Latest news with #Meinerz
Yahoo
12-04-2025
- Business
- Yahoo
Cal-Maine discloses DoJ egg prices probe
Cal-Maine Foods has disclosed it is part of the investigation by the US Department of Justice (DoJ) into the high egg prices seen in the US in recent months. The company, one of the largest suppliers of eggs in the US, has disclosed that in March, it 'received civil investigative demand" linked to what the company called "a widely publicised investigation by the Antitrust Division of the Department of Justice into the causes behind nationwide increases in egg prices'. Cal-Maine said it is 'cooperating with the investigation'. Just Food has approached the publicly listed group for further comment. Yesterday (10 April), the US Bureau of Labor Statistics reported a 5.9% month-on-month rise in egg prices in March. Over the past year, egg prices have surged by more than 60%, the data shows, amid an outbreak of highly pathogenic avian influenza, or HPAI. Cal-Maine made the disclosure about the DoJ probe alongside the publication of its third-quarter results for fiscal 2025. The figures for the period, which ended on 1 March, reported an average net price of $4.06 per dozen eggs versus $2.25 a year ago. In the earnings announcement, Sherman Miller, the president and CEO of Cal-Maine Foods, said: 'Dynamic market conditions and HPAI-related supply shortages persisted this quarter.' Net sales for the quarter rose almost 100% year-on-year to $1.4bn, driven by higher pricing and increased volumes. Operating income climbed 290% to $635m. Net income stood at $508.5m, compared to $146.7m in the same period of fiscal 2024. Alongside the earnings announcement, Cal-Maine said it had agreed to acquire Echo Lake Foods, a manufacturer of breakfast foods, for approximately $258m. Founded in 1941 and owned by the Meinerz family since 1981, Echo Lake produces and distributes a range of ready-to-eat egg-based products and breakfast items. Cal-Maine reported that Echo Lake generated around $240m in revenue in 2024, with a compound annual growth rate of about 10% over the past five years. "Cal-Maine discloses DoJ egg prices probe " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
Cal-Maine Foods to buy breakfast-foods business Echo Lake Foods
US egg major Cal-Maine Foods has agreed to acquire Echo Lake Foods, a breakfast foods manufacturer. In a statement accompanying its third quarter results, Cal-Maine said it had 'entered into a definitive agreement' to buy the Wisconsin-based company for approximately $258m. Founded in 1941, Echo Lake Foods was acquired by the Meinerz family in 1981. The company produces, packages and distributes a range of ready-to-eat egg products and breakfast items, such as waffles, pancakes, diced eggs and frozen cooked omelettes among others. According to Cal-Maine, the breakfast-foods business reported approximately $240m in revenue in 2024, with a five-year compound annual growth rate of around 10%. The egg group said the deal, which excludes expected tax assets, will be funded using existing cash reserves. Commenting on the deal, Cal-Maine Foods president and CEO Sherman Miller said: 'This transaction represents an exciting growth opportunity and important inflection point for Cal-Maine Foods, advancing our strategy to expand and diversify our product portfolio and customer mix. 'The combined product lines and capabilities of the two companies are highly complementary and, importantly, we share similar values of pursuing operating excellence and meeting the needs of our customers. 'We believe the potential acquisition of Echo Lake Foods meets our disciplined set of investment criteria, including relevant geographic markets, operating synergies, product mix, proximity to customers and expected financial returns', Miller added. The boards of directors of both the companies have approved the deal, and is expected to be completed by the end of fiscal 2025. Following completion of the transaction, Echo Lake Foods will continue to run as a 'stand-alone component of Cal-Maine Foods' integrated operations with its four production facilities strategically located across the Midwest", the statement added. As part of the deal, Echo Lake CEO Kathy Brodhagen will become part of Cal-Maine's senior leadership as president of Echo Lake Foods. Cal-Maine said the acquisition would enable it "to enter the large, growing and highly stable value-added food portion of the egg category'. The deal, it added would also provide an opportunity to grow 'strategic customer relationships with retail, quick service restaurant and other foodservice customers'. Cal-Maine also expects to leverage its existing sales and distribution infrastructure to support Echo Lake's operations, and to realise 'significant synergies' in egg procurement and operational efficiencies. The acquisition was announced as part of Cal-Maine's third-quarter fiscal 2025 results. For the thirteen weeks ended 1 March, the company reported net sales of $1.4bn versus $703.1m a year ago, driven by higher average selling prices and increased volumes. Gross profit for the group increased more than 200% to $716m in the period. The latest deal comes after Cal-Maine Foods reached an agreement that will see its founding family relinquish the bulk of its voting power while keeping its economic interest. In July, the US-based egg supplier acquired 'substantially' all of the assets of local peer ISE America and 'certain affiliates' for around $110m. "Cal-Maine Foods to buy breakfast-foods business Echo Lake Foods" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
New York Times
20-02-2025
- Business
- New York Times
George Paton's vision as Broncos GM coming to fruition, but biggest test remains
