While markets await a Saudi update, investors are likely asking how the kingdom left itself so vulnerable, and what it means for the future.Energyread more
Of the recessions the U.S. has seen dating back to the early 1980s, none has come without an oil spike of at least 90%.Economyread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
Shares of defense companies rose on Monday after the United States military was put on alert by President Donald Trump.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
A new research study by the Digital Citizens Alliance shows how easy it is to buy illegal steroids or appearance and performance enhancing drugs (APEDs)Cybersecurityread more
GM shares were down nearly 3% Monday as analysts estimated the strike could cost GM tens of millions of dollars per day. The two sides resumed talks at 10 a.m. Monday...Autosread more
Amazon changed the algorithms that power its product-search system to favor the company's own products, The Wall Street Journal reported.Technologyread more
Between 180 and 200 underperforming GameStop stores are set to shutter before the end of the fiscal year, and more could be on the way.Entertainmentread more
These are the stocks posting the largest moves midday.Market Insiderread more
Schwan's Co., maker of frozen foods like Tony's pizza and Mrs. Smith's pies, has hired an investment bank to weigh options that include a potential sale, sources familiar with the situation said this week.
The move comes as the the 70-year old company faces pressures in the slow-growing food industry that have driven consolidation and hiked up valuations. A potential deal could value Schwan's at more than $2.5 billion.
Marshall, Minnesota-based Schwan's is working with investment bank Piper Jaffray, the sources said, cautioning Schwan's could decide to sell the company in pieces or not at all.
Schwan's has roughly $260 million in earnings before interest, taxes, depreciation and amortization, the sources said. It is ranked by Forbes as one of the country's largest private companies.
Logical buyers for the company include CP Foods, the Thai company that last year acquired U.S.-based frozen food company Bellisio Foods.
The sources requested anonymity because the process is confidential. Schwan's and Piper did not respond to requests for comment.
Food companies once were able to rely on frozen food to draw in a certain cost- or time-conscious consumer. Trends have changed, though, and people now prefer fresh and healthy.
Some companies have sought to revive these products by investing in marketing and innovation to reposition them. Acquisition vehicle Nomad Foods, for example, was created with the intent of buying up such neglected brands. Nomad bought Iglo Foods Holdings, seller of Birds Eye frozen vegetables in Europe, for 2.6 billion euros ($3.1 billion) in 2015. Meanwhile, snack food company B&G Foods acquired General Mills' Green Giant frozen and canned vegetable business.
Earlier this year, Conagra Brands approached Pinnacle Foods about a deal that would bring together Healthy Choice and Mrs. Paul's fish sticks. The two were unable to agree on a price.
Schwan's traces its roots to a company started in 1948 by Paul and Alma Schwan and their son Marvin, Schwan's Dairy. Marvin helped grow that company beyond ice cream delivery to include juice, fish and drumsticks. The company delivers its products in Schwan's famous creamy yellow trucks, which are trademarked Inca Gold.
Its brands, which have expanded through multiple acquisitions, now include Tony's pizza, Freschetta pizza and Edwards desserts. It sells in retailers and directly to consumers' homes. It also has a large food service business.
Marvin Schwan, known as the "emperor of ice cream" and ranked by Forbes as one of the richest men in the world, died in 1993. When Schwan died, a portion of that wealth went to the charitable foundation that he created the year before his death. The foundation lost roughly $600 million in investments in offshore real estate, according to court proceedings.
Marvin Schwan's other brothers, who were also involved in the business, have since died as well. Dimitrios Smyrnios is currently CEO of Schwan's Co.