2013: Following the accounting scandal of 2012, on January 18, 2013, Diamond Foods officially ceases all production at its Fishers, Indiana plant. Over 100 full-time employees are fired and the Harmony brand is permanently discontinued. 2014: The SEC authorized a settlement in regards to the 2012 accounting scandal.
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Who bought Diamond Foods?
Snyder's-LancePer terms of the deal, Snyder's-Lance has acquired all outstanding shares of Diamond Foods in a cash and stock merger transaction. Under the terms of the agreement, Diamond Foods stockholders receive 0.775 Snyder's-Lance shares and $12.50 in cash per share of Diamond Foods.
Did Diamond Foods acquire the Pringles line from Proctor & Gamble?
He had already bought the Pop Secret brand, and the Pringles acquisition was Diamond's chance to transform itself into a more consumer-oriented snack food company.
Who owns Diamond nuts?
Snyder's-LanceDiamond Foods / Parent organizationSnyder's-Lance, Inc. is the second largest salty snack maker in the United States. It was formed by the 2010 merger of Lance Inc. and Snyder's of Hanover. The company is a subsidiary of the Campbell Soup Company. Wikipedia
What industry is Diamond Foods?
Diamond Foods, Inc. is a branded food company specializing in processing, marketing, and distributing culinary, snack, in-shell, and ingredient nuts.
Who owns Pringles 2022?
Kellogg'sPringles is an American brand of stackable potato-based crisps. Originally sold by Procter & Gamble (P&G) in 1968 and marketed as "Pringle's Newfangled Potato Chips", the brand was sold in 2012 to the current owner, Kellogg's. As of 2011, Pringles were sold in more than 140 countries.
Why did Proctor and Gamble sell Pringles?
Procter & Gamble has struck a $2.7bn deal to sell Pringles to Kellogg after its $2.35bn deal with former suitor Diamond fell through following a probe into its payments to walnut growers.
Are Blue Diamond and Diamond Foods the same company?
Diamond Foods was acquired by Snyder's-Lance in 2016, and as of 2018, Campbell Soup Company owns Diamond Foods's former snack brands; Diamond of California, Diamond Foods's nut business, is owned by Blue Road Capital. Diamond Foods, Inc....Diamond Foods.TypePublic companyArea served100+ countriesParentBlue Road Capital7 more rows
Who is the owner of diamond chips?
Chips! His belief in the power and potential of snacks as a sunrise category firmed up then itself. A few years later, in 2004 entrepreneur, Amit Kumat along with Apoorva Kumat and Arvind Mehta turned this idea into a home-grown snacks offering, named Yellow Diamond.
Who makes diamond crisps?
Kolak Snack Foods Ltd is a leading UK manufacturer of crisps and snacks. Our brands include Kolak Crisps, Diamond Crisps and Diamond Snacks.
What is in diamond?
Diamond is composed of the single element carbon, and it is the arrangement of the C atoms in the lattice that give diamond its amazing properties. Compare the structure of diamond and graphite, both composed of just carbon.
What colors are diamonds?
Diamonds occur in a variety of colors—steel gray, white, blue, yellow, orange, red, green, pink to purple, brown, and black. Colored diamonds contain interstitial impurities or structural defects that cause the coloration; pure diamonds are perfectly transparent and colorless.
Where are Diamond Walnuts grown?
99% of walnuts in the US are grown in California's Central Valley – and 100% of Diamond of California® Walnuts are sourced from California growers! 2.
Are Pringles Procter and Gamble?
Pringles, which is owned by Procter & Gamble and makes stacked potato crisps served out of a long canister, offered itself up to Kellogg's for nearly $2.7 billion in cash.
Who are Pringles owned by?
Kellogg Company, the breakfast cereal group, is gobbling up the Pringles snack brand in a lightning $2.7bn (£1.72bn) deal announced . The sale adds Pringles to the Kellogg store cupboard which includes well known cereals such as Crunchy Nut cornflakes and Special K.
When did Kellogg's buy Pringles?
