Food Business News - May 3, 2016 - (Page 20)

of foreign currency translation and higher marketing expense, which more than offset the positive impact of productivity gains. Latin America posted an operating profit of $175 million, down 20% from the year-ago period, and revenues of $1,042 million, down 26%. The Europe Sub-Saharan Africa segment saw operating profit fall 40% to $67 million and revenue decline 9% to $1,359 million. The Asia, Middle East and North Africa segment had an operating loss of $148 million and revenue of $1,065 million, up 1% from the year before. For the full year, the company expects to generate approximately 4% organic revenue growth excluding the impact of an extra week, and an 8% increase in core earnings per share on a constant currency basis excluding the deconsolidation of Venezuela operations. FBN McCormick acquires Australian herbs company SPARKS, M.D. - McCormick & Co., Inc. has acquired Botanical Food Co., Pty Ltd., an Australian-based manufacturer of the Gourmet Garden brand of packaged herbs. McCormick purchased 100% of the privately held company's shares for approximately $114 million in cash, subject to closing adjustments. Gourmet Garden has annual sales of approximately $53 million. To drive sales growth, McCormick said it plans to expand distribution, increase brand marketing and achieve greater household penetration. McCormick said it anticipates no earningsper-share impact in 2016 due to the estimated impact of transaction and integration costs, but the company expects the acquisition to be fully accretive in 2017. "As a global market leader in chilled convenient packaged herbs, Gourmet Garden exports its products to 15 countries with the largest market being the United States," said Lawrence E. Kurzius, president and chief executive officer of McCormick. "We anticipate strong growth for these products, particularly in the U.S. and key international markets where consumers appreciate the value and accessibility of cooking with a more convenient flavoring alternative. "The Gourmet Garden brand offers a more convenient alternative to consumers who currently buy fresh herbs.  The owners and employees of Gourmet Garden have built a great business, and we look forward to working with them to achieve continued success." FBN What's Possible with Tropical TM Bulk Fruit Purees and Juice Concentrates Organic virgin coconut oil lSS(('/-S+&SSlSS(('/-S)(1+SSlSS(('/-S1-+SSl Acerola SlS Açai To see our full line of products, visit today. 20 FOODBUSINESS NEWS ® May 3, 2016

Table of Contents for the Digital Edition of Food Business News - May 3, 2016

Food Business News - May 3, 2016
Dr Pepper pivoting with the consumer
New front opens in the battle over sodium
Beverage Business News - Beverage makers capitalizing on dairy
Table of Contents
Web Contents
Editorial - Vermont’s immediate impact is becoming clearer
Three meals a day still the American way
Mondelez battling weakness in biscuit market
Pinnacle picks Mondelez exec as new c.e.o.
Chipotle Mexican Grill in the midst of a slow recovery
Hormel sells Diamond Crystal Brands
Starbucks sets forth single-serve strategy
PepsiCo initiating transformational innovation agenda
McCormick acquires Australian herbs company
Costco eyes Nebraska for new poultry plant
Hershey still seeking answers to slow growth
Nestle, R&R to create world’s third largest ice cream company
Saputo details succession plan for presidency
Papa John’s removes HFCS from menu
Danone building strength in yogurt
Dannon to go non-G.M.O.
Taco Bell to limit antibiotics in chicken
Dr. Praeger’s focused on keeping brand fresh
PepsiCo appoints new global food service leader
NatureBox moves from snail mail to retail
Market Insight - The good and bad of El Nino, La Nina
Ingredient Trends - Clean label gains momentum
Food packaging and clean label
Ingredient Innovations - Red means go in color innovation
Specialty dairy ingredients used in beverages
New Food Products
Ingredient Market Trends - I.G.C. forecasts world wheat stocks at new record in 2016-17
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News

Food Business News - May 3, 2016