Authorities say Chinese government was warned about food production standards
SHIJIAZHUANG, China Chinese authorities have said that the country’s food producers as well as bureaucrats had plenty of warnings about poor safety and quality standards in food and drug production, but failed to respond before milk contaminated with an industry additive called melamine was used in products such as baby formula and candy, The New York Times today reported.
China’s Prime Minister Wen Jiabao had promised about a year ago to initiate a nationwide review of safety standard for food, drug and other consumables made in China to assure that regulations were kept and safety standard maintained, reports said. Additionally, the Chinese government put $1.1 billion towards inspecting food and drug production companies and assigned 300,000 inspectors
Prime Minister Wen publically apologized for the release of the tainted baby formula to market which has so far led to 53,000 reports of children getting sick and at least three deaths. Analysts have also said that the scandal has devastated the dairy industry in China, according to reports.
Rudy Nutrition to begin public trading with new ticker symbol
LAS VEGAS The National Association of Securities Dealers today notified Rudy Nutrition that a 1 for 4 reverse split is in effect, and Rudy Nutrition will commence trading with the ticker symbol RUDN.
Rudy Nutrition is the maker of healthy “Rudy” brand products for young and adult athletes. FounderDaniel “Rudy” Ruettiger is the earned fame as an unlinely football player for Notre Dame. His life story was later adapted to the movie “Rudy.”
Wrigley shareholders say yes to Mars’ buyout offer
CHICAGO Private shareholders of Wm. Wrigley Thursday voted to approve the sale of the Wrigley gum and candy business to Mars for $23 billion, Reuters has reported. The acquisition deal will create the world’s largest candy and confectionery business. The companies have said that they expect to close the deal Oct. 6.
After facing pressure from British confection maker, Cadbury, Wrigley shareholders overwhelmingly approved Mar’s offer of $80 per share. Following the announcement of the polling results, Wrigley’s stocks rose 12 cents to $79.65 yesterday.
Chicago-based Wrigley, the maker of gums such as Orbit, Eclipse, Wrigley’s Spearmint and Juicy Fruit, has been in operation for more than 100 years and has been publicly traded since 1923. Mars, the maker of M&M’s, Milky Way candy bars, Snickers and other candies, and also is privately held and has been in business since 1911.