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THE CONSUMER BIZ BUZZ

March Madness 2006 THE CONSUMER BIZ BUZZ News That Makes Teeth Whiter, Clothes Brighter, and Life Just Plain Better-----------Compiled and Published by Dave Hardie of Herbert Mines AssociatesExecutive Search ConsultantsTransaction News:Remember, beauty is in the eye of the beholder ….•Heinz sold their ethnic foods business to
Associated British Foods. They got it when
they bought HP Foods last year.•Sara Lee will buy Butter-Krust Baking for
$72 million. The regional baker provides
strength in the mid-Atlantic states.•PepsiAmericas, their #2 bottler, bought
Arden Beverage. They make Nutrisoda, a
health-oriented soda (and thus an oxymoron).•Molson Coors sold 68% of Cervejarias
Kaiser, a struggling Brazilian brewer, to
Femsa. Another 17% is owned by Heineken.•Nestle now owns all of Dreyer’s Grand Ice
Cream. They bought 67% back in 2003.•ConAgra is selling its Cook’s ham unit to
Smithfield Foods. Sales are $330 million.•Fortune Brands (Titleist, Jim Beam, Moen,
etc.) will buy SBR. They make windows.•P&G will sell some Gillette deodorants (Right
Guard, Soft & Dri, etc.) to satisfy the FTC.
Dial (owned by Henkel) will pay $420 million.•Del Monte Foods is on a pet food spree,
adding to brands like Kibble ‘n Bits and
9Lives. They are buying Meow Mix from
Cypress Group for $705 million, as well as
Milk-Bone from Kraft for about $580 million.•el will pay $268 million.−a 100-unit Northwest family dining chain.−gKong distributor named Cornerstone.−rthe European seafood business of Heinz.No hitting below the belt.Del Monte Foods is selling their private lab
soups and Nature’s Goodness baby food.
Treehouse Foods•Oakley bought privately-held Oliver Peoples,
a luxury eyewear company, for $56 million. •L’Oreal will buy Body Shop, a retailer of
natural-based cosmetics, for $1.1 billion.•Red Bull bought New York’s pro soccer team
for $30 million … and renamed it Red Bull
New York. The team will probably play three
games a day … and sleep two hours a night.•Did you notice the “For Sale” signs?−ConAgra is selling lines generating sales
of more than $2 billion. They include most
of their refrigerated meats (Butterball,
Armour, Eckrich, etc.), their seafood (Louis
Kemp), and their cheese (Country Line).−Maytag wants to sell their Hoover unit.
(Note to self: would it be inappropriate to
make a joke about results that suck?)−Unilever will sell most of its frozen food
business in Europe.−Jenny Craig and their 650 weight loss
centers are being shopped by Goldman.•Speaking of private equity transactions …Circle Peak bought Shari’s Restaurants,Charterhouse sold Wham-O to a HonLehman Brothers will pay $500 million foCourt Fights and Slap Fights:•uses misleading ads that damage Listerine.•alshoe models infringe on their Shox patents.Pfizer sued P&G, saying Crest Pro-HealthThe Consumer Biz BuzzHerbert Mines Associates1Nike sued Adidas-Salomon, claiming severThe Consumer Biz BuzzHerbert Mines Associates2•P&G sued Vi-Jon Labs, a maker of private
label mouthwash. They claim the packaging
is too close to Crest Pro-Health, and that the
product is not as comparable as claimed.•A district judge has preliminarily agreed that
Bristol-Myers Squibb can pay $185 million
to settle a class action suit. Investors claimed
they were misled about Vanlev, a heart drug.•Coca-Cola and CCE are being sued by nearly
60 bottlers. They feel threatened by ware-
house distribution of Powerade to Wal*Mart.•Starbucks won a Shanghai trademark case.
Xingbake must rename its coffee cafes, since
“xing” means “star”. The copycat appealed.•Gillette and Schick settled their latest fight.
