Milling & Baking News - December 15, 2009 - (Page 1)

THE NEWS WEEKLY OF GRAIN-BASED FOODS DECEMBER 15, 2009 / NEWS Signature Interview Dan Dye brings culture of change to new role leading Horizon Milling Cut water costs - membrane filtration may help Story on Page 26 LATE NEWS Moody's revises Bimbo outlook to stable MEXICO CITY - Reflecting the company's "solid positive cash flow," the credit rating outlook of Bimbo S.A.B. de C.V. has been revised to stable from negative by Moody's de Mexico. The agency affirmed Bimbo's senior unsecured Baas and ratings. Moody's said the cash flow trends have "reduced near-term refinancing risks." In late November, Bimbo announced repayment of $300 million of debt, related to its acquisition of the U.S. fresh bakery business of Weston Foods in January 2009. The Moody's outlook also reflects improved credit metrics and expectations of further balance sheet improvements in the Continued on Page 8 On Nov. 1, Guy R. Shoemaker retired as president of Horizon Milling L.L.C. and was succeeded by Dan Dye. In interviews conducted by Milling & Baking News Dec. 3 at Cargill headquarters in Wayzata, Minn., Mr. Dye and Mr. Shoemaker discussed changes in and the outlook for Horizon Milling, the milling industry and at Cargill. Mr. Shoemaker's interview begins on Page 21. Mr. Dye's follows: aving spent his en- Dye tire career to date in various grain merchandising and management roles, Dan Dye's background at Cargill is strongly connected to the oldest division within the 144-year-old company. But if his track record in recent years is any indicator, H the new president of Horizon Milling L.L.C. is not likely to be a conservative caretaker at the nation's largest flour milling company. To the contrary, "change agent" may be a more apt descriptor. In a transition announced last spring, Mr. Dye became president of Horizon Nov. 1. He succeeded Guy R. Shoemaker, who retired after 13 years at the helm of Cargill's milling business, the last seven running Horizon Milling. "There is considerable growth potential at Horizon Milling, a wide variety of opportunities we are looking at," Mr. Dye said. Horizon Milling, a partnership Continued on Page 20 Wheat foods chain cooperating to provide baked foods to pantries KANSAS CITY - In a new program participants have described both as "a natural" and "long overdue," leading companies up and down the wheat food chain are coming together to provide free baked foods to food pantries in Kansas City. With donations of wheat from grain companies, wheat milling by Horizon Milling, L.L.C. and baking and delivery by Hostess Brands, Inc., the Field to Family program hopes to deliver 25,000 units of bread and snack cakes to pantries during the months of November to January. The idea of Michael L. Dean, a merchandising manager for Horizon Milling in Overland Park, Kas., and Robert M. Kissick, senior vice-president of purchasing, Hostess Brands, Field to Family has moved from plan to reality in roughly four weeks. "It was the middle of October, and Rob and I were just brainstorming," Mr. Dean said. "We wondered what could be done to address hunger problems. Could we touch the entire chain, from the grower-owned co-op all the way to the baker? " "I sent approximately 20 letters to our Continued on Page 16

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Milling & Baking News - December 15, 2009