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Petition in circulation urging FDA to consider regulation of energy drinks

BY Jenna Duncan

WASHINGTON Physicians and scientists—100 total—have joined together to back a letter sent to the Food and Drug Administration urging for examination of the high caffeine content of energy drinks, possible risks and effects on health for people, and possible regulation of the energy drink category.

Roland Griffiths, neuroscientist at Johns Hopkins School of Medicine, wrote the letter which in Baltimore. The letter recommends that the FDA require drink makers to provide warning labels, limit the amount of caffeine and other stimulants added to drinks and tell the caffeine content on the can

In response to the letter, the American Beverage Association has released a statement that energy drinks with moderate amounts of caffeine shouldn’t be grouped with those “companies seeking attention and increased sales based solely on extreme names and caffeine content,” published reports said.

Five of the highly caffeinated energy drinks that were listed for examination are Amp, which contains 75 milligrams of caffeine per 8.4 ounces; Full Throttle, with 144 milligrams per 16 ounces; Monster which contains 160 milligrams per 16 ounces; Red Bull with 80 milligrams caffeine per 8.3 ounces; and Rockstar which has 160 milligrams of caffeine in every 16 ounce can.

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Hormel Foods adjusts predictions for fiscal 2008

BY Jenna Duncan

AUSTIN, Minn. Hormel Foods has revised its projections for fiscal 2008, lowering expected totals for earnings, the company said today. 

The Minnesota-based maker of branded foods and meat-products attributed its revised numbers to a decline in financial markets around the globe.

 

 

“Although we correctly anticipated a significant shortfall in earnings at Jennie-O Turkey Store during the fourth quarter, we are also experiencing greater than expected cost pressures and unfavorable product mix changes in our grocery products and refrigerated foods segments,” Jeffrey M. Ettinger, chairman of the board, president and chief operating officer of Hormel said. “Given the current investment results for the rabbi trust and our expected operating results for fiscal 2008, we are lowering our full year guidance to $2.03 to $2.09 per share from our earlier guidance range of $2.22 to $2.28 per share. However, we expect to beat fiscal year 2007 results for the full year on a segment operating profit basis.”

 

 

Ettinger said that more details about revisions to the fiscal 2008 earnings summary would be disclosed in a conference call Nov. 25.

 

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Mars names Petrovich new chief exec of Wrigley

BY Jenna Duncan

MCLEAN, Va. Just on the heels of the completion of its acquisition of the Wm. Wrigley Jr. candy and gum business, Mars has moved a Wrigley veteran into to head Wrigley, the company announced Monday.

Dushan Petrovich has taken over as president and chief executive officer, succeeding William Perez. Perez will continue to serve in an advisory position and will be given a severance package of more than $25 million, the company said.

Perez was the first chief executive of Wrigley who was not related to the founding family. He was tapped for the position in 2006. Prior to his post at Wrigley, Perez served as chief executive officer of Nike.

Petrovich has been with Wrigley 30 years, starting in the financial department and later serving as corporate treasurer, among other positions. Mostly recently has served as the company’s chief administrative officer and senior vice president.

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