The vision George Paton laid out when he was hired as the Denver Broncos' general manager in January of 2021 wasn't a portrait of novel concepts. He wanted to build strong offensive and defensive lines that would serve as the 'core' of the team. He wanted to identify high-character players, develop them into impact pieces and reward them with second contracts — the surest path 'to building your best culture.' He wanted to create an environment of collaboration in which every member of the organization had a stake and a voice. Advertisement 'If they're doing the work,' Paton said then, 'they need to be heard.' The complicated part is figuring out how to bring the blueprint to life and then manage the missteps that inevitably happen. But as Paton prepares to enter his fifth season as Denver's GM, his role in helping guide the Broncos onto a winning path — and away from the rocky days that dotted the early part of his tenure — is clear to see. The defensive front for the Broncos, anchored by Paton draft picks like Jonathon Cooper and Nik Bonitto and free-agent signings D.J. Jones and Zach Allen, set a franchise record with 63 sacks during the team's 10-7 campaign in 2024. The offensive line, led by All-Pro right guard and Paton draft pick Quinn Meinerz, was the backbone of a unit that finished 11th in scoring last season (22.7 offensive points per game) — just two years after finishing 28th (16.8 in 2022). The Broncos have handed multiyear contract extensions to three of Paton's draft picks before the expiration of their rookie deals: Meinerz, Cooper and cornerback Pat Surtain II, the 2024 NFL Defensive Player of the Year. Meinerz and Surtain were team captains and Cooper is one of the team's most vocal leaders. The Broncos could extend another Paton pick this offseason in Bonitto, the second-round selection in 2022 who finished third in the NFL last season with 13 1/2 sacks. Only three Broncos draft picks in the previous nine seasons before Paton's arrival earned multiyear extensions with the team. But it's not just the extended players who have illustrated Paton's draft acumen — both as the lead decision-maker in his first two years and then working alongside head coach Sean Payton the past two. The Broncos drafted last year's starting center, Luke Wattenberg, in the fifth round in 2022. During the first draft that Payton and Paton worked together, just a few months after the coach's hiring, the Broncos selected wide receiver/returner Marvin Mims Jr. and cornerback Riley Moss, both of whom made major leaps last season. The Broncos' 2024 rookie class, headlined by quarterback Bo Nix, appears to have produced key rotational pieces in wide receivers Devaughn Vele and Troy Franklin, pass rusher Jonah Elliss and running back Audric Estimé. GO DEEPER Broncos 2025 NFL Draft big board: 10 players who fit Sean Payton's roster 'musts' It's the final part of the vision Paton shared during his introductory press conference that best explains how he navigated two high-profile failings early in his tenure: the hiring of Nathaniel Hackett as head coach and the subsequent blockbuster trade for Russell Wilson. When the Broncos hired Payton as Hackett's replacement in 2023, questions swirled about Paton's future because of those ill-fated moves. Owner and CEO Greg Penner had just hired a veteran head coach while giving him total control of the football side of the franchise's operation. Wilson, the quarterback for whom Paton had traded five draft picks (four in the first and second rounds), ultimately lasted only two seasons in Denver, leaving an $85 million dead money charge in his wake. Advertisement Penner, though, was more concerned with looking forward. After Penner fired Hackett just 15 games into his lone season in 2022, he expressed confidence in Paton, who had hired the coach months before the new ownership group assumed control of the franchise. That move came just weeks before the trade for Wilson, whose first season in Denver was the worst of his NFL career. 'George and I have had the chance to get to know each other. We talk every day since we purchased the team a number of months ago. He acknowledged right up front that there were a couple of decisions that haven't worked out as he had expected, but I understand his thought process,' Penner said at the press conference that followed the Hackett firing. 'He understands the work that needs to be done in this offseason, and I'm going to rely on him heavily as we go through and make these changes.' What Penner saw in Paton from the time the new ownership group assumed control of the team in August of 2022 was an ability to adapt. It's why he was confident Paton, who signed a six-year contract upon being hired to replace John Elway in 2021, would be a good fit with Payton — even if it meant the general manager would be ceding some of the control he had during his first two seasons. 'I think you've seen with the players that emerged this year, going back to a number of George's drafts and some of the players that they brought on board, it's a testament to the job that he and his staff are doing,' Penner said days after Denver's wild-card loss to the Buffalo Bills. 