Business – The Chicago Times

Campbell Soup Sells Emerald Nuts to Flagstone Foods

By Ned Fielder, The Chicago Times

May 31, 2023

CAMDEN, NJ – Campbell Soup Company announced Tuesday the sale of their Emerald nuts business to Flagstone Foods.

In 2018, Campbell acquired the Emerald nuts business as part of the Snyder’s-Lance, Inc. acquisition. According to Campbell, the Emerald business generated net sales of $66 million in fiscal 2022 and $46 million for the nine-month period ended April 30, 2023. Campbell does not expect the sale to impact its fiscal 2023 financial results. The transaction is expected to be dilutive to earnings per share by approximately $0.01 in fiscal 2024.

“The sale of the Emerald business is part of our ongoing strategic process to create even greater focus on driving accelerated growth across our Snacks division and power brands.” said Chris Foley, Executive Vice President and President of Campbell Snacks.

Terms of the transaction were not disclosed.

Southwest Airlines Expands Service to Nation’s Capital with New Nonstop Routes

By The Chicago Times Business Staff

May 20, 2023

DALLAS – Southwest Airlines Co announced more nonstop service to the nation’s capital in an expansion of summer travel options by bringing two additional nonstop routes to Reagan National Airport.

From Jul 11 through Sep 4, 2023, Southwest will offer additional nonstop service between Memphis (TN) and Washington, D.C. with one-round trip per day and Albany (NY) and Washington, D.C. with one round-trip per day.

“The additional slots that became available for this upcoming summer will allow Southwest to bring the benefits of competition, convenience, and our best-in-class service by linking more cities nonstop with Washington, D.C.,” said Andrew Watterson, Chief Operating Officer at Southwest Airlines. “With our all-Boeing 737 fleet, Customers enjoy large-jet service on every flight, whether they’re traveling from Washington, D.C., to Albany and Memphis or throughout our expansive network of more than 120 destinations.”

Northrop Grumman Delivers Integrated Battle Command System to Poland

By James M. Douglas, The Chicago Times

May 16, 2023

FALLS CHURCH, VA – Northrop Grumman Corporation announced Monday the delivery of key Integrated Battle Command System components for Poland’s WISŁA medium range air defense program.

Northrop’s delivery of the IBCS Integrated Fire Control Network (IFCN) relays supports the WISŁA program’s fielding schedule, which is the first foreign military sale of IBCS. Reaching this milestone provides a critical capability to a key U.S. ally and achieves NATO interoperability goals.

Polish and American service members inspect the WISŁA relay at Redstone Arsenal, Huntsville, Alabama. Photo: US Army.

“Northrop Grumman is transforming decision making for the U.S. and its allies by integrating sensors and weapons for air and missile defense,” said Rebecca Torzone, vice president and general manager, Combat Systems and Mission Readiness, Northrop Grumman. “IBCS provides Polish air defenders with the ability to make faster, better-informed decisions to deter, disrupt and defeat threats across all domains.”

According to Northrop, the IBCS implements a modular, open, and scalable architecture foundational to integrating available assets in the battlespace, regardless of source, service or domain onto a common fire control network. Its architecture enables efficient and affordable integration of current and future systems and extends the battlespace by disaggregating sensors and effectors. By enabling this high level of network integration, the warfighter is given unprecedented time to make accurate decisions.

Chicago: Groupon Terminates North Side Headquarters Lease

By John Armour, The Chicago Times

May 14, 2023

CHICAGO – The Chicago-based online marketplace announced Wednesday it has terminated its lease agreement at its North Side headquarters, formally the headquarters of Montgomery Ward, as it faces economic challenges and reorganization.

Groupon also issued a “going concern” warning which could be an indication that the company could be insolvent by the end of the year.

“We recognize that turning our business around is going to be tough and that it won’t happen overnight,” interim CEO Dusan Senkypl told investors during the earnings call.

According to their first quarter earnings report, the company had a net loss of $29 million in the first quarter and held only $164 million in cash as of March 31.

The previous year, Groupon spent some $136 million for operations in the face of declining revenue. Groupon was recently taken over by famed Czech investor Dusan Senkypl who quickly replaced CEO Kedar Deshpand, former CEO of Zappos, as the interim CEO.

Senkypl, the largest single shareholder, controls 25% of Groupon and is now in the process of implementing an eight-point transformation strategy that has been disclosed in a letter to shareholders. Senkypl’s goal is to “fix” the supply-side of the marketplace by retaining local merchants with more flexible online offerings. Senkypl hopes to achieve this in the next twelve months.

Vulcan Declares Quarterly Dividend

By The Chicago Times Business Staff

May 13, 2023

BIRMINGHAM, AL – The Board of Directors of Vulcan Materials Company declared a quarterly cash dividend on Saturday of $0.43 cents per share on its common stock. The dividend will be payable on June 9, 2023, to shareholders of record at the close of business on May 26, 2023.

Vulcan Materials Company is an American company headquartered in Birmingham, Alabama. Vulcan is engaged in the production, distribution, and sale of construction materials. Vulcan is the largest producer of construction gravel, crushed stone, and sand, and employs approximately 12,000 people at over 400 facilities.

Pratt & Whitney Canada to Invest $10 Million in Component Repair Facility in Texas

By Gus Manion, The Chicago Times

May 13, 2023

LONGUEUIL, CANADA – Pratt & Whitney Canada, a subsidiary of Pratt & Whitney, announced Friday that it will invest $10 million to expand the capabilities of its Wichita Falls, Texas engine component repair facility,

“We continue to invest and grow in Wichita Falls because of the strength of the local workforce, the support of the community, and the enthusiastic ‘can do’ attitude of our Wichita Falls team and leadership. Our Wichita Falls facility will be the first of our plants to pioneer a new coating process which will significantly improve the durability and performance of our engines,” said Irene Makris, vice president, Customer Service, Pratt & Whitney Canada in a press release.

The Wichita Falls facility repairs the combustion sections of some Pratt & Whitney Canada engines. During the repair process a special coating is applied to certain engine parts, like turbine blades, to protect against the high temperatures needed for these high-performance engines. According to Pratt & Whitney Canada, the investment will create a line that uses a newly developed coating process. The construction of the new repair line is expected to be completed in early 2025.

Pratt & Whitney is owned by Raytheon Technologies Corporation.