Milling & Baking News - March 16, 2004 - (Page 1)

Theinewsweeklyiofigrain-basedifoods N E W S F E AT U R E LATE Flowers Bakeries shines at the forefront again I J.M. Smucker agrees to acquire Multifoods for $840 million Under the proposed deal, Multifoods shareholders would receive $25 per share. Payment would include $5 per share in cash with the balance to be made in shares of Smucker common stock. The exchange rate for the shares will be based on the average of Smucker's commmon stock price Continued on Page 11 inside NEWS WA S H I N G T O N - The House on March 9 approved, by a 276 to 139 vote, "The Personal Responsibility in Food Consumption Act," which provides legal protection to food companies and restaurants from frivolous obesity-related lawsuits. The measure, dubbed the "Cheeseburger Bill," was introduced by Representative Ric Keller of Florida. Paul C. Abenante, president of the American Bakers Association, said, "The idea of holding the baking industry and other members of the food industry legally Continued on Page 10 House okays obesity suit protection t may have been easy to lose track of ness was never neglected. Flowers Bakeries, the fresh bread and To the contrary, even as many comparolls business of Flowers Foods, Inc. In nies in the industry struggled to maintain 1996, the parent company, a regional baking profitability and prevent sales erosion, company, was transformed by the acquisi- Flowers enjoyed steady growth. Between tion of a controlling 1997 and 2003, operating interest in Keebler Co., income of the company's the nation's second fresh baked business (as largest cookie/cracker measured by earnings company. That same before interest and taxes) year, Thomasville, Ga.climbed 61% to $94.5 based Flowers bought million. Sales during the the frozen dessert busiperiod jumped 25%, to ness of Mrs. Smith's pie $1,126 million. business. Having sold Keebler For the first time in in 2002 and most of the company's history, Mrs. Smith's in 2003, the the fresh baked foods fresh baking business at business was not in the Flowers Foods is again front seat at Flowers. at the forefront. The But even as Flowers George E. Deese, president and company's impressive worked on building its c.e.o., Flowers Foods, Inc. growth, the company's newly acquired cookie stable and proven manand cracker business, and went through agement, its strong brands, state-of-the the challenges of putting Mrs. Smith's on art baking plants and an exciting specialty Continued on Page 26 track, the heritage fresh baked foods busi- ORRVILLE, OHIO - In a move that would substantially broaden its position in the grain-based foods industry, J.M. Smucker Co. on March 8 announced it has reached an agreement with Minneapolis-based International Multifoods Corp. to acquire Multifoods in a transaction valued at $840 million. MARCH 16, 2004 / Millers see '04 soft red winter topping 400 million bus BONITA SPRINGS, FLA. - Production of soft red winter wheat in 2004 was projected at 404,685,000 bus in a forecast issued March 9 by the Soft Wheat Committee of the North American Millers' Association. If the projection were to be realized, the 2004 soft red crop would be 7% larger than the 2003 outturn of 378,732,000 bus. The millers' forecast came at the conclusion of the 2004 NAMA soft wheat meeting and crop forecast. The soft wheat millers, together with oat and corn millers, gathered March 6-9 at the Hyatt Regency Coconut Point resort and spa in Bonita Springs. The forecast panel was led by Constance Barr, vice-president, customer service, Continued on Page 14 THIS WEEK Consumerfriendly whole grain definition 13 Ingredient Wheat food use forecast cut by U.S.D.A. 16 Agricor's Jack Ewart dies at age 76 61 Week 62

Table of Contents for the Digital Edition of Milling & Baking News - March 16, 2004


Milling & Baking News - March 16, 2004