Company news

  • Updated: January 31, 2013 - 8:59 PM
MERGERS AND ACQUISITIONS

Hormel Foods Corp., Austin, Minn., has closed on its acquisition of the U.S.-based Skippy peanut butter business from Unilever United States Inc., Englewood Cliffs, N.J. This closing includes the Little Rock, Ark., manufacturing facility and all sales worldwide, except sales in China. Hormel Foods expects to close the acquisition of the China-based Skippy peanut butter business by the end of fiscal 2013. Total annual sales for the Skippy peanut butter business are expected to be about $370 million, with nearly $100 million of those sales outside the United States. The purchase price is about $700 million.

PERFORMANCE

Life Time Fitness Inc., Chanhassen, said it expects to report net income of $22 million to $23.5 million, or 53 cents to 56 cents per diluted share, on revenue of $273 million to $275 million for the fourth quarter ended Dec. 31. The company expects to report full-year net income of $110 million to $111.5 million, or $2.63 to $2.66 per diluted share, on revenue of $1.125 billion to $1.127 billion. The company previously provided guidance of $1.127 billion to $1.137 billion in revenue, net income of $114.5 to $116 million and diluted earnings per share of $2.73 to $2.76 for 2012. Life Time plans to announce fourth-quarter and full-year results Feb. 21.

DEBT AND EQUITIES

Hawkins Inc., Minneapolis, declared a semi-annual cash dividend of 34 cents per share, payable April 5 to shareholders of record March 22.

Polaris Industries Inc., Medina, declared a dividend of 42 cents per share, an increase from 37 cents, payable March 15 to shareholders of record March 1.

PERSONNEL

Polaris Industries Inc., Medina, has elected Scott Wine chairman of the board, succeeding Greg Palen, effective immediately. Wine is chief executive officer of the company. Palen will step down from the board following the annual meeting on April 25. In addition, board member Bob Caulk said he would not stand for re-election at the shareholder meeting, and John Wiehoff, CEO of Eden Prairie-based C.H. Robinson Worldwide Inc., has been elected lead director of the Polaris board.

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