DOCSLIB.ORG

Hormel Foods Gobble!

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hormel Foods Gobble! North America United States Consumer Food 22 November 2006 Results Review Company Research Hormel Foods Reuters: HRL.N Bloomberg: HRL UN Exchange: NYS Ticker: HRL Hold Price at 21 Nov 2006 (USD) 36.69 Price target 39.00 52-week range 38.02 - 31.93 Gobble! Gobble! Key changes Price target 36.00 to 39.00 Ç 8.3% EPS (USD) 2.17 to 2.20 Ç 1.0% Eric Katzman, CFA Christina McGlone Revenue (USDm) 6,026.3 to 6,140.4 Ç 1.9% Research Analyst Research Analyst (+1) 212 250-4968 (+1) 203 863-2283 Price/price relative [email protected] [email protected] 150 40 30 Highlights 100 * Hormel reports opr. F4Q06 (end Oct) EPS of $0.66. 20 50 * Mgmt. pre-announced EPS but results still above $0.63 consensus. 10 * EPS excl. 1-time items incl. $0.02 charge for a plant closing. 0 0 * Sales increased 5% on relatively balanced segments, vol. up 5%. 11/04 5/05 11/05 5/06 Company Bulletin * Grocery core sales -1%, profit up 3% with Spam, chili weak. Rel. to S&P 500 (L.H. Scale) * Refrigerated vol. +5%, profits +1% on strong foodservice results. Hormel Foods (R.H. Scale) * Turkey vol. +1% with profits down 12% on tough comp, meat cost. Performance (%) 1m 3m 12m Absolute 2.8 -3.5 4.1 * Specialty surges on +15% vol, profit +81% on broad ingred. demand. S&P 500 2.5 8.1 11.8 * Other segment sales +18%, profit +35% on international strength. Stock data * Mgmt. notes 2 small (US, Intl JV) acquisitions after the F4Q ends. Market Cap (USDm) 5,068.6 * Feed cost vs. pricing likely key to earnings and stock performance. Shares outstanding (m) 138.1 Free float (%) 100 * Hormel once again indicates F2007E EPS range of $2.15-2.25. Volume 284,800 * Our F2007E, F2008E EPS are now $2.20, $2.44, respectively. S&P 500 1,402.81 * Retain HOLD investment opinion, raising price target from $36 to $39. Key indicators * Our price target is based on a DCF model that uses a 9% WACC ROE (%) 16.3 (determined via CAPM: 0.8x beta, 4.5% risk free rate, 10% expected ROA (%) 10.5 Net debt/equity (x) 9.2 return). Our model is based on long term growth expectations including Book value/share (USD) 13.91 Price/book (x) 2.6 sales (3-4%), operating profit (5-6%), EPS / cash flow (7-8%). Net interest cover (x) 39.1 * Risks: competition (branded, pvtlbl), input costs (energy, raw matl, packaging). EBIT margin (%) 7.9 Forecasts and ratios Year End Oct 31 2006A 2007E 2008E 1Q EPS1 0.53 0.53 – 2Q EPS 0.48 – – 3Q EPS 0.42 – – 4Q EPS 0.66 – – FY EPS (USD) 2.09 2.20 2.44 OLD FY EPS (USD) 1.99 2.17 – % Change 4.9% 1.0% – P/E (x) 16.6 16.7 15.1 DPS (USD) 0.54 0.60 0.66 Dividend yield (%) 1.6 1.6 1.8 Revenue (USDm) 5,745.5 6,140.4 6,417.1 Source: Deutsche Bank estimates, company data 1 Includes the impact of FAS123R requiring the expensing of stock options. Deutsche Bank Securities Inc. All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of DBSI in the United States at no cost. Customers can access this IR at http://gm.db.com, or call 1-877-208-6300 to request that a copy of the IR be sent to them. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1 22 November 2006 Food Hormel Foods Gobble, Gobble! Despite higher volatility across numerous input costs, the Hormel earnings machine keeps plugging along. This is a testament to the early vision of past CEO Johnson and soon to be retired CFO McCoy along with other members of senior management to focus on branded, value-added protein products, building and growing a dedicated foodservice sales force, driving EVA through the organization while emphasizing prudent-risk taking and seeing the growth potential from Specialty Foods. Excluding 1-time items, the strategy combined with focused acquisitions has resulted in F2003-F2006 EPS CAGR of 17%! This is top tier performance even compared to pure, relatively high margin packaged food companies. Concerns regarding relative valuation vs. those same pure packaged food companies and the supposed discount required due to Hormel’s more commodity orientation have been more than offset by the strong, consistent earnings performance (not so coincidentally matching the strong growth in EVA over the years). It is difficult to assume in financial analysis / modeling that Hormel, indeed