The Supply Side: McCormick expansion, Smithfield’s sale, Exec shift
by June 4, 2013 12:35 pm 171 views
• McCormick acquires Asian company
Spice company, McCormick recently acquired Wuhan Asia-Pacific Condiments Co. — a manufacturer of bouillon products in central China.
McCormick said these new products complement its own portfolio of flavor products and will give the company a broader market share in Asia
The purchase price for this business was $147 million U.S., subject to normal purchase price adjustments. McCormick funded this acquisition with cash and debt.
• Smithfield’s largest stakeholder walks
Continental Grain Co, the largest shareholder in Smithfield Foods Inc, said on Monday it would sell its entire stake in the world's biggest pork producer, preventing an impending proxy battle after China's Shuanghui International Holdings moved in to buy Smithfield in a multi-billion dollar deal.
Shuanghui International Holdings announced last week it would buy Smithfield Foods for $4.7 billion.
"In light of the announced transaction, we have elected to exit our long-term ownership position in Smithfield because we are satisfied with our investment return," Continental Grain CEO Paul Fribourg, told Reuters.
It held a 5.84 percent stake in Smithfield as of April 25, according to Reuters data.
• PepsiCo exec moves to Foot Locker
Foot Locker appointed former PepsiCo executive Paulette Alviti as the company’s chief human resources officer and senior vice president.
Alviti’s background in human resources, both domestically and internationally, includes experience in organizational capability and training, talent acquisition and development, employee engagement and communications for the corporate office and field organization.
Alviti spent 17 years at PepsiCo most recently serving as chief human resources officer at the company’s Asia, Middle East and Africa division.