Industry News

Yum! Brands, Inc. signed definitive agreements to sell Long John Silver's, Inc. and A&W Restaurants, Inc. to two separate buyers. Long John Silver's will be acquired by LJS Partners LLC. A&W will be acquired by A Great American Brand LLC. Both transactions are expected to close in the fourth quarter. Full Story Purchase The Food Institute's Food Business Mergers & Acquisitions 2010 book for information on mergers in all food industry sectors, including restaurants. Over 300 deals are discussed in the publication. To order and for more information, click here.

Kerry Group entered into an agreement to acquire Cargill's global flavors business. Cargill Flavor Systems, with annual revenues of approximately $200 million, is being acquired for a consideration of $230 million subject to closing adjustments. Full Story

Two-thirds of Americans drink coffee, according to an Opinion Research Corporation International survey commissioned by 7-Eleven. Most do so within an hour of waking up, and 65% drink an average of 13 cups of coffee per week, reported Reuters. Full Story

"Facts Up Front" will serve as the theme for GMA's and FMI's consumer education campaign in support of its front-of-pack nutrition labeling system, replacing Nutrition Keys. Facts Up Front is a nutrient-based labeling system that summarizes nutrition information from the Nutrition Facts Panel. The Facts Up Front consumer education campaign will launch in early 2012. GMA and FMI are also launching a new Facts Up Front website. Full Story

Outback Steakhouse's founders are launching a chicken sandwich chain to be called PDQ, or "Pretty Darn Quick." The first location will open in Tampa, FL in late October, reported The Tampa Tribune. Full Story

Latest sales & earnings for food related companies (Updated Daily - FI Membership Required)

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Food Institute News

While most retailers and manufacturers will instinctively pull the lever to compete on price, it is important to understand that consistently leading with price has significant negative impacts on brand equity, according to SymphonyIRI's BRAND LOYALTY: How Understanding Brand Equity Impacts Brand Loyalty And Delivers To The Top And Bottom Line Times & Trends report. Rather, CPG leaders must harness the power of value. The battlefield for the shopper's loyalty is no longer primarily dictated by lower costs. For the report, click here. (FI Membership Required)

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International News

The Ukrainian government plans to reform the country's agricultural sector in order to transform it into a more efficient industry and will look to increase organic offerings. Full Story

Health News

The American Heart Association certified walnuts as a heart-healthy food. Full Story

Washington News

USDA's Acting Under Secretary for Farm and Foreign Agricultural Services will lead the agency's first-ever agricultural trade mission to Vietnam. Two-way agricultural, fish and forestry trade with Vietnam reached nearly $3.4 billion in 2010. Full Story

Market News

Citrus utilized production for the 2010-2011 season totaled 11.7 million tons, up 7% from the 2009-2010 season, according to NASS' Citrus report. Florida accounted for 63% of total U.S. citrus production, California totaled 33%, and Texas and Arizona produced the remaining 4%. Florida's orange production, at 140 million boxes, is up 5% from the previous season. Bearing citrus acreage in Florida, at 440,000 acres, is 11,000 acres below the 2009-2010 season, the lowest bearing acreage since the 1990-91 season. Florida's frozen concentrated orange juice yield at 1.59 gallons per box was up 2% from last season. Full Report

Total frozen fruit stocks were up 11% from last month but down 6% from a year ago, according to NASS' Cold Storage report. Total frozen vegetable stocks were up 21% from last month but down 12% from a year ago. Total red meat supplies in freezers were up slightly from the previous month and up 11% from last year. Full Report