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Business news and notes Tuesday, December 2, 2008
Hormel profit drops 33 percent in quarter
AUSTIN, Minn. -- Hormel Foods Corp. said last week that its fiscal fourth-quarter profit fell 33 percent because of higher commodity costs and a big investment loss, but results still topped Wall Street expectations.
The Austin, Minn.-based company also raised its annual dividend by 2 cents, but forecast 2009 profit well below analysts' estimates, citing an oversupply of turkey breast meat, higher commodity costs, increasing hog prices and economic pressures on consumer demand.
Chairman and Chief Executive Jeff Ettinger called the company's fourth-quarter results "clearly disappointing" on a conference call with analysts, noting the company -- like all food makers -- is "in a unique and challenging economic environment."
The slide was also largely due to a $20.4 million investment loss due to financial market turmoil. A year ago, the company recorded a $4.6 million gain from the trust.
Revenue rose 12 percent to $1.86 billion from $1.66 billion, helped by sales of refrigerated and specialty foods.
South Korea discount stores to sell U.S. beef
SEOUL -- U.S. beef will be back on supermarket shelves in South Korea, major discount department stores said last week.
South Koreans protested in the streets for weeks when the government decided in June to lift a 2003 ban on imports of U.S. beef.
For months, supermarkets and many restaurants shied away from offering U.S. beef because of strong public opposition to the government decision.
But last week, the Korea Chainstores Association said major discount stores such as E-mart, Home Plus and Lotte Mart will begin selling U.S. beef because customers have asked for cheaper meat. U.S. beef is generally less expensive than domestic beef. Other smaller discount stores, supermarkets and department stores are expected to follow the suit soon, association official Ko Sang-bum said.
Farm worker wages up, number of workers down
ST. PAUL -- The number of farm workers in the Lake Region -- Minnesota, Wisconsin and Michigan -- declined 1 percent from a year ago while wages increased 19 cents an hour, according to the Minnesota NASS field office.
Farm operators paid their hired workers an average wage rate of $11.49 per hour during the October survey, up 19 cents from a year ago. Hours worked for the week averaged 36.2, down from 38.9 a year ago.
BASF invests $225 million in facilities
RESEARCH TRIANGLE PARK, N.C. -- To meet growing demand for its Headline fungicide, BASF is making a $225 million investment in additional production facilities in Germany, France, Brazil and the United States.
BASF is headquartered in Florham Park, N.J., and has more than 15,000 employees in North America. It had sales of $16.4 billion in 2007.
Pioneer, Farms Technology team for service
DES MOINES -- Pioneer Hi-Bred and Farms Technology have launched a new instant hedging and cash grain commodity transaction service.
The service is available through the MarketPoint resource Web site. It is designed to simplify and speed up grain commodities hedging for buyers by providing concurrent electronic hedge orders and cash commodity transactions.
USDA publishes notice on biofuels funds
WASHINGTON -- The U.S. Department of Agriculture has published a Notice of Funds Availability for the new Biorefinery Assistance Program that was included in the 2008 farm bill.
"It is absolutely essential that we provide financial security to those pioneers who are developing our country's first advanced biofuels biorefineries,'' said Iowa Sen. Tom Harkin. "Encouraging their early ventures is critical to the successful introduction of biofuels such as cellulosic ethanol into our liquid fuels markets in order to reduce dependence on foreign oil and on the nations from which it comes.''
AGCO scholarship program has helped many
DULUTH, Ga. -- AGCO Corporation is sponsoring the National FFA Collegiate Scholarship Program, which continues its 62-year-old history of supporting FFA.
The program provides individual scholarships worth more than $2.2 million through the National FFA Organization. Since the program began in 1984, $28 million has been awarded. Scholarships range from $1,000 to full tuition for four years.
The scholarship program has grown from 16 awards in its first year to 1,863 given out to the 2008 graduating high school and first-year college students. More than 8,400 students applied for the awards this past year.
Union rejects contract offer from GPC in Muscatine
MUSCATINE, Iowa -- Union members have rejected the latest contract offer from Grain Processing Corp. in Muscatine.
Members of United Food and Commercial Workers Local 86D rejected the proposal in a vote on Nov. 23.
About 360 workers have been locked out of the plant since Aug. 22 after the two sides failed to reach an agreement.
Union members have picketed the plant since the lockout, and the plant has continued operations with non-union employees and workers brought in from other GPC plans as well temporary workers.
Company spokesman Janet Sichterman says management is disappointed in the vote. She says the company will take time to determine its next step.
Moyer is chairman of USDA organic board
KUTZTOWN, Pa. -- Jeff Moyer, farm director of the Rodale Institute, has been elected 2009 chairman of USDA's National Organic Standards Board.
"This is a critical time for the organic movement and industry as forces try to dilute its hard-fought integrity with marketing terms such as 'sustainable' and 'natural,''' Moyer said. "It's critical that we protect the standards and also continue to educate the public about the 'USDA Organic' seal.''
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