Weekly Food Industry Report: The Week of April 28, 2014
Every week, we take a look into some of the biggest financial news to emerge from the world of food. Here is this week’s:
Burger King: The company’s profit grew more than 68.7 percent at $60.4 million in the first quarter.
Famous Dave’s: Though its sales fell in the past quarter, the company’s profit rose significantly from $62,000 to $516,000.
Coca-Cola: In an effort to “accelerate the profitable growth” of Coca-Cola through refreshed marketing efforts, the soda company is switching the roles of two senior executives, Wendy Clark and Katie Bayne, beginning June 1. Clark, who currently oversees global marketing efforts and reports to Coca-Cola’s CMO will take over Byne’s position as head of North American marketing, while Byne will assume her role.
ADM Foods & Wellness : Michael Loud has been named North American sales director in Archer Daniels Midland Co.’s Oilseeds business unit.
Applebee’s: The company’s president Michael Archer has stepped down to pursue other opportunities and will be replaced by senior vice president of operations Steven Layt, effective Feb. 25.
Yum! Brands Inc.: Chief executive David Novak will transition to executive chairman, while Taco Bell’s CEO Greg Creed will become Yum’s next CEO, effective Jan. 1, 2015.
J&J Snack Foods Corp.: The company acquired Tampa, Fla.-based Philly’s Famous Water Ice, Inc. Financial terms were not disclosed.
Niagara Fiber, L.L.C.: The company acquired Allied Blending & Ingredients, a provider of fiber and starch-based proprietary products and mixes for dairy and tortilla end-markets.
The Hain Celestial Group, Inc.: The company bought Rudi’s Organic Bakery, Inc., a manufacturer of organic and gluten-free grain-based, for $61.3 million from Charterhouse Equity Partners, a private equity firm.
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