Food Business News - Sep 14, 2010 - (Page 1)

September 14, 2010 FOODBUSINESS NEWS NEWS, MARKETS AND ANALYSIS FOR THE FOOD PROCESSING INDUSTRY 3G Capital to acquire Burger King Holdings NEW YORK - 3G Capital, an investment firm, has entered into an agreement to acquire Burger King Holdings, Inc., Miami, for $24 per share and assumption of the company's debt obligations. The value of the transaction is estimated to be $4 billion. "We have great respect for the Burger King brand and the strong business that management, the employees and the franchisees have built," said Alex Behring, managing partner of 3G Capital. "The iconic Burger King brand, its solid franchisee network and great product offerings make this a perfect fit for 3G Capital, which has a strong track record of long-term investments in global consumer brands Continued on Page 24 Michael Taylor outlines food safety challenges COLORADO SPRINGS, COLO. - While the food safety legislation that is currently pending before Congress has taken some time to work its way through the legislative process, Michael Taylor, deputy commissioner for food at the Food and Drug Administration and head of the Office of Foods, doesn't see passage of the legislation as the hard part. The challenge will be implementing legislation that is designed to overhaul the nation's food safety system. Speaking during a session at the Grocery Manufacturers Association's annual Executive Conference, held in late Continued on Page 20 Story on Page 32 Egg recall adds pressure for Senate to pass food safety bill Bill proponents hope for a floor debate and vote before the fall recess WASHINGTON - As the Senate convened Sept. 13 after a month-long recess during which a massive egg recall commanded headlines, pressure was mounting for the body to finally consider and pass The F.D.A. Food Safety Modernization Act (S. 510). The bill was amended by Democratic and Republican members of the Committee on Health, Education, Labor and Pensions just before the August recess to address some concerns about the bill passed by the HELP committee last November and to broaden its appeal among lawmakers. The bill was ready for submission to the full Senate. Advocates were hopeful the Senate leadership would assign a date in September for deliberation and a vote. Meanwhile, the Food and Drug Administration's investigation into the contamination of eggs by Salmonella enteriditis at two Iowa farm complexes - Wright County Egg of Galt and Hillandale Farms of Iowa, Inc., of New Hampton - continued. The recall involved more than 550 million Continued on Page 34

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Food Business News - Sep 14, 2010