May 31, 2012Kellogg Company Completes Pringles Acquisition - May 31, 2012.
Is Pringles a Kellogg's brand?
Kellogg Co. (K), known for its Kellogg's brand breakfast foods, is a global food company that sells cereals and snacks such as Cheez-It crackers, Pringles potato chips, and Eggo waffles. 2 W.K. Kellogg founded Kellogg as Battle Creek Toasted Corn Flake Company in 1906.
What is the Emerald brand of snack nuts?
They are available in a variety of flavors, styles and package sizes. Diamond Foods’ snack nuts are sold under the Emerald brand, and include trail mix, roasted, glazed and flavored snack nut products and other snacks. The product line includes 100 Calorie pack sizes.
What is the brand of microwave popcorn?
Diamond Foods’ popcorn, in both kernels and various flavors of microwave popcorn, is sold under the Pop Secret brand. The product line includes Homestyle microwave popcorn and items such as 94% Fat Free and 100 Calorie snack size. In-shell and culinary nuts are sold under the Diamond of California brand.
When did Diamond Foods stop producing?
2012: The company is troubled by an accounting scandal and the Pringles deal is cancelled. 2013: Following the accounting scandal of 2012, on January 18, 2013, Diamond Foods officially ceases all production at its Fishers, Indiana plant.
What is Diamond of California?
North American and International Ingredient and Food Service products include Diamond of California brand in-shell nuts, shelled and processed nuts, glazed nuts, and custom-processed nuts for food processors, restaurants, bakeries and food service companies and suppliers.
When did Diamond buy Kettle Foods?
2010: Diamond acquired Kettle Foods potato chip company with operations in the U.S. and the U.K. 2011: Diamond and Procter & Gamble announced that Pringles would merge with Diamond. The deal was expected to close by June 2012. 2012: The company is troubled by an accounting scandal and the Pringles deal is cancelled.
Where is Diamond Foods located?
Unsourced material may be challenged and removed. Diamond Foods was an American packaged food company based in San Francisco, that marketed nuts (particularly walnuts and almonds) and other snack foods.
What company was the first to use laser sorters?
1989: Diamond was the first company to adopt laser sorters in its processing plant to eliminate shell fragments.
What are the warning signs of Diamond Foods?
A close examination of business practices at Diamond Foods , the nation’s largest walnut processor and maker of Emerald nuts, points up a number of warning signs, including unusual timing of payments to growers, a leap in profit margins, and volatile inventories and cash flows.
When did Diamond go public?
Once Diamond went public in July 2005, that inventory work seems to have ended. Mussell said Diamond’s audit committee was “very proactive,” but governance experts questioned its close ties to the CFO’s office. Prior to becoming CFO in 2008, Neil was an independent director and chairman of Diamond’s audit committee.
Why is it important to delay booking payments?
A delay in booking payments from one fiscal year to the next could artificially reduce the company’s costs and boost earnings in that period.
Who predicted year end inventories?
Digging through letters Diamond had sent him, Barnhill saw a pattern in which year after year Diamond, citing industry figures, would initially predict sizeable year-end inventories.
When did Pringles buy popcorn?
The company gobbled up Pop Secret popcorn in 2008, Kettle potato chips in 2010, and barely a year later, agreed to buy Pringles potato chips from Procter & Gamble for a hefty $2.35 billion, including $1.5 billion in Diamond stock.
Is Bevmark concerned about diamonds?
Bevmark raised concerns about Diamond in reports to clients as early as last April, based on questions from Feakins and others at Bevmark about Diamond’s board and management, its rapid expansion, and dissatisfaction among growers.
Is the 2010 crop a prior year?
Barnhill remembered telling Heidman that, under accounting rules, you cannot legitimately pay in a future fiscal year for a prior year’s crop.
What was the case against Diamond Foods?
