Catching up with the news

Approved by more than 90 percent of shareholders who voted, Kraft Foods Inc.'s name will be changed to Mondelez International Inc. The new name will become effective at the time of the planned spin-off of the company's North American grocery business. Kraft Foods Inc. is dividing to create two industry-leading public companies: a high-growth global snacks business (Mondelez International Inc.) and a high-margin North American grocery business (Kraft Foods Group, Inc.). Chairman and CEO Irene Rosenfeld reinforced that Mondelez International will become the new name of the corporation, not a consumer brand, and will serve as an umbrella for the company's many iconic product brands, including Cadbury, Jacobs, LU, Milka, Nabisco, Oreo, Tang and Trident. The company has also reserved the symbol MDLZ for the company's common stock, which will trade under this new symbol after the spin-off. Meanwhile, Kraft Foods Inc. announced that the U.S. Internal Revenue Service (IRS) has provided a favorable private letter ruling confirming the tax-free status of the planned spin-off of the company's North American grocery business and certain related internal reorganization transactions." "We remain firmly on-track to launch two industry-leading companies before the end of 2012," says Dave Brearton, executive vice president and CFO ...

Speaking of name changes, Corn Products International shareholders voted to change the company's name to Ingredion to better showcase its role as a global ingredients solutions company serving the food, beverage and brewing industries and numerous other industries worldwide. Business units in the U.S. will quickly move to register the name legally and begin doing business as Ingredion in early June. The rest of North America will follow later in 2012, with other countries and regions transitioning to the new name by the end of 2013. "We are thrilled to face the marketplace with a name that says 'ingredient solutions,'" says Ilene Gordon, chairman, president and CEO. "We're proud of our legacy in providing consistently high-quality ingredients to our many customers and helping them succeed in new realms with innovations they can get nowhere else. We will continue to build our expertise and ingredient solutions portfolio to help our customers address trends and compete better around the world." The name change is the culmination of Gordon's long-term growth strategy that included the acquisition of National Starch in 2010. The U.S. units making the name change in June include Corn Products U.S. and National Starch ...

General Mills acquired Parampara Food Products spice and sauce brands, which are made in Pune, India, and sold mainly in western India but also exported to Japan, Canada and the U.S, reports the Star Tribune. The purchase "strengthens our ability to help bring home-cooked meals to the family table and positions General Mills India for continued growth," says Vijay Sood, executive director of General Mills India ...

Dole Food Co., which has evolved from a Hawaiian pineapple purveyor into the world's largest producer of fresh fruit and vegetables, would now stand to reap almost 60 percent for shareholders by splitting itself up, reports Bloomberg. The Westlake Village, Calif.-based company said it was considering options including a breakup after its shares dropped by a third in the past year, the second-worst performance among North American food makers with market values larger than $500 million. Dole is now trading at a lower valuation relative to sales than 97 percent of the industry, according to data compiled by Bloomberg. Dole is considering separating or spinning off one or more of its businesses, among other options, says CEO David DeLorenzo, adding the company will be evaluating options for the packaged foods business in particular ...

Italian dairy company Parmalat has received approval of its board of directors for the acquisition of Lactalis American Group, which produces and distributes cheese and other dairy products in the U.S., reports Food Business Review. The acquisition is valued at $904 million ...

The Netherlands-based DSM has entered an agreement to acquire Ocean Nutrition Canada from Clearwater Fine Foods and funds managed by Richardson Capital in an all-cash transaction for approximately $531 million, reports Sosland Morning Brief. DSM says it expects the acquisition to be complementary to its acquisition of Martek in 2011 ...

Cargill has agreed to sell its juice cold blends and compounds unit to WILD Flavors, reports Beverage World. "This acquisition is a key step to continually grow a differentiated and integrated supply chain for juices to the benefit of our customers. Cargill's business will provide improved raw material access while strengthening our existing juice capabilities," says WILD CEO Michael Ponder ...

Brian J. Driscoll, most recently CEO of Hostess Brands, has joined Diamond Foods Inc. as president and CEO, succeeding Rick Wolford, a director who served as interim CEO.

 

 

 

 

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