any food company, can maintain such a torrid EPS growth rate. While new CEO Ettinger and soon to be CFO Feragen are long time Hormel employees, they are in the unfortunate position of high expectations and difficult comparisons. Indeed it would appear that the last half decade or so has benefited from a very benign input cost environment and Hormel will now, like many others, be more challenged on this front. CEO Ettinger believes the mix of businesses, reinvestment potential behind the Hormel and other brands and possible accretive acquisitions should allow Hormel to continue to grow at a solid pace. We agree although some concern is warranted. Management expects corn to settle in the low $3.40/bushel range, but the nearby future is trading at $3.60 per bushel with the March 2007 future trading at $3.76 per bushel. Regardless of whether this key feed ingredient declines, Hormel will need to raise prices across several key segments including Grocery, Refrigerated and Turkey. The company has been highly successful in moving consumers up the value-added scale but it is unclear how possibly 5%+ pricing moves will impact the consumer and their desire to trade down. We believe putting more emphasis behind the Hormel brand is a logical move. Management noted the Hormel brand is in excess of $1 billion in revenue (vs. total company annual sales of $5.7 billion). More consumer-oriented advertising will be put behind the Hormel brand in the future. But we wonder whether the entrepreneurial-EVA driven culture that has led to numerous successful acquisitions (over $1+ billion in the last 5 years) and myriad brands could be limited by retailers’ desire for fewer and more focused brands over time. Perhaps this is why CEO Ettinger is focusing more on the Hormel brand. This could cause a slowdown in growth in the U.S., although we recognize the somewhat unrelated Specialty segment is growing rapidly and management is making prudent investments to keep International growth a priority. We admit to missing the stock’s strong performance recently. It is clear the time to build positions and get more positive on Hormel shares are during times of market dislocation and temporary hits to fundamentals. Should the stock weaken on concerns over feed cost, we would likely become more aggressive with our investment opinion. With a solid balance sheet and good free cash flow, it is hard to make a case as to why the stock would disappoint too much even if feed cost hurt results for a few quarters. But for now, we are content to maintain our Hold opinion. However, we are raising our F2007 (end Oct) EPS from $2.17 to $2.20. We have assumed some pricing across Grocery and Refrigerated Foods, as well as a higher margin for Specialty. As a partial offset, we reduced our margin assumption for Jennie-O Turkey Store due to higher grain costs. As a result of the increase in earnings and the roll-over of our model to the next fiscal year, we are increasing our price target to $39 from $36. Our price target is based on a DCF model that uses a 9% WACC (determined via Page 2 Deutsche Bank Securities Inc. 22 November 2006 Food Hormel Foods CAPM: 0.8x beta, 4.5% risk free rate, 10% expected return). Our model is based on long term growth expectations including sales (3-4%), operating profit (5-6%), EPS / cash flow (7- 8%). Risks include competition (branded, pvtlbl), input costs (energy, raw matl, packaging). F4Q06 results summary Hormel reported operating F4Q06 (end Oct) EPS of $0.66 vs. $0.59, $0.03 ahead of consensus. This quarter’s EPS exclude a $0.02 per share charge for the write-down of the Houston, TX refrigerated foods plant. Sales grew 5.4%, on roughly 4.5% core volume growth and a 1% acquisition benefit. Specifically, sales of Grocery Products grew 4% driven by an approximate 5% acquisition benefit with volumes down 3%. Therefore, we estimate price/mix increased 2%. Management again noted strength in Hormel microwaveable trays, as well as bacon bits. Hormel indicated that it is repositioning Stagg chili to focus on the West Coast region vs. its prior initiative to roll the brand out nationally. This, combined with converting the packaging back to cans, cost the company about $1-2 million in the quarter (less than $0.01 per share).
