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Beatrice Foods Company was a major American food processing company[1] founded in 1894. Over the years, Beatrice owned many well-known brands such as Tropicana, Dannon, Krispy Kreme, Jolly Rancher, Orville Redenbacher's, Swiss Miss, Peter Pan, Martha White, Playtex, La Choy, Samsonite and Avis Car Rental.[2]

The Beatrice Creamery Company[4][5] was founded in 1894 by George Everett Haskell and William W. Bosworth, by leasing the factory of a bankrupt firm of the same name located in Beatrice, Nebraska. At the time, they purchased butter, milk, and eggs from local farmers and graded them for resale. They promptly began separating the butter themselves at their plant, making their own butter on site and packaging and distributing it under their own label. They devised special protective packages and distributed them to grocery stores and restaurants in their own wagons and through jobbers. To overcome the shortage of cream, the partners established skimming stations to which farmers delivered their milk to have the cream, used to make butter, separated from the milk. This led to the introduction of their unique credit program of providing farmers with cream separators so they could separate the milk on the farm and retain the skim milk for animal food. This enabled farmers to pay for the separators from the proceeds of their sales of cream. The program worked so well, the company sold more than 50,000 separators in Nebraska from 1895 to 1905. On March 1, 1905, the company was incorporated as the Beatrice Creamery Company of Iowa, with capital of $3,000,000. By the early 20th century, they were shipping dairy products across the United States, and by 1910 they operated nine creameries and three ice cream plants across the Great Plains.

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In 1913 the company moved to Chicago, the center of the American food processing industry. By the 1930s, it was a major dairy company, producing some 30 million US gallons (110,000,000 L) of milk and 10 million US gallons (38,000,000 L) of ice cream annually. In 1939, Beatrice Creamery Company purchased Blue Valley Creamery Company, the other Chicago-based dairy centralizer. This acquisition added at least 11 creameries from New York to South Dakota. Beatrice's 'Meadow Gold' brand was a household name in much of America by the beginning of World War II. In 1946, it changed its name to Beatrice Foods Co.[6] Their sales doubled between 1945 and 1955, as the post-war baby boom created greater demand for milk products.

From the late 1950s until the early 1970s, the company expanded into Canada and purchased a number of other food firms, leveraging its distribution network to profit from a more diverse array of food and consumer products. It became the owner of brands such as Avis Car Rental, Playtex, Shedd's, Tropicana, John Sexton & Co, Good & Plenty, and many others. Annual sales in 1984 were roughly $12 billion.

In 1968, Sexton Foods was approached by Beatrice with an offer to purchase John Sexton & Co. Beatrice was attracted to Sexton Quality Foods' distribution network, quality, variety of private-label products, specialized food offerings, sales force and profitability. Mack Sexton's initial response was no, but Beatrice Foods was very interested. Eventually both parties reached an agreement. Beatrice Foods increased the purchase price, pledged capital to expand Sexton Quality Foods' distribution network and introduce a new Sexton frozen product line, and pledged that the Sexton leadership would continue to lead and operate the company as a separate entity. On December 20, 1968, Beatrice acquired the business and assets of John Sexton & Co., exchanging about 375,000 shares of Beatrice's preferred convertible preference stock valued at $37,500,000. John Sexton & Co. became an independent division of Beatrice Foods, led by Mack Sexton (son of Franklin), William Egan (son of Helen), and William Sexton (son of Sherman). Mack became a vice president of Beatrice and a Beatrice board member. John Sexton & Co. put Beatrice Foods into the wholesale grocery business and Beatrice put John Sexton & Co. into the frozen foods business.[7] Beatrice's and the Sexton's leadership were interested in maximizing the investment in John Sexton & Co. by growing the company.[citation needed]

Wallace Rasmussen was the chairman and CEO of Beatrice Foods from 1976 until 1980, retiring after 47 years with the company.[8] During his tenure, Beatrice added several high-value acquisitions to its portfolio, most notably Tropicana Products, Inc.[8]