Gillette had claimed a patent for razors with
more than three blades, and Schick had
countered by challenging Gillette’s ad claims.•The city attorney in Los Angeles sued Take
Two Interactive, maker of videogame Grand
Theft Auto: San Andreas. It seems some sex
scenes can be unlocked with downloadable
modifications. Or so I’m told.•The so-called Center for Science in the Public
Interest threatened a class action suit against
Frito-Lay. They complain about labels for
Light chips, which no longer warn that Olestra
can cause diarrhea and cramping.•Meanwhile, the same group sued Kellogg for
advertising sugared cereals to kids. One
plaintiff says the ads undermine her parental
authority. Perhaps she should just get a life.•A class action suit was filed, charging that
Coca-Cola Enterprises practiced “channel
stuffing” in 2003 and 2004. We’re shocked
that any company would push extra volume
just to make its numbers.Pink Slips and Hard Times:Brother, can you spare a dime?•Spice maker McCormick will cut up to 1,000
jobs as they restructure and close plants.•Kraft will cut 8,000 jobs and close 20 plants.
This adds to 5,500 cuts announced in 2004.•Mattel is cutting more than 200 jobs, mostly at
headquarters.•Revlon will cut 165 jobs to save $15 million a
year. The total includes 90 jobs in the U.S.•Tyson will close two plants in Nebraska. The
move affects 1,665 workers.•Fuji Photo Film will cut 5,000 jobs globally
(7% of their total) to restructure for digital.•Del Labs, maker of Sally Hansen beauty
products, will cut 330 jobs. They are closing a
plant and two warehouses.•Procter & Gamble will cut 300 jobs in their
pharmaceuticals R&D unit. The company will
focus on buying and licensing drugs, rather
than creating them from scratch.•Kimberly-Clark will close a diaper plant and a
distribution center, cutting 675 jobs.People News: We know you like to watch.CEO’s: •John Replogle joined Burt’s Bees as CEO.
He was at Unilever, and earlier at Guinness.•,, and.•on an interim basis. He comes from P&G.•Jays chips, as CEO. He was at.• He was atMaple Leaf Foods and ConAgra.Daryl Brewster joined Krispy Kreme as
CEO. He was at Kraft, with earlier roles at
Nabisco Campbell SoupGF Mark Ketchum was named permanent CEO
of Newell Rubbermaid, having held the role•Ken Constable is the new CEO of online
retailer RedEnvelope. He was at ProFlowers,
and earlier at Nabisco, PepsiCo, and P&G.Jeff Dunn joined Ubiquity Brands, maker ofCoca-ColaDarek Nowakowski joined Humpty Dumpty,
a Canadian snack maker, as CEO.•Bob Matschullat is interim CEO of Clorox as
Jerry Johnston recovers from a heart attack.•Ken Sobaski joined Capella Education as
CEO. He was at Polaris after ConAgra,
Pillsbury, Kraft, and General Mills.•Mike Kehoe is now CEO of Ciba Vision, the
Novartis contact lens unit. He was at P&G.•Among news we missed, Kevin Kotecki is
now the CEO of Pabst Brewing Company.
He was at ConAgra, Coors, and P&G.•Some moves were internal, choosing not to
utilize the services of a trained executive
search professional. Among them:−Mark Parker is now CEO of Nike,
replacing Bill Perez.−Doug Corbett is now CEO of InBev USA.
Simon Thorpe is moving to a global role.−Ian Cook will succeed Reuben Mark as
CEO of Colgate-Palmolive … in 2007.Presidents and General Managers: •Dan Palumbo joined Rexel, an electronics
company, as COO. He was most recently at
Coca-Cola, and earlier at Kodak and P&G.•Eric Beringause joined Alcoa Consumer
Products (Reynolds Wrap, etc.) as president.
He was most recently at Novartis, with earlier
roles at ConAgra, Pillsbury, and Nabisco.•Dave Lumley joined Spectrum Brands
(formerly Rayovac) as North American
president. He was at Newell Rubbermaid.•Blake Anderson joined Symrise, a flavor
supplier, as president of North America. He
was at Dean Foods and Campbell Soup.•Charles Herington joined Avon to run Latin
America. He was at AOL, Revlon, and P&G.•Playtex Productsand.−international at. He was the CFO.−sident ofinternational at Coca-Cola.−ofAsia for a Campbell Soup subsidiary.Sales and Marketing: Rick Powers joined Combe as president of
North America. He was atGeneral Foods•Mark Waller joined the NFL to run its
international business. He was at Diageo.•Margery Schelling joined Frito-Lay as GM of
recently-acquired Stacy’s Pita Chips. She
was at Kraft.•Again, some internal moves ignored the fact
that headhunters have kids to feed:−Brian Goldner was named COO of
Hasbro. Frank Bifulco now runs sales.−Todd Tillemans is now Unilever</b>’s GM of
skin care. He ran the deodorant business.Tom McGuire was named EVP ofRevlonMuhtar Kent was named preMark Alexander was named president•roles at Nabisco•MO. Earlier she•P ofolf. He was at•withearlier roles at Kodak and SC Johnson.•He was at Miller, Pillsbury,•.. He was at••le-Gro asVP of marketing. He was at Heinz.Andy England joined Coors as CMO. He
was at Hershey, with earlier
and Cadbury Schweppes.Katia Facchetti joined Terex, a maker of
construction equipment, as C
was at Nabisco and Kraft.Bill Knees got a dream job, becoming SV
marketing at Callaway G
PepsiCo and Unilever.Greg Johnson joined Best Buy to run one of
their store segments. He was at Gillette,Victor Rutstein joined Jim Beam as VP of
US marketing.