Load more

Recommended publications
  • U.S. Bancorp 2009 Annual Report U.S. B Anco Rp 20 09 a Nn Ua L Re
    (1,1) -1- 090314 USB_09AR_cover.indd 2/25/10 3:34:19 PM Quality Strength Leadership U.S. Bancorp U. S. B anco rp 2009 20 09 Annual Report Annual A nn ua l Re po rt 090314 USB_09AR_cover.indd 1 22/25/10/25/10 33:34:18:34:18 PPMM (1,1) -2- 090314 USB_09AR_cover.indd 2/25/10 3:34:47 PM U.S. Bancorp At A Glance Corporate I Ranking U.S. Bank is 5th largest U.S. commercial bank Asset size $281 billion Executive Offi ces U.S. Bancorp Deposits $183 billion 800 Nicollet Mall Loans $195 billion Minneapolis, MN 55 Customers 17.2 million Payment services and merchant processing International Common Stock T and Registrar Wholesale banking and trust services National BNY Mellon Shareow Consumer and business banking our transfer agent a and wealth management Regional paying agent and di Bank branches 3,002 plan administrator, a shareholder records ATMs 5,148 Inquiries related to s NYSE symbol USB stock transfers, cha At year-end December 31, 2009 lost stock certificate and dividend payme to the transfer agent Sustainability Corporate Profi le BNY Mellon Shareow P.O. Box 358015 This annual report was printed at U.S. Bancorp is a diversified financial services Pittsburgh, PA 1525 Hennegan, a company committed Phone: 888-778-13 to sustaining a healthy and safe holding company and the parent company of 201-680-6578 (inter environment by exceeding regulatory Internet: bnymellon. and environmental requirements as U.S. Bank National Association, the fi fth-largest defi ned by local, state and federal commercial bank in the United States.
    [Show full text]
  • SUPERVALU INC. (Exact Name of Registrant As Specified in Its Charter) Delaware 41-0617000 (State Or Other Jurisdiction of (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 22, 2003 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-5418 SUPERVALU INC. (Exact name of registrant as specified in its charter) Delaware 41-0617000 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 11840 Valley View Road Eden Prairie, Minnesota 55344 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (952) 828-4000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $1.00 per share New York Stock Exchange Preferred Share Purchase Rights New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes È No ‘ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
    [Show full text]
  • HORMEL FOODS Consumer Staples (NYSE: HRL) Earnings Results
    HORMEL FOODS Consumer Staples (NYSE: HRL) Earnings Results Rating BUY INVESTMENT SUMMARY Suitability Growth & Income We have recently upgraded shares of Hormel Foods (HRL) to Date November 25, 2008 a Buy rating from a Hold, as we believe the stock price has Price $28.41 pulled back to levels that represent an attractive buying Dividend $0.76 opportunity. We believe the market is too focused on Yield 2.7% near-term challenges, while undervaluing the company's solid Company Overview long-term earnings growth outlook, strong financial position, Founded in 1891, Hormel Foods Corp produces a and potential for rising dividends. variety of meat and food products. The company markets its products under the Hormel, Jennie-O Turkey Store, Dinty Moore, Stagg Chili, Chi Chi's Solid Long-term Track Record of Growth Mexican, Lloyd's Barbecue, and Valley Fresh Hormel has a solid track record of posting consistent growth in brands. Hormel also produces a line of easy to earnings and dividends. We expect its focus on creating innovative swallow and nutritional products distributed to and convenient products to continue to drive long-term growth, and hospitals and nursing homes. acquisitions should further enhance the company's product offering Market Data and growth rate going forward. Over the next five years, we forecast earnings per share (EPS) growth to average 8% per year, and 52-Week Range $42.77 – $33.39 dividend increases to average 10% per year. Market Cap. $4.9bn. Div. Pmt. Months Feb May Aug Nov Commodity Markets Appear More Manageable for Hormel Est. Earnings Date Aug 21, 2008 The commodity market has been quite challenging for Hormel recently, with rising feed costs in Hormel's Jennie-O turkey Valuation 2007A 2008A 2009E operations driving profitability lower.
