Keeping up with the news

PepsiCo Inc. shareholders stand to reap a 49 percent gain if CEO Indra Nooyi splits the soft drinks business from snack foods, joining a wave of breakups from Kraft Foods Inc. to Tyco International Ltd., reports Bloomberg. PepsiCo has created two new groups to market snacks and drinks together and guide snack innovation. The Power of One - Americas Council and the Global Snacks Group will both be run by John Compton, who will retain his role as PepsiCo Americas Foods CEO. "I'm sure Pepsi's facing some pressure," given Coca- Cola's stock outperformance, said Jack Russo, an analyst for Edward Jones in St. Louis. "You through these cycles where you build empires and you break them apart. We're going through a cycle where the investment bankers are convincing companies smaller is better and the sum of the parts is worth more than the whole." ...

Ireland-based Kerry Group confirmed that it has entered into an agreement to acquire Cargill's global flavors business with annual revenues of approximately $200 million, for $230 million subject to closing adjustments

The Wm. Wrigley Jr. Co. sold the Wrigley Building, an iconic Chicago skyscraper, to the Chicago-based investment firm of BDT Capital Partners. Groupon co-founders Brad Keywell and Eric Lefkofsky and Zeller Realty Group are minority partners in the deal. The buyers are seeking landmark status for the 90-year-old building

The board of directors of Ralcorp Holdings Inc. once again has rejected the offer by ConAgra Foods Inc. to acquire the company for $94 per share in cash. Noting that Ralcorp's board "carefully considered" ConAgra's bid with the assistance of the company's financial and legal advisors, the board said it determined not to enter into negotiations with ConAgra

McCormick & Company Inc. has created the new position of Chief Science Officer on its leadership team, emphasizing the company's business commitment to, and relentless focus on, flavor innovation and inspiring healthy choices. Dr. Hamed Faridi, a renowned food scientist and researcher and 14-year veteran of McCormick, assumes this role. Dr. Faridi leads McCormick's research and development function, which includes a global team of 400 scientists and flavorists responsible for research, product development and technical services to support McCormick's customers worldwide. He oversees McCormick's state-of-the-art U.S. Technical Innovation Center (TIC) as well as 12 strategically located, high-performing technical facilities around the globe. Dr. Faridi was the visionary and impetus for the development of The McCormick Science Institute (MSI), an independent research organization dedicated to advancing the scientific understanding of the potential health and wellness attributes of culinary spices and herbs. Dr. Faridi will continue to lead the MSI as the Chief Science Officer

FMI created the job of vice president of private brands and tapped Joe McKie, former vice president of own brands at Winn-Dixie Stores, reports Supermarket News

Werther's Original, Riesen and Mamba brands from Storck International are now being sold in 2.1-ounce bags from vending machines, reports Vending Times

Procter & Gamble created a "guy aisle" at a CVS/pharmacy store in Charlotte, N.C., with men's grooming products from brands including Old Spice and Gillette, reports Drug Store News. The company recently created a "men's zone" at select H.E. Butt Grocery stores, with about 530 men's products from P&G. Why not a men's snack aisle?

Researchers in Australia are developing strawberries that taste like bubble gum, reports ABC (Australia). "We want to design strawberries for what the consumer wants," said an official with the Department of Employment, Economic Development and Innovation, who added the strawberries, are still several years away from being available at retail.