Food Business News - October 7, 2014 - (Page 23)

drive per share growth in the microwave category, as we have the past two years, through innovation and increased media investment." Under the Kettle brand, Diamond is expanding the potato chips line with new pepperoncini, roasted garlic and red curry flavors. "We believe that Kettle's big authentic and great tasting flavor offerings, combined with the Non-GMO Project verifications we have, are central to the appeal the brand has with millennial consumers," Mr. Driscoll said. "And will only grow in importance over time. Based on this insight, we've launched or will be launching authentic Kettle flavors into ready-to-eat popcorn, which appears to be off to a good start, oven fries, and snack nuts in this fiscal year." In the nuts segment, sales climbed 7.5% for the quarter but dropped 8.1% for the fiscal year. Driving growth in the segment was the Emerald 100-calorie pack platform, capitalizing on rising consumer demand for protein-rich snacks. "To strengthen our participation in the convenient protein trend, beginning in January, we will be transitioning our canister line into standup re-sealable bags with simple and transparent ingredient panels," Mr. Driscoll said. "Positive consumer feedback and major customer support on this new positioning indicate that we are on the right path, and the brand will benefit greatly from our company experience and scale in tree nuts and seasonings." The company also plans to carry the Diamond of California brand into new categories with innovation in the baking aisle and beyond. "I'm not ready yet to reveal what categories we're thinking about," Mr. Driscoll said. "I don't want to give the keys to the kingdom to our competition, but we're thinking about along the lines of baking, produce, breakfast, as the areas that are most attractive at this stage." FBN Chiquita to get larger share of company in revised Fyffes deal CHARLOTTE, N.C. - Chiquita Brands International's ownership of a combined Chiquita, Fyffes company will rise from 50.7% to 59.6% under a revised agreement between the two companies. The agreement comes at a time when Chiquita has engaged in discussions with Cutrale Group and the Safra Group about acquisition of the company. "We are pleased with the increased value that these enhanced terms for Chiquita bring to our shareholders," said Ed Lonergan, chief executive officer of Chiquita. "The Fyffes transaction is a natural strategic partnership that brings together two complementary companies to create a combined company that is better positioned to succeed in a highly competitive marketplace, while driving strong performance and value for shareholders as well as immediate benefits for customers and consumers worldwide." Under the terms of the revised agreement, Fyffes shareholders will now receive 0.1113 ChiquitaFyffes shares for each Fyffes share they hold and Chiquita shareholders will receive one ChiquitaFyffes share for each Chiquita share that they hold upon completion of the transaction. At that time, Chiquita shareholders are expected to own approximately 59.6% of ChiquitaFyffes, an increase from 50.7% under the previous agreement, and Fyffes shareholders are now expected to own approximately 40.4% of ChiquitaFyffes, on a fully diluted basis. The companies also have agreed to increase the termination fee payable to Fyffes from 1% to 3.5% of the total value of the issued share capital of Chiquita should the agreement be terminated. On March 10, Chiquita Brands agreed to acquire Fyffes, a Dublin, Irelandbased fruit and produce distributor, in an all-stock transaction that values Fyffes at approximately $526 million. The combination of the two companies would create the world's largest banana company with about $4.6 billion in annual sales. On Sept. 10, Chiquita entered into a confidentiality agreement with Cutrale/ Safra allowing the group to review Chiquita's business and present a definitive offer for Chiquita's consideration. An offer had not been issued as of press time. FBN some likeit hot OUR FAVORABLY PRICED ZESTY SEASONINGS WILL HEAT UP YOUR PRODUCT REVENUES. 800-584-0422 | October 7, 2014 FOODBUSINESS NEWS ® 23

Table of Contents for the Digital Edition of Food Business News - October 7, 2014

Food Business News - October 7, 2014
General Mills to eliminate more jobs
Sugar prices remain high amid Mexican trade dispute
Dairy Business News - Increasing ice cream sales
Table of Contents
Web Contents
Editorial - Putting millennials in perspective
Mondelez to build biscuit plant in Bahrain
ADM forming new ingredients unit after Wild acquisition
Hershey acquires Chinese confectionery company
Sabra Dipping Co. names new c.e.o.
Restaurant index rises for first time in three months
Snack preferences differ between millennials and boomers
F.D.A. issues ‘food safety challenge’
Kontos Foods expands to Caribbean
Snatching share in the snack market
Starbucks acquiring full control of Japan business
JAB Holding to acquire Einstein Noah Restaurant
Seaboard sells stake in Daily’s Premium Meats
Diamond still in the rough
Chiquita to get larger share of company in revised Fyffes deal
Coke sees $300 billion international opportunity
Small victories add up for ConAgra Foods
Carbonated waters: Tiny bubbles, big splash
Guilty verdicts in Peanut Corporation of America trial
Washington - F.D.A. revises four proposed food safety rules
Flavor Trends - Sophisticated heat
Ingredient Innovations - Spreading and staying stable
Buzz around sustainable palm oil grows louder
The scoop on Baskin-Robbins’ return to growth
New Food Products
Ingredient Market Trends - U.S.D.A. estimates U.S. wheat crop at 2,035 million bus
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News

Food Business News - October 7, 2014