Latest news with #FoodDive
Yahoo
6 days ago
- Business
- Yahoo
Dole sells fresh vegetable division to private equity firm for $140M
This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Dive Brief: Dole sold its fresh vegetable division to private equity firm Arable Capital Partners, which owns packaged salad brand Organicgirl, for $140 million. Dole's fresh vegetables segment oversees the processing and sale of everything from lettuce and cauliflower to broccoli and packaged salads. As part of the deal, Dole is retaining its facilities in Huron, California, and Yuma, Arizona. Dole announced in January 2023 that it planned to divest the segment to Fresh Express, a subsidiary of Chiquita Brands International, for about $293 million. But the transaction was terminated a year later amid opposition from the DOJ, which alleged the deal would reduce competition and lead to higher prices. Dive Insight: Dole is best known for its bananas, pineapples, and other fresh fruits, which were responsible for more than a third of the company's $8.5 billion in sales in 2024. But the Dublin-based company also has a meaningful fresh vegetables division that it has been actively looking to divest for more than two years. When the company first announced its transaction with Fresh Express, Dole stated that a sale would enable it to improve its financial position and focus on the core businesses, specifically fresh fruit. Dole echoed a similar sentiment in its revised transaction with Arable Capital. 'The completion of this sale represents an important strategic milestone for the Group and will enable us to further concentrate our efforts and investments on our core business activities,' Carl McCann, Dole's executive chairman, said in a statement. Arable Capital describes itself as an investment firm focused on the food and agribusiness sector. In addition to Organicgirl, the PE firm owns or has investments in Progressive Produce, a packer and distributor of conventional and organic produce, along with vegetable grower Braga Fresh and several fruit operations. Adding Dole's fresh segment provides overlap with some of Arable's existing fresh vegetables business, including lettuce, asparagus and onions. The purchase could allow Arable to benefit from marketing, production and innovation tied to the new business and further enhance its relationship with growers. Dole's fresh vegetable business includes three processing plants across the U.S., agricultural operations and employs more than 3,000 people, according to a statement. Recommended Reading Dole calls off sale of fresh vegetables division amid DOJ opposition Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-08-2025
- Business
- Yahoo
Boston Beer founder Jim Koch returning to Sam Adams brewer as CEO
This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Dive Brief: Jim Koch, Boston Beer founder and chairman, will return as CEO at the Sam Adams brewer, a position he held from the company's beginnings in 1984 until January 2001. Koch replaces Michael Spillane, who is stepping down as CEO on Aug. 15 to focus on personal matters. Spillane will remain on the company's board of directors. The executive change comes as the beer industry grapples with a downturn in consumption. The sector has struggled as consumers pull back on spending and curtail booze consumption. Dive Insight: Boston Beer saw its stock and sales soar in the late 2010s due largely to demand for its Truly Hard Seltzer. But as consumer tastes have shifted in the alcohol sector, Boston Beer has been among the hardest hit. During its most recent quarter, depletions, or the amount of product the company sold to consumers, decreased 5% from the prior year. Shipment volume for the period was about 2.1 million barrels, a 0.8% decrease from the prior year. This downturn was primarily due to declines in Truly and Samuel Adams brands that were partially offset by growth in Dogfish Head and Sun Cruiser, Boston Beer's lemonade vodka drink. Koch told The Wall Street Journal he will remain as CEO until an internal successor is ready. 'I don't anticipate doing this in five years,' he told the business publication. 'There are multiple people who are not yet ready, but in a couple of years, one or two of them will be.' Koch said Spillane is leaving the brewer in a 'pretty good situation.' While Koch hasn't been CEO at Boston Beer for more than two decades, he has been actively involved in the alcohol space and his company since then, often appearing on earnings calls and at industry events. While his return as CEO was unexpected, few are likely as attuned to the inner workings of Boston Beer and the industry as a whole as Koch. 'I am confident in the strength of our management team and Boston Beer's strategic direction and remain committed to delivering long-term value for shareholders,' Koch said in a press release. The shakeup is the latest CEO change at a major alcohol company in recent months. Molson Coors CEO Gavin Hattersley announced in April he is retiring by the end of 2025 after six years leading the company. And last month, Guinness and Johnnie Walker maker Diageo said CEO Debra Crew has stepped down 'by mutual agreement' after two years. Recommended Reading Smirnoff owner Diageo splits with CEO Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-08-2025
- Business
- Yahoo
Utz to shutter Michigan plant, lay off 75 workers