    [Show full text]
  • OSI ETF Trust O'shares U.S
    OSI ETF Trust O'Shares U.S. Quality Dividend ETF Schedule of Investments September 30, 2020 (Unaudited) Investments Shares Value ($) Investments Shares Value ($) Rockwell Automation, Inc. 4,146 914,939 COMMON STOCKS - 99.9% 1,828,788 Electronic Equipment, Instruments & Components - 0.1% Aerospace & Defense - 3.7% Amphenol Corp., Class A 6,409 693,902 General Dynamics Corp. 13,436 1,859,946 L3Harris Technologies, Inc. 4,435 753,240 Food & Staples Retailing - 2.5% Lockheed Martin Corp. 35,607 13,647,451 Costco Wholesale Corp. 15,959 5,665,445 Northrop Grumman Corp. 10,932 3,448,937 Walmart, Inc. 55,162 7,717,715 19,709,574 13,383,160 Air Freight & Logistics - 1.8% Food Products - 1.3% CH Robinson Worldwide, Inc. 9,742 995,535 General Mills, Inc. 25,291 1,559,949 Expeditors International of Hershey Co. (The) 7,961 1,141,130 Washington, Inc. 17,449 1,579,484 Hormel Foods Corp. 29,597 1,446,997 United Parcel Service, Inc., Class B 40,608 6,766,511 Kellogg Co. 8,337 538,487 9,341,530 Mondelez International, Inc., Class Banks - 0.5% A 39,472 2,267,666 JPMorgan Chase & Co. 29,156 2,806,848 6,954,229 Health Care Equipment & Supplies - 1.7% Beverages - 4.6% Abbott Laboratories 23,962 2,607,784 Brown-Forman Corp., Class B 11,255 847,727 Medtronic plc 52,777 5,484,586 Coca-Cola Co. (The) 238,082 11,754,108 Stryker Corp. 4,753 990,383 PepsiCo, Inc. 85,663 11,872,892 9,082,753 24,474,727 Health Care Providers & Services - 2.8% Biotechnology - 3.4% Anthem, Inc.
    [Show full text]
  • Hormel Foods Corporation; Rule 14A-8 No-Action Letter
    Faegre Drinker Biddle & Reath LLP 2200 Wells Fargo Center 90 South Seventh Street Minneapolis, Minnesota 55402 +1 612 766 7000 main +1 612 766 1600 fax October 7, 2020 Office of Chief Counsel BY E-MAIL Division of Corporation Finance U.S. Securities and Exchange Commission 100 F. Street, N.E. Washington, D.C. 20549 Re: Hormel Foods Corporation – Shareholder Proposal of The Humane Society of the United States (the “Proposal”) Dear Ladies and Gentlemen: On September 25, 2020, Hormel Foods Corporation, a Delaware corporation (the “Company”), submitted a no-action request to the Staff of the Division of Corporation Finance (the “Staff”) requesting that the Staff concur with the Company’s view that, for the reasons stated in the request, that the Proposal filed by The Humane Society of the United States (the “Proponent”) may be omitted from the proxy materials for the Company’s 2021 Annual Meeting of Stockholders scheduled for January 26, 2021. The Company received notification from the Proponent on October 6, 2020 that the Proponent withdraws the Proposal. Based on the withdrawal of the Proposal by the Proponent, the Company is hereby withdrawing its no-action request. A copy of this letter is being provided to the Proponent. The withdrawal notification from the Proponent is attached as Exhibit A. Please feel free to call me at 612-766-7769 or Brian Johnson at 507-437-5457 if we can be of any further assistance in this matter. Sincerely, Amy C. Seidel cc: Matthew Prescott The Humane Society of the United States Brian D. Johnson Hormel Foods Corporation US.129680018.02 EXHIBIT A October 6, 2020 Brian Johnson, VP and Secretary Hormel Foods Via email: [email protected] Dear Mr.
