AFFI's Frozen Express

September 12, 2002

Industry News

Houston, TX-based Landry's Restaurants has agreed to buy the 27-unit, Houston, TX-based Saltgrass Steak House and Seafood restaurant chain from MetroNational Corp. for $75 million, reported The Houston Chronicle. Full Story

Burger King Corp. will rollout nationwide the 99 cent BK VALUE MENU™ featuring 11 items, six of which are new. Full Story

Between 25% and 35% of new franchise owners are coming from Wall Street, reported The Wall Street Journal, compared to 12% to 18% five years ago. Out of pocket expenses for franchises can exceed $175,000 for a Krispy Kreme doughnut shop or $80,000 - $100,000 for a Coffee Beanery franchise. Full Story (WSJ Subscription Required)

McDonald's stores in Texas want to create a hamburger made from Texas beef known as the Lone Star Burger, reported The Houston Chronicle. McDonald's franchise owners are trying to persuade the company's corporate office in Oak Brook, IL, that it is important for Texas products to be in Texas stores. Full Story

New York Federal Reserve President William McDonough called on U.S. corporate executives to take pay cuts, saying their salary packages are bloated and morally hard to justify, reported Crain's Chicago Business. Full Story

Since 1995, Ahold NV has acquired 74 companies for a total of $18.96 billion and become the world's third largest food retailer. However, this year, the company's debt soared, reported The Wall Street Journal, and sales slowed, particularly at the firm's premium outlets in the U.S. Full Story (WSJ Subscription Required)

Nestle SA said the U.S. Federal Trade Commission cleared its $2.6 billion purchase of Chef America, the fifth largest U.S. frozen food producer, and said the deal would close immediately. Full Story

GPM Investments LLC, a partnership with ties to an Israeli investment firm, has made a bid to buy the 169-unit Fas Mart Convenience Stores Inc. chain, which filed for bankruptcy court protection in March 2001, noted Richmond Times-Dispatch. A federal bankruptcy court judge will hold a hearing on Sept. 12 to determine what the bidding procedures should be. Full Story

New York-based Gourmet Impression has developed two new hand-held tools called the "Roller" and the "Stamper," which companies can use to emboss their logo or advertising messages on food. Initial prototypes are designed for pizzas, calzones, bread sticks, cheeses, melons, white bread, pita breads, brownies, pies, butter sticks and baked potatoes. Full Story

International News

Food company Ting Hsin (Cayman Islands) Holdings, a major shareholder of Tingyi Holdings, confirmed it is in talks with Japan's FamilyMart Co. Ltd. to open convenience stores in China. Ting Hsin holds a 33.19% stake in Tingyi, China's largest instant noodle maker, while FamilyMart runs the third largest convenience store chain in Japan. Full Story

Thailand's shrimp and chicken processors whose products contain chemical residues could face the closure of their businesses as well as a ban on exporting, government officials have warned. The measures are a response to tightened food safety inspections in the European Union, where imports of Thai shrimps and poultry have fallen sharply this year, reported The Bangkok Post. Full Story

Australia-based food manufacturer Goodman Fielder will sell its Anchor Foods subsidiary to a local businessman, reported Just-food.com. Full Story

Washington News

Proposals outlined by the FDA suggest procedures drug manufacturers could use to determine whether new animal antibiotics would contribute to the escalating problem of drug-resistant bacteria. FDA Guidance

The Frozen Food Filibuster Reception, sponsored by the American Frozen Food Institute (AFFI), will offer Members of Congress, congressional staff and officials from the Bush Administration the opportunity to sample frozen cuisine offered by AFFI member companies. The event will be held at 6:00 p.m. on Tuesday, September 25, 2002, in the Cannon Caucus Room at the U.S. House of Representatives Cannon Office Building. Full Story

Antitrust staff at the Federal Trade Commission recommended that the agency not oppose the acquisition of P&O Princess Cruises by either Carnival Corp. or Royal Caribbean Cruises Ltd., sources close to the deal said. Full Story

The war on terrorism has U.S. Customs inspectors examining more ships and delaying more deliveries, pulling out three times as many containers as a year ago for special examinations, reported The Wall Street Journal. Congress is even debating whether the Customs Service should become part of the new Homeland Security Department. Full Story (WSJ Subscription Required)

The Food and Drug Administration will hold a public meeting entitled "Assessing Acrylamide in the U.S. Food Supply'' on Sept. 30. Full Notice

A document entitled "Guidance for Industry: Juice HACCP Hazards and Controls Guidance'' (first edition) is available from FDA. Full Notice

Market News

California Navel orange production for the 2002-03 season is forecast at 40.0 million boxes, up 18% from last season's revised 34.0 million boxes, according to USDA's September Crop Production report. This initial forecast is based on an objective measurement survey conducted in the California Central Valley. Fruit set is up significantly from last year and the highest set since 1992. View Report