On January 9, 2014, the Securities and Exchange Commission (SEC) filed a lawsuit against Diamond Foods for its 2010-2011 financial activities. The case involved alleged accounting fraud and earnings inflation by Diamond’s Chief Financial Officer (CFO) Steven Neil. At the time, Neil was under pressure to reach or exceed earnings projections of Wall Street analysts while facing the issue of rising walnut costs. In order to appease both the growers and the stockholders, Neil instructed his accounting team to utilize a deceptive accounting method to report the company’s walnut costs. The SEC accused Neil of disguising a portion of the walnut costs as an advance on future crop deliveries, as well as misleading auditors by providing false information and omitting facts to justify his usual accounting practice (SEC, 2014). The SEC also charged Diamond’s Chief Executive Officer (CEO) Michael Mendes with negligence for his role in certifying the inaccurate financial statements. The litigation claimed the CEO omitted facts to external auditors and should have recognized the inflated walnut costs on the statements. Diamond replaced both Mendes and Neil in 2012, and the company agreed to pay a $5 million settlement.
What was the scandal with Pringles?
A larger driver for this scandal was the acquisition of Pringles that was on the table for Diamond. The main determinant of the deal going through between Procter & Gamble and Diamond was the stock price of the company, as it had been rising months before the deal was to be settled. Mendes’ mission to move beyond a simple walnut company to the owner of the strong Pringles brand may have clouded his judgment and closed his mind to catching the misconduct that was occurring in regards to the prices of the walnuts. According to the registration documents filed with the SEC, “Diamond agreed, pursuant to the agreement between Diamond and the potato chip unit’s parent (Procter & Gamble), to issue 29 million shares of its stock to the parent company, the agreement also included a payment of $850 million to the parent of the potato chip business unit, with a provision that Diamond would pay additional amounts of its stock dropped below a certain price” (SEC, 2014). This agreement put intense pressure on the CFO, Neil, to ensure that stock prices stayed high or the deal would fall apart. Because of this pressure, Neil was prepared to do whatever it took to keep that price high and ensure the deal went through and the company continued its climb up to the top of the snack food ladder. According to the Wall Street Journal, “The walnut cost shifting helped Diamond Foods beat estimates every quarter in 2011, and its rising stock price was a key factor in it being able try to buy Pringles from Procter & Gamble. As long as Diamond Foods shares stayed above a certain price, Diamond could fund the acquisition, by far its largest ever” (WSJ, 2014). In order to pull off the scheme, Neil began putting himself as leaders of different internal organizations that would have offered some type of control against this type of situation, such as the Diamond Finance Team and the Grower Relations Team. It was his tight connection to both of these teams that allowed the scheme to be “successful”. And according the SEC, “Diamond failed to devise and maintain an adequate system of internal controls to ensure the accuracy of its books and records. Among other things, Diamond did not implement an policies to ensure the accuracy of the reported walnut costs, the accounting for walnut payments, and the manner in which the walnut cost was incorporated into the financial statements” (SEC, 2014). And this lack of control can be assumed to be the result of Neil having his hands and authority over each part of the company.
Is Diamond Foods a fraud?
The case of fraudulent accounting for Diamond Foods can be seen to have two drivers. One is the pressure the executives faced to not only meet, but also exceed the earnings estimates of the Wall Street stock analysts and second to continue to keep the longstanding positive relationships with walnut growers as the price of the raw goods increase, according to the SEC Case. The two issues are interconnected, as the company would not be able to report high earnings and growth as the cost of one of its largest pieces of inventory, walnuts, continue to increase. As the price of walnuts raised, the CFO, Steven Neil, developed a scheme to keep the costs down and show increased earnings to meet the pressure set forth by the Wall Street analysts. This was done through a series of accounting techniques to push the costs of the walnuts into different aspects and timeframes of the company’s financial statements. The details of how these costs were pulled apart and separated will be further explained in the following section.
Who audited Diamond Foods?
The auditor for Diamond Foods during this time was Deloitte. Records show that Diamond Foods paid Deloitte almost $16.8 million in fees in 2012 to assist with the adjustments to their financial statements to help correct the errors that were made in payments to walnut growers. Deloitte was mentioned within the SEC’s litigation against Diamond Foods stating the following:
Who is Michael Mendes?