    [Show full text]
  • Businesses That Match Employee Donations
    Minnesota Businesses that Match Employee Donations CORPORATION NAME CITY OF HEADQUARTERS 3M Company St. Paul Allianz Life Insurance Company of North America Minneapolis Ameriprise Financial Minneapolis Andersen Corporation Bayport Apogee Enterprises, Inc. Minneapolis Best Buy Co., Inc. Richfield Blue Cross and Blue Shield of Minnesota Eagan Buffalo Wild Wings Inc. Minneapolis Cargill, Incorporated Wayzata Carlson Holdings, Inc. Minnetonka Ceridian Corporation Minneapolis CHS Inc. Inver Grove Heights Compeer Financial Mankato Deluxe Corporation Shoreview Donaldson Company, Inc. Minneapolis Dorsey and Whitney LLP Minneapolis Ecolab Inc. St. Paul Edina Realty, Inc. Brainerd Federated Mutual Insurance Company Owatonna First National Bank Bemidji Bemidji General Mills, Inc. Minneapolis Graco Inc. Minneapolis H.B. Fuller Company St. Paul Homecrest Industries, Inc. Wadena Hormel Foods Corporation Austin Hutchinson Technology Incorporated Hutchinson International Dairy Queen, Inc. Minneapolis Jostens, Inc. Minneapolis Land O'Lakes, Inc. Arden Hills Larkin, Hoffman, Daly & Lindgren, Ltd. Minneapolis M. A. Mortenson Company Minneapolis Medtronic, Inc. Minneapolis Minnesota Power, Inc. Duluth Minnesota Timberwolves Basketball Limited Partnership Minneapolis Minnesota Twins Baseball Club Minneapolis Minnesota Vikings Football Club, LLC Eagan Minnesota Wild Hockey Club, LP St. Paul Opus Corporation Minnetonka Pentair, Inc. Minneapolis Polaris Industries, Inc. Medina Post Consumer Brands LLC Lakeville Rahr Malting Co. Shakopee Denotes this company also donates for employee volunteer hours 9/13/18 Minnesota Businesses that Match Employee Donations RBC Wealth Management Minneapolis Red Wing Shoe Company, Inc. Red Wing Reell Precision Manufacturing Corporation St. Paul Regis Corporation Minneapolis Riverway Co. Bloomington Robins Kaplan L.L.P. Minneapolis Schoeneckers, Inc Edina Schwan's Company Marshall Securian Financial Group, Inc. St. Paul Security State Bank Hibbing Sit Investment Associates, Inc.
    [Show full text]
  • General Mills' 2005 Annual Report
    General Mills 2005 Annual Report General Mills at a Glance Selected Brands Cheerios, Betty Crocker, Wheaties, Pillsbury, Gold Medal, Hamburger Helper, Old El Paso, Totino’s, Yoplait, Green Giant, Progresso, Bisquick, Nature Valley, Cascadian Farm, Grands!, Chex Mix, Lucky Charms, Pop.Secret, Bugles, Total, Häagen-Dazs, Chex, Muir Glen, Fruit Roll-Ups, Gardetto’s, Kix, Colombo, Wanchai Ferry, Latina, La Salteña, Forno de Minas, Frescarini, Nouriche, Cinnamon Toast Crunch U.S. Retail Bakeries and International Joint Ventures Foodservice Our U.S. Retail business This segment of our We market our products in We are partners in several segment includes the business generates over $1.7 more than 100 countries out- joint ventures around the six major marketing divisions billion in sales. We customize side the United States.Our world. Cereal Partners listed below. We market our packaging of our retail prod- largest international brands Worldwide is our joint venture products in a variety of ucts and market them to are Häagen-Dazs ice cream, with Nestlé. We participate domestic retail outlets includ- convenience stores and food- Old El Paso Mexican foods, in four Häagen-Dazs joint ing traditional grocery stores, service outlets such as Green Giant vegetables and ventures, the largest of which natural food chains, mass schools, restaurants and hotels. Pillsbury dough products. is in Japan. And we are merchandisers and member- We sell baking mixes and This business segment partners with DuPont in ship stores. This segment frozen dough-based products accounts for 15 percent of 8th Continent, which produces accounts for 69 percent of to supermarket, retail and total company sales.
