May 7, 2013 10:09 am | CommentsAfter a record breaking cranberry harvest in Canada, many U.S. cranberry farmers who had invested expansions of their own bogs are facing financial troubles. The flood of cranberries on the market has driven down prices and left farmers unable to unload their crop.
FDA Announces Guide to Help Ensure Safe Seafood
May 7, 2013 9:47 am | CommentsFDA is announcing the availability of an updated guide designed to help ensure that raw oysters, clams, mussels, and scallops offered in the U.S. market are safe to eat. The guide, entitled the National Shellfish Sanitation Program Guide for the Control of Molluscan Shellfish: 2011 Revision, was developed by the Interstate Shellfish Sanitation Conference with FDA concurrence.
Cranberry Farmers Struggle with Surplus
May 7, 2013 9:44 am | by M.L. JOHNSON,Associated Press | CommentsGrowth in the cranberry industry has been slower than expected, as nations continue to struggle with the Great Recession and its aftermath, said Tom Lochner, executive director of the Wisconsin State Cranberry Growers Association. Growth of 2 percent to 3 percent overseas, coupled with flat demand in the U.S., left farmers with a huge excess of cranberries this fall after an unexpected jump in production in Canada, he said.
Survey: CFOs Optimistic and Focused on Growth
May 7, 2013 9:42 am | CommentsPrime Advantage announced the findings of its fifth annual Group CFO Survey, revealing financial projections and top concerns of its member companies’ CFOs in 2013. These CFOs remain optimistic about financial prospects and are focused on growth, as indicated by increased hiring, capital and R&D investments.
Ex-Kellogg’s Exec Takes Wendy’s CFO Position
May 7, 2013 9:38 am | CommentsThe Wendy's Co. on Monday named a former Kellogg's snacks division chief as the fast-food chain's chief financial officer. Todd Penegor, 47, will join Wendy's in June and will succeed Steve Hare, 59, as senior vice president and chief financial officer on Sept. 1.
Burmese Refugees Flock to Iowa Meatpacking Town
May 7, 2013 9:37 am | by RYAN J. FOLEY,Associated Press | CommentsAll told, about Chin 400 refugees have descended on Columbus Junction, and more are arriving by the week to reunite with friends and relatives and work grueling jobs for Tyson. Like other waves of immigrants, they were drawn to this poor, sparsely populated region of southeastern Iowa by the promise of jobs, good schools and welcoming people.
Photo of the Day: A Berry Bust
May 7, 2013 9:32 am | CommentsThe growers associations for Massachusetts and Wisconsin said Monday, May 6, 2013, that cranberry farmers who spent millions of dollars to replant and expand bogs are facing a financial crisis after a huge harvest in Canada flooded the market and sent prices plummeting.
New Holland Founder Crafts Book of Brews
May 6, 2013 12:43 pm | CommentsYou can now say New Holland Brewing Co. founder Brett VanderKamp wrote the book on craft brewing. It was 16 years ago that the Hope College graduate began making small batches of craft beer, according to The Holland Sentinel. Now, with co-author Greg Smith, VanderKamp has shared his microbrewery insights in a newly released book called "Art in Fermented Form: A Manifesto."
Manda Meat Products Return to Shelves After Recall
May 6, 2013 12:41 pm | CommentsManda Fine Meats' deli and specialty meat products are returning to store shelves this weekend. The Baton Rouge meat packing company said in a news release that it expects distribution to be near normal within a few weeks, The Advocate reported.
Tyson Cuts Revenue Forecast
May 6, 2013 12:39 pm | CommentsTyson Foods' second-quarter net income dropped 42 percent as it contended with additional feed costs in its chicken unit and reduced margins in its beef division. The company's biggest meat company cut its full-year revenue forecast. Shares fell 6 percent in premarket trading on Monday.
San Francisco City Attorney Sues Monster
May 6, 2013 12:37 pm | CommentsThe fight between Monster Beverage and San Francisco's city attorney is intensifying. The city attorney is filing a lawsuit accusing the energy drink maker of marketing to young children. City Attorney Dennis Herrera said Monday that Monster markets it highly caffeinated drinks to children as young as 6 years old, despite scientific findings that such products can cause health problems including severe cardiac events.
Turkey Group Refutes Consumer Reports Study
May 6, 2013 12:34 pm | CommentsIn its first-ever lab analysis of ground turkey products, Consumer Reports found potential disease-causing organisms in most of the samples it tested, many of which proved resistant to more than three antibiotic drug classes. Consumer Reports tested 257 samples purchased from stores nationwide. NTF refuted what it called numerous misleading claims, and challenged the methodology in the report.
Consumer Trends: Fresh Takes on Fruit
May 6, 2013 12:00 pm | CommentsBeloved, wholesome fruit is moving beyond its everyday snack and juice roles to inspire a host of new products that offer good health, flavor adventure or even an artisan experience. But beyond all the natural, nutritious and flavorful qualities of fruit, both its versatility and important cultural role make it a uniquely attractive vehicle for food and beverage advances on multiple fronts.
Daily Sound Bite: For the Love of Pig
May 6, 2013 11:22 am | CommentsA large-scale swine operation is opening in South Dakota, and many of the state's residents couldn't be happier. The 5,000-sow swine operation is owned by a group of investors and managed by Minnesota's Pipestone System. Rep. Kristi Noem applauds the new project as in keeping with the U.S. commitment to a domestic food supply.
Swine Operation To Open in South Dakota
May 6, 2013 9:37 am | CommentsA 5,000-sow swine operation that will produce about 125,000 pigs a year is set to open in southeastern South Dakota just south of Mount Vernon. Hundreds on Friday toured the Jackrabbit Family Farm facility, which will be populated with animals in about two weeks, the Mitchell Daily Republic reported.
Pearson Candy Acquires Bit-O-Honey from Nestle
May 6, 2013 9:36 am | CommentsBrynwood Partners VI L.P. announced that its portfolio company, Pearson Candy Company, has acquired the Bit-O-Honey confectionery brand from Nestle USA, Inc. The acquisition marks the fifth brand Brynwood Partners has acquired from Nestle. Terms and conditions of the transaction, which closed today, were not disclosed.
