Meat producer Tyson Foods Inc. has won a bidding war for Hillshire Brands, the companies announced Monday.
From staff and wire reports
Shop ’n Save stores changing hands
Several Shop ’n Save grocery stores are changing owners. Jim and Jeff Sorbara are selling two stores to the Duritza family, which already has stores in Imperial, Canonsburg, Washington and Rostraver, and in Weirton, W.Va. The new owners will pick up locations in Bethel Park and Wilkins. O’Hara grocer Giant Eagle confirmed it is buying a South Fayette location from the Sorbaras and converting it to the Giant Eagle brand. Minnesota-based grocery distributor Supervalu, which supplies both Shop ’n Save and Foodland stores, said the Sorbaras will continue to operate two Shop ’n Save stores in Cranberry and Heidelberg. Supervalu also said a Kennedy store is being sold to Giant Eagle, but the O’Hara grocer did not confirm that.
Plant owner to decide on Monaca site by August
EveryWare Global expects to decide the fate of its plant in Monaca and related facilities in Lancaster, Ohio, and Savannah, Ga., by mid-August. according to a securities filing. The decision depends on the outcome of negotiations with lenders. EveryWare, which makes tabletop and food preparation products, defaulted on a loan. The cash crunch prompted the company to idle the Monaca and Lancaster plants May 15. Three of six production lines at the Monaca plant were restarted last week. The Lancaster plant will reopen this week, but the company said it will lay off workers there in coming weeks.
5-year Alcoa contract ratified by USW members
United Steelworkers union members have ratified a five-year contract with Alcoa that provides for average wage increases of $3.22 per hour, or 14.2 percent, over the life of the contract. The agreement covers about 6,000 workers at 11 plants in eight states.
Business economists foresee pickup in economy
Economic growth should accelerate in the second quarter and remain healthy for the rest of this year, according to a forecast by a group of U.S. business economists. The National Association of Business Economists on Monday found that economists now project growth will be 2.5 percent this year, down from a forecast of 2.8 percent in March.
Tyson wins bidding war to gobble up Hillshire
Tyson Foods Inc. has won a bidding war to gobble up Hillshire Brands, the maker of Jimmy Dean sausages and Ball Park hot dogs. Tyson had been vying with rival poultry producer Pilgrim’s Pride to acquire Hillshire, which wrapped up its bidding process Sunday. Tyson’s final offer ended up at $63 per share, about two weeks after Pilgrim’s Pride made an initial bid of $45 per share.
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