    [Show full text]
  • Hormel Foods Adds Another Strategic Leading Brand to Its Portfolio with the Acquisition of Planters®
    FOR IMMEDIATE RELEASE Contact: Media Relations 507-434-6352 [email protected] Hormel Foods Adds Another Strategic Leading Brand to its Portfolio with the Acquisition of Planters® Acquisition of the Iconic Planters® Brand is a Continuation of the Company’s Evolution as a Global Branded Food Company AUSTIN, Minn., (Feb. 11, 2021) — Hormel Foods Corporation (NYSE: HRL), a global branded food company, announced today that it has entered into a definitive agreement to acquire the Planters® snack nut portfolio from the Kraft Heinz Company (Nasdaq: KHC). The proposed transaction is expected to close in calendar Q2 2021, subject to regulatory review and approval. The acquisition includes the Planters®, NUT-rition®, Planters® Cheez Balls and Corn Nuts® brands. Hormel Foods will acquire the business for $3.35 billion in cash in a transaction that provides a tax benefit valued at approximately $560 million, equating to an effective purchase price of $2.79 billion. “Planters® is an iconic leading snack brand with universal consumer awareness,” said Jim Snee, chairman of the board, president and chief executive officer of Hormel Foods. “The acquisition of the Planters® business adds another $1 billion brand to our portfolio and significantly expands our presence in the growing snacking space. The Planters® brand enhances our portfolio built for individual and social snacking occasions, and perfectly complements our snacking brands such as Hormel Gatherings®, Columbus®, Justin’s®, SKIPPY®, Herdez® and Wholly®. This acquisition also meaningfully broadens our scope for future acquisitions in the snacking space.” “Our competencies in brand stewardship, revenue growth management, e-commerce, innovation and consumer insights will be key to driving growth for the Planters® brand and for our customers,” Snee said.
    [Show full text]
  • How to Pay for Recreational Use of School Property in Minnesota
    MINNESOTA RECREATIONAL USE How to Pay for Recreational Use of School Property in Minnesota Being physically active is important for both individual and public health.1 The obesity epidemic is driven, in part, by sedentary lifestyles and the lack of physical activity. For people to be physically active, they must have access to safe, affordable, and convenient recreational facilities. As many communities do not have these recreational facilities available to them, public health advocates are focusing attention on ways to increase community access to safe, affordable, and convenient places to be physically active.2 Communities with limited access to public recreational space are exploring opportunities to develop partnerships with schools for the use of school property to promote physical activity in the community. School property can provide a valuable resource for community recreational space and facilitate physical activity through recreation and sport activities before, during, and after school hours.3 At the same time, schools and communities need to find ways to fund these efforts. The public health interest in promoting the recreational use of school property by communities is largely driven by efforts to reverse the rising rates of obesity and create healthier communities through increased physical activity. With greater access to recreational facilities, Minnesotans will have more opportunities to live healthy and active lifestyles. Public Health Law Center 875 Summit Avenue St. Paul, Minnesota 55105 www.publichealthlawcenter.org 651.290.7506 How to Pay for Recreational Use of School Property in Minnesota | 2 There are many sources which provide grants for various projects, including recreational use of school property.
    [Show full text]
  • The U.S. Food Marketing System, 2002--AER-811
    Electronic Report from the Economic Research Service United States Department www.ers.usda.gov of Agriculture The U.S. Food Marketing System, Agricultural Economic 2002 Report No. 811 Competition, Coordination, and Technological Innovations Into June 2002 the 21st Century J. Michael Harris, Phil R. Kaufman, Steve W. Martinez (coordinator), and Charlene Price Abstract This report focuses on recent trends in the food supply chain. Chapters on food manu- facturing, wholesaling, grocery retailing, and food service provide a detailed overview of structure, performance, information systems, new technology, and foreign direct invest- ments. The report also contains a comprehensive set of appendix tables containing sales, concentration, trade, productivity, and other indicators. At the time of publication, most of the data sets used in this report included data through the year 2000. Keywords: Consolidation, concentration, trade, sales, technology, profits, foreign direct investment. Acknowledgments We are indebted to several reviewers for helping us to get this publication off the ground. Special thanks are due to Jean Kinsey, University of Minnesota; Jim MacDonald, Economic Research Service; and Brian Todd, The Food Institute; for detailed comments and suggestions on the entire draft. We also thank Joe Uhl, Purdue University; John Connor, Purdue University; and Gerald Grinnell, Grain Inspection, Packers and Stockyards Administration (GIPSA); for detailed comments on specific chapters. Finally, we gratefully acknowledge Alden Manchester and Mark Denbaly, Economic Research Service, for their valuable comments on the manuscript; Veronica Jones for invaluable assistance with the extensive set of appendix tables; Dale Simms for excellent editorial assistance; and Wynnice Pointer-Napper for exquisite design. Note: Use of brand or firm names in this publication does not imply endorsement by the U.S.
