Word: tropicana
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...shopping spree for consumer-products firms may be only beginning. Investors are already driving up the stock prices of a host of potential targets, including General Mills, Pillsbury and Quaker Oats. Speculation now centers on Beatrice, the Chicago-based producer of Tropicana orange juice and La Choy Chinese food. Beatrice stock jumped 3 1/8 a share last week, to close at 39 1/4. One reason: Unilever is rumored to be eyeing Beatrice after seeing Richardson-Vicks slip away...
Consumers will feel the pinch too. More than half of the orange juice, 90% of the limes and 75% of the grapefruits used in the U.S. come from Florida. Although this year's supplies are already secured, Tropicana, one of the nation's largest juice makers, is worried about next year's harvest. Says Spokesman Tim Clarke: "We can certainly expect prices to increase even more...
...Nestlé-Carnation deal continues a streak of mergers in the competitive food industry. Last month Chicago's Beatrice (Tropicana, La Choy) bought Esmark (Swift, Peter Pan) for $2.8 billion. Two weeks ago, Ralston Purina agreed to acquire ITT's Continental Baking division for $475 million. One reason for the takeovers is that business has turned sluggish as a result of the slowdown in U.S. population growth. Thus the easiest way for food companies to grow is to take over other firms. And as the Carnation purchase indicated, cows that are too contented may find themselves...
...takeover fever that has infected American business continued to burn unabated last week. Beatrice Foods, which owns such brands as Tropicana orange juice, La Choy Oriental food and Swiss Miss chocolate mix, offered $2.8 billion for Esmark, which owns Playtex, Max Factor and Avis. The bid, which Esmark approved, topped by $400 million the offer made only three weeks earlier by the New York investment banking firm of Kohlberg Kravis Roberts, and was $300 million more than Beatrice's earlier...
...hopes that Citrus Hill will put the squeeze on the two leading brands, Coca-Cola's Minute Maid and Beatrice Foods' Tropicana. In test markets in Indiana and Iowa during the past year, Citrus Hill has reportedly grabbed a respectable 14% to 17% market share. But P&G hopes to better that next year when it replaces its current Citrus Hill formula with a patented concentrate produced by freezing the fresh juice rather than boiling it. A marketing battle is likely to ensue. Said a Tropicana spokesman: "We intend to aggressively defend every area where...