Michael Mendes, former CEO of Diamond Foods, agreed to pay $125,000 to settle the allegations against him without admitting or denying them. In addition to the settlement, he paid back more than $4 million in bonuses and other benefits he had collected in 2010 and 2011. Mendes is currently the CEO of a privately held Bay Area maker of premium-baked goods, Just Desserts. Former CFO, Steven Neil, continues to fight the SEC’s charges and is headed for trial.
How much raw food does Harvey Diamond eat?
In an interview with Tom Elper, writer of the blog "New Vegan Age," Harvey Diamond states that 75 percent to 80 percent of his own diet consists of raw foods. Advertisement.
How many calories are in kale pesto?
This amazing kale pesto is only 210 calories and anti-oxidant rich!
What is Marilyn Diamond's degree?
Holding a master's degree in curriculum and Instruction, she has written training materials for three school districts. Her expertise includes mentoring, serving at-risk students and corporate training. A woman is holding a smoothie in her hand. Harvey and Marilyn Diamond's bestselling book "Fit for Life" was first published in 1985, ...
What are the activities that Diamond recommend?
The Diamond's recommend that you sleep with your window open at night to get the benefits of fresh air, drink water upon arising and before each meal, take daily walks, stretch and do breathing and meditation exercises.
What is the third principle of the Fit for Life diet?
The third principle is the "correct" consumption of fruit. On the "Fit for Life" diet, you are encouraged to eat solely fruit and consume fruit juices until noon each day. Advertisement.
When was Fit for Life first published?
A woman is holding a smoothie in her hand. Image Credit: iconogenic/iStock/Getty Images. Harvey and Marilyn Diamond's bestselling book "Fit for Life" was first published in 1985, and was re-released in 2010. The diet's emphasis on raw fruits and vegetables is once again in vogue, as raw diets and restaurants proliferate across the nation.
Is raw food better for cancer?
To date, no scientific research has demonstrated that a raw diet is more effective at preventing cancer than a diet consisting of cooked foods. Any reduction in cancer would likely be due to the increased amounts of antioxidants and flavonoids in such a plant-heavy diet.
Overview
Diamond Foods was an American packaged food company based in San Francisco, that marketed nuts (particularly walnuts and almonds) and other snack foods. Diamond Foods was acquired by Snyder's-Lance in 2016, and as of 2018, Campbell Soup Company owns Diamond Foods's former snack brands; Diamond of California, Diamond Foods's nut business, is owned by Blue Road Capital.
History
The company was founded in 1912 as Diamond Walnut Growers, Inc., a member-owned Californian agricultural cooperative association. In July 2005, Diamond Walnut Growers converted to a Delaware corporation and initial public offering of stock as Diamond Foods.
• 1912: Diamond was founded as a cooperative by a group of Californian walnut growers.
• 1919: Diamond was the first nut producer to launch a national advertising campaign.
Diamond Foods brands
Diamond Foods has five product lines:
• Diamond Foods’ line of potato chips are sold under the Kettle Brand label in the United States and Kettle Chips brand in the United Kingdom. They are available in a variety of flavors, styles and package sizes.
• Diamond Foods’ snack nuts are sold under the Emerald brand, and include trail mix, roasted, glazed and flavored snack nut products and other snacks. The product line includes 1…
Production
The company has about 1400 full-time employees in Wisconsin, Indiana, Tennessee, Alabama and the United Kingdom. Diamond does not grow any of its own crops; it purchases raw material from domestic and international sources. Diamond products are processed and packaged at facilities in Stockton, California; Salem, Oregon; Van Buren, Indiana; Beloit, Wisconsin; Robertsdale, Alabama; and Norwich in the United Kingdom.
External links
• “Diamond Chews on Acquisitions” San Francisco Business Times, September 3, 2010
• "Diamond walnut co-op files for IPO"; Sacramento Business Journal, March 25, 2005