    [Show full text]
  • Layoffs at General Mills and Lessons from Minnesotaâ•Žs Fortune 500
    College of Saint Benedict and Saint John's University DigitalCommons@CSB/SJU Economics Faculty Publications Economics 5-23-2012 Layoffs at General Mills and lessons from Minnesota’s Fortune 500 companies Louis D. Johnston College of Saint Benedict/Saint John's University, [email protected] Follow this and additional works at: https://digitalcommons.csbsju.edu/econ_pubs Recommended Citation Johnston, L.D. 2012. "Layoffs at General Mills and lessons from Minnesota’s Fortune 500 companies". MinnPost, May 23, 2012. https://www.minnpost.com/macro-micro-minnesota/2012/05/layoffs-general- mills-and-lessons-minnesota%E2%80%99s-fortune-500-companies. This Article is brought to you for free and open access by DigitalCommons@CSB/SJU. It has been accepted for inclusion in Economics Faculty Publications by an authorized administrator of DigitalCommons@CSB/SJU. For more information, please contact [email protected]. Layoffs at General Mills and lessons from Minnesota’s Fortune 500 com... https://www.minnpost.com/macro-micro-minnesota/2012/05/layoffs-gene... By Louis D. Johnston | 05/23/12 General Mills, one of Courtesy of General Mills General Mills, with headquarters in Golden Valley, announced layoffs on Tuesday. Minnesota’s first Fortune 500 companies, announced Tuesday that it is eliminating 850 jobs, with about half of the losses in the Twin Cities. The cuts are related to struggles in the U.S. food industry, and General Mills says it is restructuring to “accelerate administrative efficiencies across the company.” But the news raises bigger questions about the state of Minnesota’s Fortune 500 companies and whether we should be alarmed.
    [Show full text]
  • JA Report 2012.WEB.Indd
    Financial Literacy | College and Career Readiness | Entrepreneurship Annual Report 2011-2012 Read Max Goldman’s inspiring JA story inside. Inspiring and preparing young people to succeed in a global economy. jaum.org Junior Achievement of the Upper Midwest 1800 White Bear Avenue North, Maplewood, MN 55109 tel: 651.255.0055 | fax: 651.255.0460 | www.jaum.org Design: Richard Hart Design | Printing: AFPI www.jaum.org Dear Partner: This past school year, thousands of community volunteers donated their time and expertise in the classroom, working with teachers and students to teach personal finance, college and career readiness and entrepreneurship. As a result, students in grades K-12 learned real-world skills that will help them succeed in school and beyond. Thank you! In light of the painful economic lessons recently learned by governments, families and businesses, there is an even greater need to educate our youth about how to effectively manage money and prepare for their future. JA programs teach 21st century skills and offer real-world experiences. In the coming year, JAUM is focusing on the following strategies to keep our organization relevant: • Integrate STEM (Science, Technology, Engineering, Math) careers at JA BizTown and introduce STEM into our K-12 curriculum • Educate students of different backgrounds and ethnicities about financial literacy, college and career readiness and entrepreneurship • Incorporate innovative teaching methods into our learning facility and into our curriculum such as smart board technology, video lessons and personal devices • Offer real-life experiences (job shadows, competitions, capstone projects) to expose students to opportunities beyond their classroom • Conduct local evaluations to validate learning and JAUM’s impact on student motivation As we embark on another exciting year, we look to you for continued support to help connect students with educators and business people to build a more fiscally savvy community.
    [Show full text]