Food Business News - December 4, 2012 - (Page 16)

Diamond Foods formally parts ways with ex-c.e.o. SAN FRANCISCO — Michael Mendes, former chief executive officer of Diamond Foods, formally resigned from the company on Nov. 19. Mr. Mendes was placed on administrative leave on Feb. 8 after accounting irregularities were identified in the company’s financial statements. The irregularities led Diamond Foods to restate its earnings for fiscal years 2010, 2011 and the first three quarters of fiscal 2012. As part of his agreement with the Mendes company, Mr. Mendes will pay back $2,743,400 in bonus payments for fiscal years 2010 and 2011, and return 6,665 shares of common stock that were awarded to him after fiscal year 2010. Steven M. Neil, former chief financial officer, was formally terminated by the company on Nov. 19. Mr. Neil was placed on administrative leave at the same time as Mr. Mendes. FBN Agropur to invest $100 million in cheese plant LONGUEIL, QUE. — Agropur is investing $100 million to expand its Luxemburg, Wis., cheese processing plant. The company said the investment will improve its whey processing facility and its wastewater treatment system. The project is expected to be completed in 2014. “This investment is Agropur’s largest capitalization project to date,” said Robert Coallier, chief executive officer. “We are committed to and believe in the future of the U.S. dairy industry, and we are here for the long haul.” Agropur is a North American agricultural cooperative with C$3.6 billion ($3.62 billion) in sales. The company has 25 plants across Canada and the United States. The company operates seven facilities in the United States, and markets its products under such brands as Natrel, Schroeder and Olympic. FBN 16 FOODBUSINESS NEWS ® December 4, 2012

Table of Contents for the Digital Edition of Food Business News - December 4, 2012

Food Business News - December 4, 2012
Persistent ConAgra sees many Ralcorp benefits
F.D.A. suspends Sunland’s facility registration
Large potato crop pushing prices lower
Table of Contents
Web Contents
Editorial - In mourning there is a learning in demise
Researchers develop new nutrition scoring algorithm
Frozen foods remain a challenge for Heinz
Clean label confectionery products on the rise
Campbell Soup pursuing new consumers
Single-serve packs propel Green Mountain earnings
Green Mountain appoints new chief executive
Diamond Foods formally parts ways with ex-c.e.o.
Agropur to invest $100 million in cheese plant
Hormel cautiously hopeful about growth prospects
Added value at the heart of Tyson’s growth strategy
Food and beverage recalls jump 57%
Coca-Cola invests $1.3 billion in Chile
Washington - Greater organic oversight on the way
Ingredient Innovations - Positives in calorie subtraction
Stevia innovations lead to calorie reductions in beverages
Questions about calorie count for almonds, other nuts
Health and Wellness - Strengthening bones with additional nutrients
New Food Products
Ingredient Market Trends - U.S.D.A. forecasts record ag exports in fiscal 2013
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News

Food Business News - December 4, 2012