Word: spin-off
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...spin-off also leaves a pure-play candy outfit that might be able to find chocolatey growth again. "We're focused on delivering," says CEO Todd Stitzer, the veteran Cadbury executive who is only the second person outside the Cadbury family to run the shop. Stitzer is predicting that yet another restructuring--the company plans to close 15% of its factories and ax 15% of its workers in the next four years--will allow Cadbury's chocolate, candy and chewing-gum business to deliver annual sales increases of 4% to 6% and profit margins in the midteens by 2011 from...
...billion. Cadbury's clever drumming-gorilla ads helped too. Morgan Stanley said in a recent report that "unlike with many other consumer stocks, we expect Cadbury's earnings growth to accelerate." Says David Morris, food and beverage research director at Mintel International Group, a market-research company: "The spin-off is a smart move. Investors had felt these businesses weren't getting their appropriate valuations when they were combined." As stand-alones, they can also grow by attracting merger partners, he says...
...that the two companies are separated, Wall Street buzz naturally revolves around their merging with or buying other companies or being sold themselves, especially in the wake of the Mars-Wrigley deal. "We believe [the spin-off] makes Cadbury a more attractive potential acquisition target, especially for Kraft," says Andrew Wood, a Sanford C. Bernstein & Co. analyst...
...don’t know anyone else who bothered with “Laguna Beach” spin-off “Newport Harbor: The Real Orange County.” Even as I followed the lives and dramas of Newport’s privileged teens, I found myself wondering why. It’s not difficult to become caught up in reality shows, but their appeal proves subject to a paradox. They end up exposing the very fact we try to escape by watching in the first place: Most people’s lives are really boring...
...past few years, officials in Mass. Hall and the office of Provost Steven E. Hyman have expressed concern that HMI’s activities no longer fully reflect the Medical School’s core missions of education and research, according to a Crimson report in February. The spin-off of the subsidiary was pushed through by central administrators—over the fierce objections of HMI’s founders—during the interregnum between former Medical School Dean Joseph B. Martin and Flier. Harvard officials involved in finalizing the agreement could not be reached for comment yesterday...