Reuters — Tyson Foods disclosed on Monday it has received a subpoena from the U.S. Securities and Exchange Commission following allegations it conspired with rivals for years to fix chicken prices. The chicken sector, which is dominated by a handful of large meat companies, has come under increased scrutiny over the past year as customers […] Read more
Tyson reveals subpoena linked to alleged price fixing
McDonald’s sales beat as all-day breakfast a hit
Reuters — McDonald’s Corp. reported better-than-expected quarterly same-restaurant sales as the launch of all-day breakfasts proved to be a hit with diners in the U.S. and demand continued to recover in China. The world’s biggest restaurant chain’s shares jumped 3.4 per cent in premarket trading on Monday. McDonald’s introduced all-day breakfasts in October in the […] Read more
ConAgra to cut 1,500 jobs, shift base to Chicago from Omaha
Reuters — ConAgra Foods said it would cut about 1,500 jobs and move its headquarters to Chicago from Omaha as part of a plan to save at least US$300 million in three years. The maker of Chef Boyardee pasta and Healthy Choice dinners is under pressure to cut costs and accelerate growth as consumers shift […] Read more
ConAgra Foods to exit struggling private label business
Reuters — ConAgra Foods, the maker of Slim Jim beef jerky and Chef Boyardee pasta, said it planned to exit its struggling private label foods business as it seeks to boost profit margins and focus on its faster growing consumer foods segment. ConAgra CEO Sean Connolly, who joined in April, said on the company’s earnings […] Read more
Kraft to combine with Heinz in deal led by 3G, Buffett
Reuters — Ketchup maker H.J. Heinz, owned by 3G Capital and Warren Buffett’s Berkshire Hathaway, is acquiring a majority stake in Kraft Foods Group to create the third-largest North American food company, executives said on Wednesday. Shares of Kraft — which operates 35 plants in Canada, the U.S. and Puerto Rico — were up more […] Read more
Cutrale-Safra wins takeover battle for fruit producer Chiquita
Sao Paulo | Reuters — Chiquita Brands International agreed on Monday to a US$682 million takeover by Brazilian juice maker Grupo Cutrale and investment firm Safra Group, with the U.S.-based banana producer going private early next year at the latest. The acquisition is a victory for Brazilian-Lebanese financier Joseph Safra and orange juice baron Jose […] Read more
Cyber-Savvy Farmer
