Financial News

CINCINNATI — Sunny Delight is refocusing its North American business with the acquisition of a manufacturing plant owned by the J.M. Smucker Co., and is updating all five of its North American manufacturing facilities and data systems.

The $70 million upgrade, which will diversify Sunny Delight's business in North America, will improve its "corporate profitability, manufacturing efficiency and environmental footprint," said Ellen Iobst, the company's SVP manufacturing and technology.

MINNEAPOLIS — Supervalu on Wednesday announced that it has entered into a stock purchase agreement for the sale of Total Logistic Control — a wholly owned subsidiary that provides logistics and supply chain management solutions to manage distribution, warehousing and transportation operations for food, beverage and consumer packaged goods companies — to Ryder Integrated Logistics.

Subject to closing conditions and regulatory approvals, the sale is expected to close Dec. 31.

EL PASO, Texas — Helen of Troy on Thursday announced that it has entered into a definitive merger agreement to acquire the business of Kaz for $260 million in cash, subject to certain closing working capital and other adjustments. The acquisition is expected to close by Dec. 31.

PLEASANTON, Calif. — Safeway's board of directors declared a regular quarterly cash dividend of 12 cents per share. The cash dividend will be payable on Jan. 13, 2011, to stockholders of record at the close of business on Dec. 23.

In related news, the retail chain's board also increased the authorized level of the company’s stock repurchase program by $1 billion to $7 billion. Through the end of third quarter 2010, Safeway repurchased approximately $5.2 billion of its stock and had approximately $800 million remaining under its stock repurchase program, Safeway said.

ISSAQUAH, Wash. — Mass merchandiser Costco had global sales of $18.82 billion during first quarter fiscal 2011, which ended Nov. 21, according to a regulatory filing Wednesday.

That represented an 11% increase over $16.92 billion in first quarter fiscal 2010.

Profits for the quarter were $312 million, compared with $266 million a year ago.

NEW BRUNSWICK, N.J. — Johnson & Johnson made its courtship with Dutch biotech company Crucell official by acquiring all of the company for $2.3 billion, the two companies said Wednesday.

In a deal that won the full support of Crucell’s management, J&J will pay $32.74 per share for the remainder of Crucell that it doesn’t already own; J&J indirectly controls around 18% of Crucell’s stock through a Dutch affiliate, while Delta Lloyd Asset Management, Robeco and the Van Herk Group control around 15.5%, according to published reports.

BENTONVILLE, Ark. — Walmart stores have regained a familiar feeling this holiday season, and if senior executives are right, the increased promotional intensity will halt six consecutive quarters of declining same-store sales and put the company on the right track for 2011.


DOWNERS GROVE, Ill. — Sara Lee announced on Monday that it has completed the sale of its global body care and European detergents businesses to Unilever for 1.21 billion euro ($1.6 billion).

The sale is part of Sara Lee's ongoing process of divesting its household and body care businesses.