This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Dive Brief: Utz Brands plans to close its manufacturing facility in Grand Rapids, Michigan to cut costs and optimize its supply chain footprint. Manufacturing operations will end Jan. 30 and warehouse operations on May 26, the company said in a statement to Food Dive. The closure will affect about 75 people. The chip and pretzel maker, which is in the process of consolidating its manufacturing operations, will have seven plants after the Michigan closure. Products made in Grand Rapids will continue to be produced at other Utz facilities. Dive Insight: Utz said consolidating its supply network should enable the snack maker to allocate more volume to its larger, more efficient facilities, while improving the company's automation capabilities. The shuttering of the Michigan plant will not only generate cost savings but also result in an 'optimized footprint' to support its geographic expansion. 'The decision is a reflection of our commitment to operational excellence and ongoing transformation,' Utz CEO Howard Friedman said in a statement. 'While these types of decisions are never easy, they are necessary steps to streamline our operations and strengthen our supply chain for the long-term.' Utz has sold or shuttered several plants in the past few years as part of a supply chain overhaul expected to save the company more than $100 million. Utz said workers are encouraged to apply for opportunities at other facilities. Earlier this week, Utz reported second-quarter net sales increased 2.9% to $366.7 million, compared to $356.2 million in the prior year period. For its 2025 fiscal year, the Pennsylvania-based company forecast organic net sales growth of at least 2.5%. As food and beverage manufacturers respond to inflation and look to boost margins, many have responded by closing product manufacturing facilities. PepsiCo, Conagra Brands and Post Holdings are among the firms that have announced closures during the last few months. Recommended Reading Daiya's new fermentation technology promises improved plant-based cheese Sign in to access your portfolio
Yahoo
31-07-2025
- Business
- Yahoo
Chobani sued by Danone for allegedly copying cold brew packaging
This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Dive Brief: Danone sued competitor Chobani for allegedly copying the slogan and packaging of its cold brew coffee line, calling it the latest "the latest in a long line of efforts on the part of Chobani to unfairly compete" with the Paris-based company. The suit, filed in Manhattan federal court, claims Chobani's La Colombe cold brew uses "strikingly similar" black-and-yellow packaging to Danone's Stōk coffee. Chobani's product also allegedly copied Danone's "Bright & Mellow" slogan, the suit said. Danone is requesting a judge to issue an injunction against Chobani to prevent the company from using the slogan. It's also asking for monetary damages, including all of Chobani's profits from selling the products that used the similar packaging. Dive Insight: This isn't the first time two of the biggest food companies in the U.S. have duked it out in court. Danone has sued Chobani at least two other times in the last 10 years over its advertising claims. In 2016, it convinced a U.S. court that Chobani's "Simply 100" yogurt falsely implied Danone's Light and Fit contained chlorine. Danone unsuccessfully sued three years later over Chobani's claims that its kids' drinkable yogurt had 33% less sugar. This embedded content is not available in your region. In the latest lawsuit, Danone said Chobani's improper use of its intellectual property was "knowing, calculated, and systematic." Danone chose the "Bright & Mellow" slogan in January 2021 as a way to distinguish itself from Starbucks and La Colombe, which was an independent company at the time. After Chobani bought La Colombe for $900 million in 2023, Danone claimed it started using a "Bright & Mellow" slogan on its coffee packaging. It also changed the product from "medium roast" to "light roast," matching Danone's offering, the suit claims. Danone said Chobani has taken other steps to copy its packaging. Chobani's high-protein Greek yogurt, for example, allegedly uses similar colors, fonts and graphics to Danone's Oikos brand. "Chobani's actions enable and have already enabled Chobani to free ride on Danone's reputation," Danone said in the suit. Chobani did not immediately respond to a request for comment. As food giants combat declining sales, more companies have taken steps to preserve profits by protecting their brand equity. In May, snack maker Mondelēz International sued Aldi to force the grocer to stop using lookalike packaging for a number of private-label snacks such as Oreo and Chips Ahoy! Recommended Reading Inside the evolution of Danone's Stōk Sign in to access your portfolio
Yahoo
29-07-2025
- Business
- Yahoo
Pilgrim's to build $400M chicken plant in Georgia
This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Chicken processor Pilgrim's is planning to build a $400 million plant in northwest Georgia as consumer demand for protein reaches a fever pitch. The facility in LaFayette will produce fully cooked chicken products and expand production of brands including Just Bare, Pilgrim's and Gold Kist. The plant will support up to 630 new jobs at full capacity, according to a statement from the Georgia governor's office. 'Expanding the Pilgrim's footprint in Georgia highlights our ongoing commitment to the region and our company's long-term growth strategy,' Fabio Sandri, Pilgrim's CEO, said in a statement. 'This significant investment will allow further growth of our prepared foods business … supporting increasing demand in retail and foodservice channels." Construction on the Pilgrim's plant is set to begin this fall, with the first phase forecast to be completed in 2027. Pilgrim's, which is majority owned by Brazilian meat giant JBS, has posted an increase in profits as consumers increasingly turn to chicken for its protein content and affordability compared to other meats. First-quarter profit margins for Pilgrim's reached a record 14.8%. The company said in an earnings statement that it's moved to boost its market presence through increased distribution in retail and foodservice channels, primarily with its Just Bare brand. U.S. poultry demand has exploded in recent years, displacing a substantial amount of red-meat consumption, according to the National Chicken Council. Americans are expected to eat a record 104.1 pounds of chicken next year compared to 109 pounds of red meat, marking the closest margin between the two categories since tracking began in 1960. Recommended Reading Tyson chicken earnings pop as consumers prioritize protein Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
