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Mergers & Acquisitions
Dupont & Co. and General Mills Inc. in February sold their soy milk company, 8th Continent LLC, to Stremicks Heritage Foods for an undisclosed amount. DuPont and General Mills in 2000 established 8th Continent using DuPont's soy technology and General Mills' merchandising and distribution. Each company owned half the partnership. 8th Continent will continue to buy soy protein from Solae, which is majority-owned by DuPont.
Mitsui Foods International of Japan in January bought San-Rallo Pasta Co., Dover, N.J., for an undisclosed sum. San-Rallo makes frozen pasta and Italian specialties; a manufacturing plant is included in the sale. Chris Sanzone, San-Rallo's founder and CEO said “the entire management team and I will remain in place.” It will become part of Mitsui Foods USA, headquartered in Norwood, N.J.
Shearer’s Foods Inc., a Brewster, Ohio, maker of co-packed and private label seasoned snack foods including kettle chips, was bought by Mistral Equity Partners, New York. Shearer’s management team, headed by CEO Robert Shearer, will continue in their current positions and will be investors in the transaction.
Campbell Soup Co. sold its Godiva Chocolatier unit to Yildiz Holding of Turkey for $850 million. The Belgian chocolate maker had annual sales of $500 million. Media reports said the Godiva sale approximated an auction, with Hershey, Wm. Wrigley Jr. Co., Starbucks and several private equity firms interested. Campbell, Camden. N.J., acquired Godiva in 1967 and built into a worldwide power brand, but decided to sell it to focus on its traditional business of soups and snacks. Godiva will become part of the Ulker Group, which is owned by Yildiz.
PepsiCo Stock Hits 32-Year High, but Why?
Decent first quarter but also investment firms buys a big stake.
Happy Family Bought by Groupe Danone
Dannon parent acquires 92 percent of seven-year-old toddler food company.
Anuga 2013: A Taste of Global Innovations Set to Take Place October 5-9
The huge global food show will be October 5-9 in Cologne, Germany.
Vermont Passes Genetic Labeling Bill
The Vermont House of Representatives approved H.112 on May 10. The bill will go to the senate next in fall 2013. If passed, the earliest the act could become law is January 2014.
GMO Labeling Effort Reaches Washington
Senate and House bills would require the FDA to develop regulations for the labeling of food containing bioengineered ingredients.
Burger King CEO To Take Over at Heinz
Bernardo Hees of 3G Capital is new CEO of Pittsburgh acquisition.
The New Hostess Company Resumes Operations
The Metropolous-Apollo-controlled company plans to reopen four plants and hire workers, but not union labor.
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$10 Billion Offer for D.E Master Blenders 1753
Former part of Sara Lee eyed by European fund Joh. A. Benckiser.
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