Food Roundup: New Chief for CPI, Patent Blow for Tate & Lyle, ConAgra Notes and More
Ilene Gordon steps in at Corn Products International -- Gordon, 55, has been named president, chairman and CEO, replacing Samuel Scott, who is retiring. Gordan was president and CEO of Rio Tinto's Alcan Packaging unit, but will start at Corn Products effective May 4. The move will make CPI the fourth major food company in Illinois to have a woman at the helm. [Sources: Chicago Sun-Times, Chicago Tribune]
Tate & Lyle loses sucralose case -- The U.S. International Trade Commission ruled against banning imports of sucralose-based sweeteners from four Chinese companies. Tate & Lyle, maker of Splenda, had argued that the companies were infringing on its patents, but the commission rejected that argument. Shares of Tate & Lyle fell at the news, as analysts predict a drop in prices for sucralose-based sweeteners. [Sources: AP-FoodTechnology.com, AP]
ConAgra to sell $1b in senior notes -- The food giant will use the money to refinance its debts, the company said Monday. The company initially planned to sell $750 million in notes in an underwritten public offering, but raised the amount to $1 billion. [Sources: Just-Food, AP]
Coca-Cola acquires minority stake in Innocent Drinks -- U.K.-based Innocent Drinks will use the $44 million from Coca-Cola to fund expansion in Europe. Innocent has a reputation for its ethics, and co-founder Richard Reed tried to deflect potential criticism of the move, saying, "Every promise that Innocent has made -- about making only natural healthy products, pioneering the use of better, socially and environmentally aware ingredients, packaging and production techniques, donating money to charity and having a point of view on the world -- will remain. We'll just get to do them even more." [Sources: AP, Atlanta Business Chronicle]
Coca-Cola rescinds Australian ad -- After getting in trouble with the Australian Competition and Consumer Commission, the Coca-Cola Company has been forced to run corrections to a recent ad campaign. According to the commission, "Coke's messages were totally unacceptable, creating an impression which is likely to mislead that Coca-Cola cannot contribute to weight gain, obesity and tooth decay." [Sources: Daily Bread, Wall Street Journal]