| Business Briefs |
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| ConAgra Foods buys competing caramel corn maker
OMAHA, Neb. (AP) — ConAgra Foods Inc., the maker of Crunch ‘n Munch, has agreed to buy the maker of the competing candy-coated popcorn snack Fiddle Faddle.
ConAgra said Sept. 6 that it will buy privately held Lincoln Snacks, which makes Fiddle Faddle, Poppycock and an assortment of private label products. Terms of the deal were not released.
Lincoln Snacks, which has been owned by Chicago-based Ubiquity Brands since 2004, generates about $45 million in annual sales and employs 114 people in Lincoln, Neb.
ConAgra Chief Executive Gary Rodkin said the acquisition of Lincoln Snacks will help the company meet consumer demand for snacks.
“We plan to grow Poppycock and Fiddle Faddle through our marketing expertise and operating infrastructure, and we’re pleased to welcome the brands into the ConAgra Foods portfolio,” Rodkin said.
ConAgra already sells a number of snack food brands, including Slim Jim, David sunflower seeds, and Orville Redenbacher popcorn. Over the past 18 months ConAgra has sold off a number of well-known but less profitable brands such as Butterball, Cook’s, Louis Kemp, Armour, Decker, Ready Crisp and Margherita.
The Omaha-based company’s three-year restructuring plan is designed to cut costs and shift the company’s focus to the brands company officials believe have the most potential, such as Healthy Choice, Chef Boyardee and Egg Beaters.
BUI gets revised offer from Combine Factory
WINNIPEG, Manitoba – Buhler Industries, Inc. has completed negotiations with Combine Factory Rostselmash Ltd. that resulted in an improved offer, where extending the acquisition of the 80 percent of the outstanding common shares of BUI over five years has been eliminated and instead an all cash acquisition has been presented.
According to the revised offer, Rostselmash will purchase 80 percent of the outstanding common shares of BUI for $7.25 per share, payable in cash on closing. The closing date has been set for Oct. 31, 2007, subject to the completion of procedural requirements. The board of directors was scheduled to meet on Sept. 18 to discuss the revised offer and to issue a recommendation to the shareholders.
Rostselmash is a major combine manufacturer located in Rostov-on-Don, Russia, that produces more than 17 percent of the total world production of agricultural combines. For more information, visit www.rostselmash.com
Ohio awards help to several local farmers’ markets
REYNOLDSBURG, Ohio — Ohio Department of Agriculture Director Robert Boggs announced nearly $15,000 in cost-share advertising funds were recently awarded to 10 Ohio farmers’ markets through Ohio’s Rural Rehabilitation Program.
“The Farmers’ Market Cost-Share Advertising Program is an excellent way to help increase the profitability of low-income farmers, while helping to revitalize the local economies where these farmers’ markets reside,” Boggs said.
Ohio’s more than 140 nonprofit farmers’ markets were eligible to participate in the Farmers’ Market Cost-Share Advertising Program, created to increase the number of participating farm vendors and to boost consumer traffic.
Ten of these markets received cost-share advertising funds for fiscal year 2007-2008, as follows:
Athens Farmers Market, $1,500
Carrollton Weekly Farmers Market, $1,500
Guernsey County Farmers Market, $1,235.37
Hardin County Farmers Market, $1,400
Hebron Business Assoc. Farmers Market, $1,500
North Union Farmers Market, $1,500
Olde Worthington Farmers Market, $1,500
Pataskala Farmers Market, $1,500
Steubenville City Farmers Market, $1,500
Xenia Station Farmers Market, $1,500
The program reimburses up to 50 percent, but no more than $1,500, of valid documented expenses for advertising Ohio’s nonprofit farmers’ market operations. Eligible advertising expenses include print, radio, billboard and television promotions.
Akers is Bluegrass' new COO
LEXINGTON, Ky. — Jim Akers was appointed by the Bluegrass Livestock Marketing Group's board of directors in April to fill the newly created role of Chief Operating Officer.
Akers comes to Bluegrass from the University of Kentucky, where he worked closely with the Kentucky Cattlemen's Assoc. and the Kentucky Beef Network on establishing CPH-45 sales and in developing the Southeastern Livestock Network.
Akers has 20 years of experience in farm/ranch management both as a manager and in educational and service roles to the industry. He has also been a vocal advocate for the auction marketing system and small producers locally and nationally on many issues. As the COO for Bluegrass, Akers is headquartered in the Lexington office where all central bookkeeping and regulatory management is performed for the operations, but also handles Bluegrass' six sale barns across central Kentucky and a growing Internet business.
He is also working with individual managers to develop innovative marketing ideas or alternative programs to offer producers.
This farm news was published in the Sept. 19, 2007 issue of Farm World, serving Indiana, Ohio, Illinois, Kentucky, Michigan and Tennessee. |
| 9/19/2007 |
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