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A shopper outside a Jewel at Roosevelt and State Street, April 29, 2008. (E. Jason Wambsgans/Chicago Tribune)
Jewel-Osco parent Supervalu Inc. hopes to save millions of dollars a year by training workers to avoid double-bagging, putting more items in each bag or skipping the bag altogether.
“We’re in a very competitive industry. Anything we can do to lower our expenses will help us keep our prices as fair as possible,” says Supervalu spokesman Mike Siemienas. Get the full story »
Packaging Corp. of America on Tuesday said it plans to raise its quarterly dividend a third and bolstered its share repurchase program by $100 million.
The popularity of dividends and share buybacks have increase as companies seek to appeal to investors and tap cash piles they needn’t conserve as much in an improving economy.
Packaging Corp. said it will increase its quarterly dividend to 20 cents a share from 15 cents, costing roughly $5 million each quarter. The paper packaging company board also increased its repurchase authorization by $100 million, with the buybacks expected to come in the next year and a half. Get the full story »
Illinois Tool Works Inc. expects business acquisitions in 2011 to bring the company $800 million to $1 billion a year in additional revenue, nearly double the amount from 2010.
Chairman and Chief Executive David Speer said the company’s pipeline of potential acquisitions steadily improved throughout 2010, allowing the company to step up its acquisition goal for 2011. Last year, the company bought 24 companies with combined annual revenues of $530 million. Prior to 2009, ITW had been averaging $1 billion a year in acquired revenue. But the economic recession soured the market for acquisitions. Get the full story »
Though the company moved its headquarters to 222 N. LaSalle St. in 2009, this iconic structure is still known as the Smurfit-Stone Building. (Tribune/Lane Christiansen)
Smurfit-Stone Container Corp., whose local roots trace back to 1926, will leave Chicago behind as a headquarters now that the company has announced plans to be acquired by RockTenn Co. in a $3.5 billion cash and stock deal.
While specific plans for each of Smurfit-Stone’s Chicago-area plants are unclear, those facilities that remain are likely to receive additional technology investment, RockTenn executives indicated Monday. However, Smurfit-Stone’s dual headquarters concept in downtown Chicago and Creve Coeur, Mo., will end and the combined company will be based in RockTenn’s Norcross, Ga., hometown. Get the full story »
Illinois Tool Works Inc reported improved quarterly earnings Tuesday, lifted by strong demand for its welding and packaging products from manufacturers. Illinois Tool reported a third-quarter profit of $419.3 million, or 83 cents a share, up from $302.4 million, or 60 cents a share, a year before. Get the full story »
Lake Forest-based Pactiv Corp. said Monday it will spend $14.5 million to expand a plant near Moorehead, Minn. that makes egg cartons and carryout containers for restaurants. Pactiv said it will add three new manufacturing lines, allowing it to make molded-fiber carryout containers.
Kleenex is hoping to bolster summer sales with packages that resemble wedges of fruit and look more at home on a picnic table than a nightstand.
The A-frame packages, featuring fruits including watermelon, oranges and limes, have been rolled out to all major retailers this summer.
“This keeps the category relevant during this time of year,” said Craig Smith, brand director of Kleenex, a Kimberly-Clark brand. Smith said that with the fruit packaging test run last summer, “we saw close to 100 percent incrementality,” meaning sales of the novelty box did not cannibalize sales of standard Kleenex boxes. Get the full story »
