Acquisition fever

Nestle is believed to be interested in acquiring the formula milk powder division of Wyeth, a subsidiary of pharmaceutical company Pfizer. This acquisition could help Nestle to regain momentum in China's formula milk powder segment, reports Bloomberg ... Sara Lee Corp. has signed an agreement to sell its North American Refrigerated Dough business to Ralcorp Frozen Bakery Products, Inc. a division of Ralcorp Holdings Inc. for $545 million. The transaction is anticipated to close by the end of calendar year 2012. Sara Lee's North American Refrigerated Dough business employs approximately 700 people and includes manufacturing facilities in Forest Park, Ga. and Carrollton, Tex. The business generated revenues in excess of $300 million in fiscal 2010 ... Last month, Nestle agreed to acquire a 60 percent stake in Singapore-based confectionery company Hsu Fu Chi International for $1.66 billion to boost its growth in the country. The deal is yet to receive approval from Chinese regulators ... Smart Balance is gaining positive attention from Wall Street after it purchased Glutino Food Group, a maker of gluten-free food, reports Forbes ... Sunsweet Growers Inc. acquired Function Drinks, a Southern California company known for its line of innovative, dietary supplement beverages. The acquisition is part of Sunsweet's ongoing initiative to leverage its unique set of skills and resources to help emerging beverage brands break through to mainstream success. In conjunction with the transaction, Sunsweet formed a wholly owned subsidiary named Disruptive Beverages Inc (DBI) ... The Hershey Co. has set a sale price of nearly $58 million for part of its century-old original chocolate factory, reports The Philadelphia Inquirer/Associated Press. The confectioner, which moved chocolate production to a new facility, intends to lease back part of the building for its corporate offices ... Rumor is that DuPont and Bunge may be looking to sell their Solae, joint venture business, reports Bloomberg ... Seneca Foods Corp. and Allens Inc. announced plans to merge the two companies in a stock-for-stock transaction. Terms were not disclosed. Seneca Foods is a processor of canned fruits and vegetables with manufacturing facilities located throughout the U.S. Its products are sold under the Libby's, Aunt Nellie's Farm Kitchen, Stokely's, READ, Seneca Farms and Seneca labels as well as through the private label and industrial markets. In addition, under an alliance with General Mills Operations, L.L.C. a successor to the Pillsbury Co. and a subsidiary of General Mills Inc., Seneca produces canned and frozen vegetables that are sold by General Mills Operations L.L.C. under the Green Giant label. Privately held Allens Inc. is a processor of canned and frozen vegetables. Its product suite is sold via branded and private label items to the retail, food service and industrial markets. Key brands include Allens, Veg-All, Fresh Like, Popeye, Trappeys, Sugary Sam and Princella.

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