Pepperidge Farm recalls Goldfish Crackers
Pepperidge Farm is voluntarily recalling four varieties of Goldfish Crackers because of fears they could potentially have salmonella.
The company took the action after one of its ingredient suppliers notified it that whey powder used in a seasoning may be contaminated. The products were distributed in the United States and no illnesses have been reported.
The Goldfish recall covers Flavor Blasted Xtra Cheddar, Flavor Blasted Sour Cream & Onion, Goldfish Baked with Whole Grain Xtra Cheddar and Goldfish Mix Xtra Cheddar + Pretzel. The company has posted a chart with the product codes on its website.
The products can be returned to place of purchase for a refund. Consumers can call customer service at 1-800-679-1791.
Synovus to acquire FNB for $2.9 billion
Synovus Financial Corp., the Columbus, Georgia-based bank holding company that owns Cohutta Bank in Northwest Georgia and Synovus Bank in Chattanooga, has agreed to buy Florida’s largest community bank to become one of the top five regional banks in the Southeast.
Synovus said Tuesday it will pay $2.9 billion to acquire FCB Financial Holdings, Inc, owner of Florida Community Bank.
In Florida, the purchase of FCB will boost Synovus deposits by $9.9 billion while adding 50 full-service banking centers. With the addition of FCB, Synovus will grow to a total of $36 billion in deposits and $44 billion in assets.
The transaction is expected to close by the first quarter of 2019.
Synovus expects approximately $40 million in pretax savings to be fully realized by 2020. Excluding one-time charges, Synovus expects the acquisition to be boost earnigns per share by 6.5 percent per common share in 2020.
SmartBank profits double in quarter
The parent company of SmartBank more than doubled its second quarter earnings from a year ago after completing its merger last fall with Capstone Bank in Alabama to boost total assets to more than $2 billion.
SmartFinancial, Inc., the Knoxville-based bank holding company that acquired the former Cornerstone Bank in Chattanooga, announced today that it earned $3.9 million in net income for the second quarter of 2018, compared to $1.6 million a year ago. Diluted net income per share in the spring quarter totaled 32 cents per share, compared to 20 cents per share a year earlier.
Net operating earnings, which exclude securities gains and merger expenses, totaled $4.8 million in the second quarter of 2018 compared to $2.1 million in the second quarter of 2017.
“Our team has done a great job this year with the integration of Alabama-based Capstone in the first quarter, closing the acquisition of Tennessee Bancshares and begin planning of its integration in the second quarter, and announcing our planned Foothills Bancorp acquisition,” SmartFinacial CEO Billy Carroll said.
BMW executive joins Volkswagen
Volkswagen AG says Markus Duesmann is joining its management board from German competitor BMW. It isn’t confirming a German newspaper report that the plan is for him to become CEO of the automaker’s Audi unit.
Volkswagen said its supervisory board offered a job to Duesmann, currently the BMW board member overseeing that company’s purchasing and supplier network.
It said in a statement Tuesday he “will take up his new position as soon as he is able to do so. An agreement to this effect has already been signed.”
Audi CEO Rupert Stadler was arrested last month in an investigation of suspected fraud.
Tariffs cost Harley-Davidson up to $100 million
Harley-Davidson expects new tariffs to increase the company’s annual costs by as much as $100 million as long as the trade dispute between the U.S. and other countries goes on.
Executives with the Milwaukee company spoke with investors Tuesday for the first time since announcing last month that production of motorcycles sold in Europe would move overseas in order to avoid retaliatory tariffs the EU is imposing on American exports.
That announcement unleashed a series of critical tweets from President Donald Trump, and there was no sign that the administration’s stance on trade would change, despite calls from within the GOP to do so.
“Tariffs are the greatest!” the president tweeted Tuesday. “Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It’s as simple as that – and everybody’s talking! Remember, we are the ‘piggy bank’ that’s being robbed. All will be Great!”
With sales stagnant at home, Harley-Davidson has looked increasingly overseas for buyers of its iconic motorcycles. The company did not discuss Trumps’ criticism, but CEO Matt Levatich stood by its decision to move some production overseas because of the tariffs.
“It put further pressure on our business and we made the best decision based on the circumstances,” he said.
Harley-Davidson said it’s working with the Trump administration and other governments to try to get the tariffs removed.
In the short term, the cumulative impact from the tariffs will increase Harley-Davidson’s costs as much as $55 million this year, the company said. Costs from raw materials subject to tariffs, like steel and aluminum, account for $15 million to $20 million, and the EU tariffs add another $30 million to $35 million, according to Harley-Davidson.