and Seagram.Bruce Fleming joined Church & Dwight as
CMO, coming from BriteSmile, J&J, and P&G
Meanwhile, Tim Seitter joined as marketing
VP for the SpinBrush business
Pactiv, Spalding, and Kraft.Carole Johnson joined Staples as SVP ofThe Consumer Biz BuzzHerbert Mines Associates3advertising. She was at AAi.FosterGrant. Tom McGough joined Scotts Mirac•Thano Chaltas joined UST as VP of brand
management. He was at Kraft.•Andrea Thomas joined Hershey as VP of
global chocolate, earning an early nomination
for the year’s best title. She was at Frito-Lay.•Dan Vucovich joined Hershey as chief
customer officer of the commercial group. He
was at Pepsi-Cola North America.•Chris Roberts joined Cargill as VP of their
sweetener business. He was at Coca-Cola
and earlier at Frito-Lay.•Jon Achenbaum joined Bayer as CMO for
their diabetes care business. He was at
Unilever, Helene Curtis, and Quaker Oats.•Jacqueline McCook joined ConAgra as chief
growth officer and EVP of international. She
was at Burger King and PepsiCo.•Phil Jackson rejoined Hasbro as SVP of
marketing and product development for
games. We mean the guy who was at Mattel,
not the Lakers coach. At least I think so.Other Functions: • Brad Patrick joined Sara Lee as to run HR for their food and beverage business. He was
at Gillette, and earlier at Frito-Lay.• Al Bolles is joining ConAgra as EVP of R&Dand quality. He was at PepsiCo, Gerber, and
General Foods.• Rick Puckett joined Lance as CFO, comingfrom United Natural Foods. • King Pouw (a name I love) joined ConAgraas SVP of business transformation. He was
at Kellogg.• Jeff Ackerman joined Sealy Mattress asCFO. He was at Dade Behring. Like you, I
have absolutely no idea what they do.• Tony Sarsam joined Dreyer's Grand as VPof operations and supply chain. He was at
Frito-Lay.• Martin Schneider joined VF Corporation(Wrangler jeans, etc.) as CIO. He was at
Gillette.• Among the internal moves, Angela Lalor wasnamed SVP of HR at 3M. She replaces Kay
Grenz, who is retiring. Boards of Directors:•Dominic Ng was elected to Mattel</b>’s board.
He is CEO of East West Bancorp.•James Farrell joined the Abbott Labs board.
He is chairman of Illinois Tool Works.•John Drosdick and Dennis Reilley joined
the Heinz board. Drosdick is CEO of Sunoco,
and Reilley is CEO of Praxair. Meanwhile, an
investor group nominated five directors of
their own. One is Greg Norman, a well-
known CPG expert who also plays a little golf.•Warren Buffett is retiring from Coca-Cola</b>’s
board. Many expect him to be replaced by
Jim Kilts, the former CEO of Gillette.•John Alm joined Kimberly-Clark</b>’s board.
He was the CEO of Coca-Cola Enterprises.•Robert Abernathy joined the board of
Lubrizol, a specialty chemical company. He
runs emerging markets for Kimberly-Clark.•Virgis Colbert joined Sara Lee</b>’s board. He
has retired from Miller Brewing.•Chuck Prince joined the Johnson &
Johnson board. He is CEO of Citigroup.•Mike McGrath joined the Reddy Ice board.
