MikeyF
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440 employed in N.O. operation
Saturday, February 02, 2008 By Jen DeGregorio
Procter & Gamble Co. is spinning off its Folgers coffee business, a decision that could
have ripple effects in New Orleans, where the coffeemaker runs its largest operation.
Officials with Procter & Gamble say the spinoff or split-off transaction could mean
growth for the Folgers Coffee Co., which will be able to better concentrate on the coffee
business once it is free from its parent.
That could translate to larger coffee shipments and more processing activity at the
company's facilities in New Orleans. Folgers is responsible for the bulk of the more
than 250,000 tons of coffee imported annually via city docks. The company, which is
the top retail coffee brand in North America, employs about 440 people in the city.
"I think there is a good system in place for Folgers to remain very competitive," said
Robert Landry, the port's director of marketing. "The strength of the Folgers name has
a lot of weight in the coffee market."
A publicly traded company based in Cincinnati, Procter & Gamble has not yet revealed
exactly how the transaction will work, although a spokesman said Friday that the
company would likely give shareholders the opportunity to trade Procter & Gamble
stock for shares of Folgers, which would also be publicly traded. The deal is expected
to close this summer.
http://www.nola.com/business/t-p/index.ssf?/base/money-1/1201933308201010.xml&coll=1
It would be even better if the new company decides to make NOLA their Corporate HQ's.
Saturday, February 02, 2008 By Jen DeGregorio
Procter & Gamble Co. is spinning off its Folgers coffee business, a decision that could
have ripple effects in New Orleans, where the coffeemaker runs its largest operation.
Officials with Procter & Gamble say the spinoff or split-off transaction could mean
growth for the Folgers Coffee Co., which will be able to better concentrate on the coffee
business once it is free from its parent.
That could translate to larger coffee shipments and more processing activity at the
company's facilities in New Orleans. Folgers is responsible for the bulk of the more
than 250,000 tons of coffee imported annually via city docks. The company, which is
the top retail coffee brand in North America, employs about 440 people in the city.
"I think there is a good system in place for Folgers to remain very competitive," said
Robert Landry, the port's director of marketing. "The strength of the Folgers name has
a lot of weight in the coffee market."
A publicly traded company based in Cincinnati, Procter & Gamble has not yet revealed
exactly how the transaction will work, although a spokesman said Friday that the
company would likely give shareholders the opportunity to trade Procter & Gamble
stock for shares of Folgers, which would also be publicly traded. The deal is expected
to close this summer.
http://www.nola.com/business/t-p/index.ssf?/base/money-1/1201933308201010.xml&coll=1
It would be even better if the new company decides to make NOLA their Corporate HQ's.