Kellanova Moves to Accelerate Global Brand Growth, Expanding Partnership with Interpublic Group (2024)

PODCAST: Agri-Food for Thought Episode 11 - Tech and Weather Events Threaten Supply Chains

Technological and severe weather events have the potential to impact supply chains around the globe. Join Jamie and Simon as they cover the latest developments in the food and agriculture space. Featuring special guest,Heather McGuire Doyle...

Full Story »
Jul 25 12:32 PM, Urner Barry

Kroger, Albertsons $25 Bln Deal Halted Until Colorado Trial in September

The proposed $25 billion merger of Kroger and Albertsons has been halted until the Colorado District Court rules on a lawsuit filed to block the deal that is expected to push up grocery prices, State Attorney General Phil Weiser said on Thursday.

"The trial is set to begin on Sept. 30 and my office looks forward to making the case that this merger will eliminate competition and impact food prices, jobs, and consumer choice," Weiser said in a statement.

Colorado's lawsuit, filed at the...

Full Story »
Jul 25 2:46 PM, General News

Logistics Giant Lineage Raises $4.44 Bln in Biggest IPO of 2024

Lineage, the world's largest operator of cold-storage warehouses, raised $4.44 billion in its U.S. initial public offering, setting it up for the biggest stock market debut globally this year, the company said on Wednesday.

The Novi, Michigan-headquartered company priced just under 57 million shares in New York at $78 apiece, the upper end of its previously indicated range of $70 to $82.

Earlier in the day, Reuters exclusively reported the pricing of the IPO, citing sources, and said that Lineage had...

Full Story »
Jul 25 9:02 AM, General News

Nestle, Unilever Sales Disappoint as Consumers Remain Wary of High Prices

Nestle and Unilever may be raising prices more slowly but it has not been enough to win back some cost-conscious customers, with the consumer goods giants delivering disappointing first-half sales growth on Thursday.

Shares of Dove soap maker Unilever rose 5% as it nonetheless maintained its annual sales forecast and posted a first half profit beat, but Kit-Kat maker Nestle dropped 4% after it lowered its sales outlook.

After nearly three years of rapid price hikes and a protracted global cost of living crisis...

Full Story »
Jul 25 8:53 AM, General News

Cal-Maine Foods Names Judd Stevens as Vice President, Operations

The Nation's leading producer and distributor of shell egg, Mississippi based Cal-Maine Foods, has named a new Vice President of Operations, Judd Stevens.

Stevens has been with the company for over two decades and most recently led the company's Wharton County Foods, LLC as General Manager. He will assume the role of his predecessor, Tim Thompson, effective July 23.

He has managed several other locations for the company in Texas, Florida and Mississippias well as having served as President of The Texas Poultry...

Full Story »
Jul 25 8:00 AM, Urner Barry

Cal-Maine Foods Profit Rises on Lower Production Costs ,Sales Fall

Cal-Maine Foods said profit rose in its fiscal fourth quarter after farm production and feed costs declined, but reported a fall in sales during the period.

The egg producer on Tuesday posted a net profit for the three months ended June 1 of $113.2 million, or $2.32 a share, compared with $110.9 million, or $2.27 a share, for the same period a year earlier. Analysts polled by FactSet had forecast earnings per share of $2.41...

Full Story »
Jul 25 8:00 AM, General News

Backed by Big Companies and Labor, Supply Chain Council Debuts

Against a backdrop of New York Harbor and cranes looming over the Port of Newark, the Supply Chain Council announced its formation Wednesday, boasting that it will fill a void among logistics-focused associations by casting a wider membership net.

At a press briefing at Liberty State Park, the type of “big tent” the Supply Chain Council seeks to build was most evident in the fact that its chairman, Prologis Senior Vice President Steven Hussain, and Josh LaFarga, director of external affairs at the Laborers’ International Union...

Full Story »
Jul 25 10:18 AM, General News

US Economic Growth Regains Steam in Second Quarter; Inflation Slows

The U.S. economy grew faster than expected in the second quarter, but inflation subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve.

Gross domestic product increased at a 2.8% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of second-quarter GDP on Thursday. Economists polled by Reuters had forecast GDP rising at a 2.0% rate. Estimates ranged from a 1.1% rate to a 3.4% pace. The economy grew at a 1.4% rate in the first quarter....

Full Story »
Jul 25 8:16 AM, General News

Department of Defense Backs Off Feeding Lab-Grown Protein

Today, the National Cattlemen’s Beef Association (NCBA) confirmed that efforts to prevent ultra-processed, lab-grown protein from showing up in the diet of the American armed forces were successful, following news that the U.S. Department of Defense (DoD) is not pursuing lab-grown protein projects for human consumption.

“NCBA was the first and only cattle group to uncover this stream of DoD funding that could go toward lab-grown protein projects, and we were the first and only group to fight back,” said NCBA President and...

Full Story »
Jul 25 10:41 AM, Urner Barry

Chipotle Tops Quarterly Estimates, Warns of Margin Pressure Going Forward

Chipotle Mexican Grill surpassed Wall Street estimates for quarterly sales and profit on Wednesday as demand for its rice bowls and burritos held up even as prices increased.

Shares of the company pared early after-hour gains but were still 2% higher after executives said Chipotle expects margins to be under pressure for the next couple of quarters.

The company's restaurant-level operating margin rose to 28.9% from 27.5% a year ago. It said it expects margins to be around 25% in the third quarter...

Full Story »
Jul 25 9:38 AM, General News