He retired as COO of Dr Pepper/7Up.•The aptly-named Rosalind Brewer joined the
Molson Coors board. She runs a business
unit for Kimberly-Clark.•fCoca-Cola before becoming a consultant.The Consumer Biz BuzzHerbert Mines Associates4The coincidently-named Steve Jones joined
the Jones Soda board. He was the CMO oObituaries: •Robert Rich died at 92. He invented non-
dairy whipped topping during WWII, and Rich
Products became a $2.5 billion company.•Rodney Strong died at 78. As a dancer
turned vintner, his eponymous winery helped
put Sonoma County on the map.•Milt Gossett died at 80. He spent his entire
career at Compton, becoming CEO of the
agency and selling it to Saatchi in 1982.•Bill Graham died at 94. He was the CEO of
Baxter, a healthcare company, for 30 years.•Robert Baker died at 84. As a researcher at
Cornell, he invented 50 chicken products that
ranged from chicken bologna (unsuccessful)
to chicken nuggets (wildly successful).•Andy Pearson died at 80. He was president
of PepsiCo, then CEO of their restaurant
spinoff (now called Yum Brands) until 2000.Marketing & Strategy: Throw it on the wall, and see what sticks. • China’s state-owned tobacco company willmake Marlboro under license from Altria.
The schizophrenic government later banned
new cigarette factories, hoping to reduce
their 350 million smokers.• Avon rejoiced as China approved the direct-sales channel that was banned in 1998. The
decision is crucial in a cosmetics market that
could reach $10 billion.• Anheuser-Busch will import Tiger Beer, atop brew from Singapore, as well as Grolsch.
Meanwhile, they licensed Heineken to brew
and sell Budweiser in Russia.• For the first time in recorded history, soda sales declined last year (by a fraction of a
percentage point). Gainers included bottled
water, sports drinks, and energy drinks.• PepsiCo is launching a line of Ben & Jerry’srefrigerated milk shakes this summer. If you
don’t know why, refer to the previous note.• Oakley will discontinue their shoe line. Butreally, did anyone think it was a good idea?• Atkins Nutritionals evolved from their low-carb origins as they exited Chapter 11. Now
they focus on high protein and high fiber.• A rose by any other name. The FDA mayrequire labels to specify that a food’s red
color comes from “carmine” or “cochineal”
sources. For those of us who skipped
entomology, that means crushed female
beetles. Now labels just say “color added”.• Campbell Soup will start using a special seasalt in their soups. Their goal is to reduce
sodium without sacrificing taste.Free Thoughts: Ponderings and pieces for pointless perusal. • All-name honorees (career choice division):−The rich preacher behind the “prosperity
gospel” is Reverend Dollar.•ontest to find a new statemeut•That’s one way to Carnegie Hall. The
main stage will be renamed for Revlon
chairman Ronald Perelman. He donated a
cool $20 million.−A popular cooking teacher at The New
School is Chef Chew.−The most promising rookie driver on the
Formula One circuit is Scott Speed.• A name I love. Google just hired a high-tech exec named Dr. Brilliant. I think I’ll try
the name Dave Brilliant for a while.•A survey by Challenger, Gray & Christmas
says CEO turnover doubled in 2005 – from
663 to 1,322. At least recruiters were happy.New Jersey ran a cThe Consumer Biz BuzzHerbert Mines Associates5slogan. The winner is “New Jersey … co
see for yourself.” Apparently it just beat o
our entry: “New Jersey … you can see nice
places from here.”•In this month’s ethics sermon, the CEO of
RadioShack resigned because his resume
listed fictitious college degrees. If you must
lie, at least pick a more prestigious school
than Pacific Coast Baptist College.•Speaking of honesty, a Gallup poll says ad
execs are viewed even lower than lawyers.
Surely headhunters are near the very top.•Diageo is trying to fill a dream job – the
Smirnoff Cocktail Consultant. We wish we
were handling the search.•You can’t make this stuff up. H&R Block
will restate earnings going back to 2004. It
seems they screwed up their taxes.•Twenty years ago, Standard & Poors gave
AAA credit ratings to 32 companies. Now
there are only six, and just two in consumer
products (J&J and Pfizer).•This month’s cool word is schadenfreude.
It’s a German term for satisfaction taken
from someone else's misfortune. It’s what
we feel when a #1 seed loses in the tourney.•Another cool word is homeshoring. It’s the
term for using stay-at-home workers for call
center jobs. For example, all of JetBlue’s
reservation agents are sitting at home.•I’m going pro. The USARPS championship
is televised, has a $50,000 prize, and is
sponsored by Bud Light. I’m referring to the
U.S.A. Rock Paper Scissors League.•ConAgra needs a few new people at their
meatpacking plant in Lincoln, Nebraska.
