Costco highlights craft brewers
ISSAQUAH, Wash. — Craft brewers are the star of the show in the latest issue of Costco Wholesale’s member magazine.
For the cover story of the September issue of Costco Connection, the club retailer solicited stories from members who had turned brewing as a hobby into businesses, or dreamed of doing so, receiving more than 500 responses.
Breweries profiled include Two Brothers Brewing Co. of Warrenville, Ill.; Copper Kettle Brewing Co, of Denver; Mac & Jack’s Brewery of Redmond, Wash.; and Maui Brewing Co. of Lahaina, Hawaii.
The four profiles provide a snapshot of an industry that has grown rapidly in recent years, as home brewers turn their hobbies into businesses and Americans’ tastes broaden beyond mass-produced, light lagers. According to a recent report by IBISWorld, the number of craft brewers has grown by 10.9% per year since 2008, with 2,439 businesses showing 2013 sales of $3.9 billion and profits of $378 million, and expectations of more than 7% annual growth in the number of enterprises through 2018. American craft beers also have grown in popularity abroad, with $46.9 million in exports in 2013.
The Boston Beer Co., which makes Sam Adams, commands a 19.3% market share, while the Sierra Nevada Brewing Co., based in California, commands 5.1%. Pale ales make up the bulk of craft brews, about 41%, while lagers make up 27.9%, coffee-colored stouts and porters constitute 13%, and seasonal beers constitute 18.1%.
Endo subsidiary to buy Boca Pharmacal for $225 million
MALVERN, Pa. – A subsidiary of Endo Health Solutions is buying Boca Pharmacal for $225 million, Endo said Wednesday.
The Malvern, Pa.-based drug maker said the acquisition, through its Qualitest generics subsidiary, would give it access to a "unique" portfolio of generic drugs, an attractive pipeline and would build on Qualitest’s strength in controlled substances. Boca focuses on niche areas, commercializing and developing drugs that include controlled substances, semisolids and solutions.
"The acquisition of Boca Pharmacal is the first of several transactions we expect to execute as we transform Endo into a more focused specialty healthcare company with a lean operating model, able to deliver consistent earnings and revenue growth for our shareholders," Endo CEO Rajiv De Silva said. "The acquisition is aligned with our current generics footprint and will meaningfully accelerate the growth of Qualitest in 2014. I believe that the revenue and earnings contribution of this transaction, combined with the unique commercial portfolio and strong pipeline of ANDAs, make this an ideal fit."
TruTag named Technology Pioneer by World Economic Forum
HONOLULU — A company that has developed an edible security platform for addressing the global problem of counterfeit foods and medicines has been named a 2014 Technology Pioneer by the World Economic Forum.
TruTag Technologies, based in Honolulu, said the award is given to companies that design, develop and deploy new technologies holding promise or significantly affecting the way business and society operates. TruTag was one of 36 companies around the world to receive the distinction from the World Economic Forum, which will have its annual "Summer Davos" Meeting of the New Champions 2013 in Dalian, China, next month. Past winners have included Twitter and Google.
"With their ability to profoundly affect the world’s current counterfeit crisis, TruTag Technologies is a great fit for the Technology Pioneer awards," Stanford University entrepreneurship professor and past Technology Pioneer awards judge Tom Byers said. "Technology Pioneer candidates are evaluated by the world’s leading technology experts in a rigorous selection process. This selection distinguishes TruTag Technologies as a global innovator and disruptor."
The meeting is considered the foremast global business gathering in Asia, attracting heads of state, heads of multinational corporations and CEOs of fast-growing companies.
"It is a great honor for TruTag to be selected as a Technology Pioneer by the World Economic Forum," TruTag chairman Hank C.K. Wuh said. "I am looking forward to discussing the role of innovation for the future of society and sharing our vision for TruTag to impact the global counterfeit problem, especially in the area of safety and authenticity of food and medicine where the impact of counterfeits on human lives is beyond measure."