Tyson sells assets
to investment firm
Tyson Foods said Friday that it has found a buyer for its Sara Lee Frozen Bakery and Van's businesses -- private equity firm Kohlberg and Co.
Tyson has been shopping the brands since 2017 as part of its effort to rebrand as a protein company. At the time the company said it wanted to shed its nonprotein brands. Tyson sold its side-dish company Kettle earlier this year for $125 million.
"These are great assets with outstanding team members; however we're focused on expanding Tyson Food's leadership position in protein," Sally Grimes, group president of prepared foods, said in a statement.
The terms of the deal with New York-based Kohlberg and Co. were not released.
Tyson's Chef Pierre, Bistro Collection and Van's brands along with a license to use the Sara Lee brand are part of the deal, according to a release. It also includes prepared-food plants in Tarboro, N.C., and Traverse City, Mich., and offices in Canada. Tyson's 1,160 employees are expected to find work with the new owners, according to the company.
The move was announced after markets closed Friday. Tyson shares rose 62 cents, or nearly 1 percent, to close Friday at $68.09.
-- John Magsam
Portion of NLR street
to shut for replatting
The North Little Rock City Council this week approved the closing of a portion of Gribble Street to allow replatting of property that fronts the Arkansas River and is owned by Bruce Oakley Inc.
A 22,000-square-foot office building will go on the site, said Mayor Joe Smith.
There were no objections to the request.
The ordinance passed by the council said Bruce Oakley, based in North Little Rock, had requested the closing of Gribble east of its intersection with Cheryl Street.
The ordinance also said that Bruce Oakley is negotiating with Texas Eastern Transmission LP to purchase nearby land.
A spokesman for Bruce Oakley declined Friday to confirm plans for an office building.
-- David Smith
Murphy Oil up 2.8%
as index gains 4.49
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, climbed 4.49 to 432.10 Friday.
Murphy Oil rose 2.8 percent in heavy trading.
P.A.M. Transportation rose 2.2 percent on low volume.
Total volume for the index was 17.1 million shares. The average daily volume for the week was 20.8 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 06/02/2018