When eight employees won a $365 million
lottery, several “retired” pretty quickly.•Fortune published their list of the 100 best
companies to work for. CPG nirvanas are:1. J.M. Smucker (# 8 overall)
2. S.C. Johnson (# 10)
3. Starbucks (# 29)
4. Timberland (# 41)
5. Wrigley (# 95)
6. General Mills (# 98)
7. Nike (# 100)•Fortune also ranked their most admired
companies. CPG honorees in the top 20:1. Procter & Gamble (# 4 overall)
2. Starbucks (# 5)
3. Johnson & Johnson (# 6)
4. PepsiCo (# 15)
5. 3M (# 20)Quarterly Earnings: Virtually everybody reported over the past two months. Sorry. EarningsSales Comments/Explanation3M+ 6%+ 5% The non-consumer businesses were strongest.Abbott LaboratoriesFlat+ 7% They face less generic competition than some others.Adidas-Salomon$5M loss+ 27% Buying Reebok helped sales but hurt short-term profit.Alberto-Culver+ 5%+ 6% Profit was way up before they expensed stock options.Altria+ 18%+ 9% Helped by growth in international tobacco sales.Anheuser-Busch- 39%Flat Price cuts regained share but hurt top and bottom lines.Avon- 37%+ 4% Hurt by restructuring charge and higher costs.Black & Decker- 26%Flat Profit was up 12% before a tax repatriation expense.Boston Beer- 20%+ 16% The company invested in more marketing support.Bristol-Myers SquibbTripled- 3% Profit grew from one-timers. Enfamil is their #3 brand.British Amer. Tobacco- 37%- 13% Prior year included a gain from merging with RJR.Brown-Forman+ 27%+ 5% Wine, whiskey and vodka were all strong.Cadbury Schweppes **+ 46%+ 6% Profit rose 13% without restructuring charges last year.Callaway Golf$19M loss+ 7% The loss narrowed, but I didn’t buy quite enough clubs.Campbell Soup+ 8%+ 3%The Consumer Biz BuzzHerbert Mines Associates6Profit helped by pricing, good volume, and lower taxes.Chiquita$19M loss+ 30% Profit hurt by storms in Central America.Church & Dwight+ 36%+ 7% Strong across a number of product lines.Clorox- 88%+ 6% Hurt by higher costs and discontinued operations.Coca-Cola- 28%+ 7% Stronger business, but a charge to repatriate earnings.Coca-Cola Enterprises$57M loss+ 2% They took a big charge to repatriate foreign earnings.Colgate-Palmolive+ 26%+ 4% Helped by new items, restructuring, and higher prices.Dean Foods- 28%+ 4% Hurt by hurricanes and higher commodity costs.Del Monte Foods+ 7%+ 2% Helped by price increases and lower interest expenses.Diageo *+ 21%+ 8% Much better than expected, especially in North America.Electrolux$56M loss+ 18% Profit hurt by costs and a charge to close German plant.Elizabeth Arden+ 4%+ 7% New fragrance and anti-aging product drove growth.Energizer HoldingsFlat+ 1% Earnings per share grew 11%, beating estimates.Estee Lauder- 41%+ 3% Profit was hurt by a big charge for selling Stila.Fortune Brands- 29%+ 24% Last year was helped by one-timers.Fresh Del Monte$4M loss- 7% Hurt by weak banana prices and higher costs.Fuji Photo Film+ 30%+ 7% They slashed their outlook and set a restructuring.GlaxoSmithKline+ 45%+ 13% It was a good quarter for asthma and diabetes.Goodyear$51M loss+ 2% Profit hurt by charge for selling the farm tire business.Green Mountain Coffee+ 24%+ 27% Grew in all channels, especially offices and foodservice.Groupe Danone **Tripled+ 6% Beverages were very strong, especially healthy ones.Hasbro+ 15%+ 1% Star Wars stuff was strong; electronic games weren’t.Heineken **+ 19%+ 7% Helped by volume growth and cost cuts.Heinz- 24%+ 6% Hurt by charges for downsizings and divestitures.Hershey+ 3%+ 7% Helped by new products and a strong holiday season.Hormel+ 7%+ 11% Gains in turkey offset higher costs for beef and freight.Imperial Sugar+ 85%+ 18% Higher prices + higher volumes = very sweet results.J&J Snack Foods+ 21%+ 10% Foodservice drove the maker of Icee and