'A big part of it is the partnership between Sean and George. I saw early on that it was working really well. Their personalities complement each other. They're different and yet they've got common ground that they can work from. So I've been really pleased with the way that they approach decision-making together. Again, I think that is going to bode well for us as we go through this offseason as well.' That partnership will be front and center at the NFL Scouting Combine next week as Payton and Paton preview the critical offseason ahead. The long-awaited playoff appearance for the Broncos, which came in Payton's second season as head coach and Paton's fourth as general manager, was a salve for a fan base that had suffered through the second-longest postseason drought in the league. But to realize the lofty goals the team has already set for 2025 — 'Our absolute goal is to win our division,' Penner said — Payton and Paton will need to fix the issues that plagued Denver in games against playoff-caliber teams last season. Advertisement Payton has made it clear he needs a Joker-type player at tight end or running back for the offense to reach the next level of its evolution. Both positions will be well-represented at the combine in Indianapolis, including potential first-round options like tight ends Tyler Warren (Penn State) and Colston Loveland (Michigan) and running backs Ashton Jeanty (Boise State), Kaleb Johnson (Iowa) and Omarion Hampton (North Carolina). The Broncos need upgrades and depth at inside linebacker and safety. Creating more of a young pipeline on the offensive and defensive lines remains a priority, too. GO DEEPER Broncos 7-round mock draft: Can Sean Payton land 2 Jokers with Denver's 7 picks? 'This has to be our standard moving forward,' Paton said at the end of the season. 'We have to go to the playoffs. You're going to play teams like the Bills, like the Ravens, like the Chiefs. So how do we get there? Really that's our goal this whole offseason — try to find that secret sauce. We need to have another really good offseason, another really good plan. I know we will.' Payton and Paton last offseason found a way to correct some of Denver's most concerning issues. They overhauled a run defense that had been among the worst in the NFL in 2023. They tweaked the front to produce one of the league's most explosive pass rushes. They replaced Wilson with first-round pick Nix. The move largely reduced the volume of sacks that had routinely stalled the offense and was a vital piece to the financial puzzle the Broncos had to navigate after releasing the veteran. The tasks ahead include creating a more consistent rushing attack, solidifying the middle of the defense and, more broadly, adding dynamic playmakers to the roster. There is little margin for error as the Broncos navigate the crowded ascent to the NFL's peak. 'We just keep building,' Paton said. 'You draft and you develop. You're selective in free agency, but you may make a splash. We're always trying to build this thing. We're fortunate. We think we have our guy (at quarterback) in Bo. We just keep building and bringing in the right guys, the right make-up and guys that fit with what we're doing schematically offensively, defensively and special teams.' Here is another thing about the vision Paton mapped out when he became the Broncos' GM: It was never intended to be his alone. It was meant to shared, tweaked and, when necessary, reimagined. It's why he's been able to adapt his work around Payton and how the coach views the path ahead. 'It never consumed me to be a GM,' Paton said during that introductory press conference. 'I like winning. I like the day-to-day and I like working with people. Was the GM in the back of my mind? Sure, but I didn't think about it during the season. I just want to win.'
NBC Sports
27-01-2025
- Sport
- NBC Sports
Broncos OG Quinn Meinerz declines Pro Bowl invite as the first alternate
Broncos right guard Quinn Meinerz earned first-team All-Pro honors. He was the first alternate for the Pro Bowl Games. When the NFL reached out Monday after Meinerz replacing Chiefs offensive lineman Joe Thuney, Meinerz 'respectfully declined,' Mike Klis of 9News reports. Browns offensive guard Joel Bitonio instead will replace the Super Bowl-bound Thuney on the AFC roster later this week in Orlando. Meinerz had incentives in his contract for first-team All-Pro, so he will receive $1.5 million in escalators — an added $500,000 on his payouts for 2026, 2027 and 2029 seasons. So he will now make $15.866 million in 2026 and $18.5 million in both 2027 and 2028. The Broncos have three Pro Bowlers in cornerback Pat Surtain II, returner Marvin Mims Jr. and outside linebacker Nik Bonitto.
Yahoo
27-01-2025
- Sport
- Yahoo
Broncos guard Quinn Meinerz declines being added to Pro Bowl
The Belly isn't going to Orlando, of his own choice. Quinn Meinerz, the Denver Broncos' first-alternate guard, was set to be added to the AFC's Pro Bowl roster this week as a replacement player, but he "respectfully declined," according to KUSA-TV's Mike Klis. This will presumably still count as a Pro Bowl nod on Mienerz's resume even though he is not set to participate in the all-star festivities. The Kansas City Chiefs defeated the Buffalo Bills in the AFC Championship game on Sunday, so guards Joe Thuney and Trey Smith have dropped out of the all-star game to focus on preparing for Super Bowl LIX. Meinerz was first in line to be added to the Pro Bowl as a first-alternate guard, but he turned it down. Meinerz (6-3, 320 pounds) received the third-best grade (87.8) among guards from Pro Football Focus in 2024. He was also named a first-team All-Pro. Meinerz would have joined cornerback Pat Surtain, pass rusher Nik Bonitto and returner Marvin Mims as Denver's four representatives at the Pro Bowl. The AFC squad will be coached by Peyton Manning in skills competitions on Thursday, Jan. 30 and a flag football game on Sunday, Feb. 2. The skills competitions will be televised on ESPN and the flag football game will be televised on both ESPN and ABC. These 25 celebrities are Broncos fans This article originally appeared on Broncos Wire: Broncos guard Quinn Meinerz declines being added to Pro Bowl
