Catching up after IFT
It is estimated that it costs $234,900 to raise a child from birth through 17, compared to $25,000 in 1960, reports ABC News. Then they go off to college (hopefully on scholarships) and then move back in with you ... A landmark decision by the Supreme Court upholds most of President Obama's Health Care Law. In 2001, the average annual medical cost for a family of four with insurance was $8,414. This year, the average is $20,728, reports CBS Sunday Morning ... Sara Lee Corp. completed a split into two companies, Hillshire Brands Co. focused on meat and D.E. Master Blenders 1753 in Europe and devoted to coffee and tea. "We envision making Hillshire Brands Co. the most innovative meat-centric food company in the U.S.," says CEO Sean Connolly ... Sally Grimes will join Hillshire Brands as chief innovation officer on July 9, 2012 ... Will the smaller companies be good takeover targets? Only time will tell ... Anheuser-Busch Inbev's deal to swallow the half of Grupo Modelo it doesn't already own for $20.1 billion means a change in the ownership structure at Crown Imports, reports the Chicago Tribune. A-B InBev, owns Budweiser and Stella Artois, and Modelo owns Corona Extra. Modelo will sell its 50 percent stake in Crown Imports to Constellation Brands for $1.85 billion ... This past spring a chef, a meat scientist and a food researcher revealed a new cut of steak, dubbed the Vegas Strip Steak, which they claimed was so innovative they are now seeking to patent it, reports Slate. Although food patents have been around for hundreds of years and cover everything from salt to inkjet sushi, it's unclear whether this new cut of steak has the necessary qualifications to receive a patent ... Speaking of patents, Kraft Foods has filed for an international patent on a process designed to make a better-quality low-calorie chocolate product with a longer shelf life, using a structured liquid mix to replace sugar and fat, reports ConfectioneryNews.com (France). The application claims the process creates a product that better imitates the flavor, texture and mouthfeel of full-calorie chocolate ... The Hershey Co. hopes to reach $10 billion in net sales by 2017 behind acquisitions and brand growth from its Hershey's, Reese's, Hershey's Kisses, Jolly Rancher and Ice Breakers brands, reports Food Business News. The company had net sales of $6.1 billion in fiscal 2011. "Our organization is energized and believes in the potential and capabilities of our people, brands and processes," said John P. Bilbrey, president and CEO. "In addition, our solid operating cash flow and the strength of our balance sheet enable us to participate in value-enhancing strategic acquisitions. While acquisitions are difficult to predict, combined with solid organic growth, we have aspirational goals of reaching $10 billion in net sales by the end of 2017. I'm optimistic and excited about our future. We are focused and know what we need to do to succeed. We have strong plans in place that will enable us to win wherever we compete." ... Nestlé Crunch Girl Scout Candy Bars, were designated "the world's most valuable candy bars" by Heritage Auctions, the world's largest auction house of collectibles. Having officially authenticated the first set of the three limited edition Nestlé Crunch Girl Scout Candy Bars, Heritage Auctions appraised the bars at $500, an amount almost 200 times greater than the bars' suggested retail price -- making them the most valuable candy bars currently in existence. They were sold for $650, with proceeds benefiting the Girl Scouts of Greater Los Angeles ... Claudio Colzani, a 28-year-veteran of Unilever P.L.C., has been named CEO of the Parma, Italy-based Barilla Group, effective Oct. 1. He succeeds Massimo Potenza ... W.L. Hutton, previously vice-president and general manager of PepsiAmericas Inc., Poland/Baltics, was named president of Consumer Foods International at ConAgra Foods Inc. He will lead the company's Consumer Foods International business and develop strategies that align with the company's goal to double its international business ... Vince Macciocchi, most recently the senior vice president of sales, Givaudan Flavors North America, is the new COO at Wild Flavors Inc ... MediaPost started seeing Twitter posts tagged with #YOLO a few months ago. YOLO stands for "you only live once," and it is Millennials' response to the hand they've been dealt coming of age during a recession. It means that when they blow off a class to enjoy a sunny afternoon or stay out late with friends the night before a job interview, they're doing so because they want to savor the awesome experiences that come their way and dismiss the guilt they feel about it. Staring down an uncertain future and constant challenges, they're choosing to live in the moment.