Food Roundup: Diamond Triples Q4 Profits, Wrigley-Mars Merger On, and More

Diamond Foods cuts costs, triples Q4 profit — Nuts and snacks company Diamond Foods reported earnings of $2.6 million for its fourth quarter, compared to $774,000 in the same period last year. The company’s earnings increased 75 percent over the previous year. Diamond saved nearly $2 million in 2008 by restructuring its walnut processing operations, consolidating warehouses, and improving its use of product inspection services. [Source: Just-Food.com]

Wrigley shareholders overwhelmingly approve Mars buyout – The merger of the two confectioners will take place on October 6. After the $23 billion deal is complete, Wrigley will become a stand-alone unit of Mars, making it the world’s largest candy maker. [Source: Chicago Sun-Times.]

August sales of tequila outpace other spirits – Tequila sales and volume grew 5.5 percent overall, with ultra-premium tequila sales growing 20.1 percent and volume increasing 23.4 percent, according to IRI food and drug scan data reported Wednesday in Wine & Spirits Daily. Sales for all spirits grew 3.3 percent, with a 2.8 percent volume growth. [Source: Wine & Spirits Daily.]

Steady growth of single-serve wine sales fueled by core drinkers – Sales of single-serve (187 ml) bottles of wine increased 7.6 percent versus 5.8 percent for 750ml in the period from mid-May to mid-August 2008. Higher-end wineries, such as Beringer, are increasingly producing wines in this size bottle, which is especially popular among core wine drinkers (those who drink wine at least once a week) and Millennials. [Source: The Beverage Network.]