Coca-Cola BOD elects Jacob Wallenberg as director
ATLANTA The Coca-Cola Co. Board of Directors on Thursday elected Jacob Wallenberg as a director of the company, effective Jan. 1, 2008. Wallenberg currently is chairman of the Board of Investor AB, the largest industrial holding company in the Nordic region. He also serves as vice-chairman of Skandinaviska Enskilda Banken AB and is a board member of The Nobel Foundation, The Stockholm School of Economics and The Knut and Alice Wallenberg Foundation.
From 1990 to 1992, Wallenberg was deputy managing director of Investor AB. After rejoining the SEB Group in 1993, Mr. Wallenberg was appointed chief executive officer in 1997 and was chairman of the board from 1998 to 2005. As part of his election, Wallenberg was appointed to the public issues and diversity review committee and the committee on directors and corporate governance.
The Board also elected William D. Hawkins III as vice president of the Company and appointed him general tax counsel. Hawkins has worked in the Company’s Office of General Tax Counsel since 1998 and will now lead the Company’s tax policy and strategy team. Prior to joining The Coca-Cola Co., Hawkins was a partner with the law firms of White & Case and, later, McClure, Trotter & Mentz in Washington, D.C.
Pepsi Bottling Group signs letter of intent to acquire New York Bottling Co.
SOMERS, N.Y. The Pepsi Bottling Group on Tuesday announced that it has signed a Letter of Intent to acquire Pepsi-Cola Batavia Bottling Corp. and the transaction is expected to close during the first quarter of 2008.
The family-owned and -operated business based in Batavia, N.Y., is a Pepsi-Cola franchised bottler, serving New York’s Genesee, Orleans and Wyoming counties along with parts of Livingston, Alleghany and Cattaraugus counties. It was founded in 1890 and is currently owned by Thomas and John Houseknecht. Terms of the transaction were not disclosed.
“We are pleased that Pepsi Batavia will join PBG, the largest Pepsi-Cola bottler in the world,” stated Tom and John Houseknecht. “We are confident that PBG will continue to provide the level of service and support that our employees and customers have come to expect from our company.”
The Houseknecht family will continue to own and operate Loose Ends Vending.
Diamond announces record Q1 results
STOCKTON, Calif. Diamond Foods, a leading branded food company specializing in processing, marketing and distributing snack products, on Monday reported record financial results for its fiscal 2008 first quarter.
Net sales increased 9 percent to $184.5 million for the three months ended Oct. 31, 2007, compared to $169.5 million for the three months ended Oct. 31, 2006. GAAP diluted earnings per share was $0.52 compared to $0.61 for the prior year’s comparable period. EPS for the quarter increased 8 percent compared to the 2007 first quarter non-GAAP EPS of $0.48. Non-GAAP EPS for the prior year excludes a gain of $0.11 per share from the curtailment of a pension plan, and a net gain of $0.02 per share principally related to closing and selling a production facility and consolidating operations in another facility.
The total sales exceeded the target of $170 million to $180 million. Additionally, Diamond’s snack sales in U.S. food stores grew 28 percent during the 12-weeks ended November 4, 2007, 10 times faster than the category, bringing Emerald’s share of the snack nut market to 4.6 percent. Emerald’s share of tree nuts grew to 5.6 percent during this period.
“We are off to a strong start in fiscal 2008,” said Michael J. Mendes, President and chief executive officer. “We were able to successfully increase prices in this high input cost environment, enabling Diamond to beat its estimates while investing in our brands.”
For the three months ending Jan. 31, 2008, Diamond expects net sales of between $130 million and $140 million and an EPS of between $0.12 and $0.17.