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A federal judge rejected Kraft Foods’ bid to force Starbucks Corp to keep using Kraft to distribute packaged coffee to supermarkets in North America and Europe, a decision that allows Starbucks to move ahead with a new partner.
In a ruling from the bench, U.S. District Judge Cathy Seibel in White Plains, New York, on Friday also noted that Starbucks could end up owing Kraft “a boatload of money” if an arbitrator decided the coffee chain breached a 1998 agreement with Kraft. Get the full story »
Sara Lee desserts in a grocer's freezer. (AP)
Downers Grove-based food maker Sara Lee announced Friday that it will divide itself two publicly-traded companies. The plan, which has been approved by Sara Lee’s board, divides the company into North American and European divisions. One company will focus on North American grocery and supplying products to the restaurant industry, and the other on European coffee, tea and bread.
In a call with investors, Marcel Smits, the company’s newly-appointed CEO, acknowledged that Sara Lee had received “unsolicited interest” in buying the company. He said that after a rigorous review, the company’s board determined that splitting the company was in shareholders’ best interest, adding that the individual companies are likely to do better on their own.
Sara Lee will issue a $3 special dividend to shareholders as part of the split. Get the full story »
Sara Lee Corp. will hold a webcast Friday morning to provide an update on “strategic initiatives.”
The Downers Grove-based company has been the subject of rampant sale and breakup rumors since the fall that have reached a fever pitch this week. Get the full story »
Infant formula maker Mead Johnson Nutrition Co. said Thursday that its profit climbed 56 percent in the fourth quarter as sales in Asia and Latin America continued to improve. But its forecast for 2011 was short of Wall Street estimates.
The maker of Enfamil said its net income rose to $99.6 million, or 48 cents per share, in the last three months of 2010 from $64 million, or 31 cents per share, a year earlier. Get the full story »
Stock in Downers Grove-based Sara Lee Corp. took a dive Wednesday amid uncertainty about the company’s future. It closed down 5.7 percent, to $18.52.
Investors have been lifting the stock to 52-week highs since early December on reports that the company is likely to be broken up or sold. Get the full story »
Sara Lee Corp. has rejected a takeover offer valued between $18.70 and $20 a share from a private equity group led by Apollo Global Management LP, a source familiar with the situation said Wednesday.
Sara Lee has been weighing splitting up the company into separate meat and beverage units, or accepting a takeover offer. Sara Lee’s board was scheduled to meet Wednesday and Thursday to weigh its options, a source previously told Reuters. Get the full story »
Minneapolis-based SuperValu Inc. confirmed Tuesday that it will close a Jewel-Osco at 6057 S. Western Ave. next month. A Jewel spokeswoman said no further closure announcements are expected at the chain. The store’s 130 employees will be offered positions at other Jewel stores.
In a statement, the company said that “the decision to close a store is always difficult,” but in a challenging environment, the move “will strengthen Jewel-Osco’s overall business.” Get the full story »
Brazilian beef processor JBS has made a verbal buyout offer for Sara Lee Corp. and is expected to submit a written proposal in the coming day, two sources familiar with the situation said.
JBS made its verbal overture on Monday evening, the sources said. The terms of the offer were not immediately available. Get the full story »
Nutrition labeling is coming to the front of packaged foods. (AP)
A coalition of food and beverage manufacturers and retailers announced a plan to help consumers identify healthier choices in the grocery aisle.
Called “Nutrition Keys,” the program led by the Grocery Manufacturers Association will place pertinent calorie, fat, sodium and sugar information on the front of packages.
Developed in response to a request from First Lady Michelle Obama nearly a year ago, it also will call out products that contain under-consumed nutrients including potassium, fiber or vitamin C.
The Nutrition Keys logo will appear on products deemed to fit within a “balanced and healthy diet as part of the federal government’s daily dietary advice.
“Front-of-pack labels have become important in recent years, as experts acknowledge that few shoppers read the information panels on the back of foods.
Get the full story »
Crain’s Chicago Business | Shares in Sara Lee hit a 52-week high Friday on talk that the food company could be sold soon.
Anheuser-Busch said Friday it will feature five commercials in the broadcast of the 2011 Super Bowl.
The brewer also announced that it will be the exclusive beer advertiser for the Super Bowl for the 23rd consecutive year. Get the full story »
A group of companies led by Brazilian beef processor JBS has arranged a financing package to bid for all or parts of Sara Lee Corp. , a source with direct knowledge of the situation told Reuters Thursday.
The group won commitments from international banks for loans and could tap equity markets to complete the funding package, said the source, who declined to be cited by name. Get the full story »
Wal-Mart on Thursday unveiled a five-year plan to sell more nutritional food at a Washington news conference that included First Lady Michelle Obama.
The plan includes reducing sodium by 25 percent in grain products, lunch meats, salad dressing and frozen food. Get the full story »
