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Safeway Q3 sales up slightly heading into merger with Albertsons

BY Michael Johnsen

PLEASANTON, Calif. — Safeway on Wednesday reported in an SEC filing sales of $8.3 billion for the third quarter ended Sept. 6, representing a lift of 2.6% as compared with the year-ago period. The increase was attributed to $216 million of higher identical-store sales, partially offset by $10 million of lower fuel sales. Same-store sales were up 2.6%. Excluding fuel, same-store sales were up 3.1%. 
 
Sales and other revenue increased to $24.7 billion in the first 36 weeks of 2014 from $24.3 billion in the first 36 weeks of 2013 primarily from $518 million of higher identical-store sales, partially offset by $106 million of lower fuel sales. Same-store sales climbed 1.7% in the period. Excluding fuel sales, comparable sales were up 2.5%. 
 
Safeway is close to completing its merger with Albertsons, which is expected to happen in the current quarter pending Federal Trade Commission approval, according to a report in the Wall Street Journal published Wednesday.
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Sara Lee adds to Desserts line

BY Ryan Chavis

CHICAGO — Sara Lee, a brand from Tyson Foods, last week announced the addition of two new flavors to its line of Desserts pound cakes. The two cakes — Blueberry Pound Cake and Gingerbread Pound Cake — may now be purchased in the freezer section of grocery stores across the country, the brand said.
 
“Sara Lee Pound Cake has been a beloved product in kitchens for more than 60 years and is America’s favorite frozen pound cake,” said Jeff Kemerley, senior brand manager, Sara Lee Desserts. “To expand upon our pound cake’s rich heritage, we’re bringing the popular flavors of blueberry and gingerbread to consumers for more ways to indulge with this sweet treat.”
 
The suggested retail price for a 10.3-oz. pound cake is $3.99.
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Impax Labs acquires Tower Holdings for $700 million

BY Michael Johnsen

 

HAYWARD, Calif. — Impax Labs last week announced the execution of a definitive agreement under which Impax will acquire Tower Holdings, including operating subsidiaries CorePharma and Amedra Pharmaceuticals, and Lineage Therapeutics for $700 million in cash, subject to certain customary purchase price adjustments. 
 
The privately-held companies being acquired specialize in the development, manufacture and commercialization of complex generic and branded pharmaceutical products. The transaction will provide Impax with a profitable and growing commercialized portfolio of products that are expected to generate full year 2014 revenues of approximately $215 million to $225 million. 
 
"This transaction is an important step forward in executing our plan to drive growth and create value through strategic acquisitions that enhance our existing strategies," stated Fred Wilkinson, president and CEO of Impax. "The companies will add a growing, highly profitable, commercial portfolio of generics as well as a lead product in a new brand franchise, which will enhance our brand division and enable us to utilize our brand commercial infrastructure more efficiently. The acquisition also adds a branded and generic pipeline that includes a number of near-term opportunities. In addition, Impax will gain an established campus in New Jersey focused on R&D, manufacturing, packaging and supply chain management. Further, this accretive transaction will move Impax to a more efficient capital structure, while also preserving our ability to pursue additional external strategic growth opportunities."
 
Christopher Worrell, CEO Tower Holdings, Amedra and Lineage, said: "We are pleased with the progress we have made across our companies with an emphasis on the successful implementation of a Quality Improvement Program, which resulted in recent product approvals from the U.S. Food and Drug Administration. Both Impax and the companies have a proven record of developing high value specialty products, and we look forward to being a critical contributor to the future growth strategy and value creation for Impax."
 

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