pretzels.Johnson & Johnson+ 79%- 1% Without one-timers, profit grew 9%. Drugs are weak.Kellogg+ 3%Flat Grew share to offset higher fuel and benefit costs.Kimberly-Clark- 17%+ 3% Hurt by restructuring and higher energy costs.Kodak$52M loss+ 12% Acquisitions helped, but film-based photo fell 28%.Kraft+ 23%+ 10% Operating margin is down from 21% (’02) to 15% (’05).L’Oreal **- 50%+ 7% Profit decrease reflected last year’s gain from a sale.Lance- 74%+ 30% Acquisition of Tom’s Foods is hurting profit.Leapfrog$14M prof- 3% US sales were strong; other regions/divisions declined.Lego **$81M prof+ 12% Rebounded from last year’s loss, but 2006 will be tough.Levi Strauss$44M profFlat Full year sales grew (+1%) for the first time in 8 years.Lorillard **+ 14%+ 9% Company is owned by Loews Corporation.LVMH **+ 21%+ 11% Strong results in all divisions, with improved margins.Mattel- 2%- 1% Profit helped by a tax benefit. Barbie sales are weak.Maytag$75M loss+ 7% Hurt by higher costs and restructuring charges.McCormick+ 1%- 1%The Consumer Biz BuzzHerbert Mines Associates7Profit was understated by a restructuring charge.Merck+ 2%Flat Asthma drug was strong. Vioxx liability is dark cloud.Molson Coors- 60%+ 23% Analysts were disappointed; sales grew due to merger.Nestle **+ 21%+ 8% Profit increase was inflated by an accounting change.Newell Rubbermaid- 38%+ 1% Most of the decline came from one-time restructuring.NovartisFlat+ 14% Profit hurt by one-time charge for a drug they killed.Oakley- 8%+ 6% They announced a restructuring program.Peet’s Coffee & Tea+ 6%+ 12% Seven new retail outlets opened.Pepsi Bottling GroupFlat+ 13% Higher costs offset growth in sales and volume.PepsiAmericas+ 6%+ 10% Non-carbonated drinks helped the #2 Pepsi bottler.PepsiCo+ 12%+15% Good momentum in snacks and non-carbonated drinks.Pfizer- 3%- 9% Profit hurt by one-time charges and generics.Pilgrim’s Pride- 47%- 2% Hurt by their Mexican business and fuel costs.Playtex Products$12M loss- 5% Profit hurt by charges; last year inflated by Woolite sale.PPR (Gucci, etc.) **- 47%+ 4% Gucci was strong; several other groups strengthened.Procter & Gamble+ 29%+ 27% Without the Gillette acquisition, sales grew a strong 8%.Puma+15%+ 28% They’re bullish about being a top World Cup sponsor.Revlon+ 39%+ 16% Helped by new Vital Radiance and relaunched Almay.Reynolds AmericanTripled+ 2% Their focus on Kool and Camel is paying off.Sara Lee+ 34%- 1% Helped by packaged meats and sale of a business.Schering-Plough$.1B prof.+ 6% The consumer healthcare unit dropped 9%.Scotts Miracle-Gro$53M loss+ 1% They always lose money in the Winter.Smithfield Foods- 27%- 4% Hog prices declined and costs increased.Smucker- 13%- 2% Consumer oils and baking softened; energy costs rose.Snap-on Tools+ 14%- 5% Several divisions strengthened, but not dealer vans.Starbucks+ 20%+ 22% Comp store sales up 7%, helped by holiday gift cards.Tasty Baking Co.breakeven+ 15% Hurt by higher fuel and energy costs.Tyson- 19%Flat Hurt by cattle costs and weak chicken sales overseas.Unilever$0.8B prof+ 3% Their continuing reorganization has begun to pay off.UST (Skoal, etc.)+ 12%- 1% Lower costs for selling, advertising, and administration.Whirlpool+ 30%+ 9% New products helped North America grow 12%.Wrigley- 20%+ 15% Restructuring hurt profit, which would have been flat.Wyeth$0.7B prof+ 2% Loss reversed, but sales of depression drug depressed.* 6-month results.
**12-month results.Published by Dave Hardie of Herbert Mines Associates, the largest retained search firm
focused exclusively on the senior levels of consumer companies. Contact us at (212)
355-0909 or dhardie@herbertmines.com. The Consumer Biz BuzzHerbert Mines Associates8

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