In June 1984, Beatrice acquired Esmark. The Esmark acquisition was part of the company's strategy to focus Beatrice's assets in food and consumer products businesses. In addition to the Swift & Co. and Hunt-Wesson food brands, companies owned by Esmark included Avis Rent a Car,[3] Playtex, Jensen Electronics, and STP. Because of Esmark's national brands, direct sales force, distribution network and research and development capabilities, its acquisition was expected to accelerate the attainment of Beatrice's marketing goals. The company also sought a higher public profile, adding their name to the end of their brands' television commercials, and sponsoring the Newman-Haas IndyCar and Haas Lola Formula One racing teams.[10] Many analysts believe the Esmark acquisition, which was pushed by then Chairman, Chief Executive Officer and President James L. Dutt, put too much of a debt load on Beatrice, which hurt Beatrice's credit rating and therefore deflated the value of Beatrice stock.

Brands like Samsonite, Culligan, Stiffel Lamps, del mar window coverings, Louver Drape window coverings, Aristokraft kitchen cabinets, Day-Timer planner, Waterloo Industries tool boxes, Aunt Nellies and Martha White were merged into a new entity called E-II Holdings, which was later purchased by American Brands for 1.14 billion. E-II was created in June, 1987, as an umbrella company for several non-food and specialty food businesses of Beatrice. Meshulam Riklis bought E-II from American Brands in 1988; American Brands bought back Aristokraft, Day-Timer, Waterloo, Twentieth Century and Vogel Peterson.[15]

All of the international operations were folded into a new entity called Beatrice International Holdings in 1987, which was later purchased that year through junk bond financing for $985 million by Reginald Lewis, a corporate attorney, creating TLC Beatrice International. TLC Beatrice International became the largest business in America owned by an African American and the first company to reach a billion dollars in sales, with a black man at its head. TLC Beatrice sold the Canadian operations; Beatrice Foods Canada, Ltd., in 1990 to Onyx and then Beatrice Foods later ended up in the hands of Parmalat in 1997.

In the 1980s, the firm operated in South Africa during apartheid.[17] As a private company, the campaign of divestment could not lower its stock price and thus had no impact on its business activities.[17]

In 1997 Beatrice Foods Canada was acquired by Parmalat. At first, Parmalat dropped the Beatrice name from the company's products, but reinstated it in late 2005, while the Italian parent company was being investigated.[19]

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Therefore, the court reasoned the taxpayer could not claim the exemption from sales tax created by Regulation 1595(b)(4) for a transfer to a commencing partnership "solely" for an interest in the partnership. Macrodyne, supra, 192 Cal. App. 3d 579, was distinguished on the ground that the transfer of assets in that case was to an existing partnership and the court there had not [6 Cal. 4th 782] sought to construe that regulation. With respect to the consideration issue, the court stated: "Macrodyne concluded the parent company received no consideration for it was, in effect, transferring the liabilities from one pocket to another. In Cal-Metal, and our case, the transfer is to a third pair of pants worn by a third person and thus lightens the load of the pockets of both Industrial and Huntmix. This is so even if the third parties' pockets fail to hold the debts (by failing to pay them) and the debts are effectively returned to the solid pockets of the partners. The partners would have received a consideration, a benefit, at the time of transfer of title though ultimately the consideration failed of value. The benefit received was that [the partnership] became the primary obligor on the liabilities at the time of the transfer of title; hence the tax applied." (Industrial Asphalt, Inc. v. State Bd. of Equalization, supra, 5 Cal. App. 4th 1237, 1240. [Industrial Asphalt].)

Defended cases in both state and federal courts, on behalf of a Fortune 50 pharmaceutical company involving the company's premier biological product against a competitor for purported breach of a critical supply agreement and for patent infringement, favorably settling before trial.

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In this episode of the Behind Her Empire podcast, Dixon talks about starting her plant-based feminine care company, scaling the business from her kitchen to mass production, advice she has about getting your product into retail outlets, candid thoughts around fundraising and more.

Throughout his acquisition sprees, Bill Karnes did not take on debt, paying stock for the companies he bought whenever possible. Those sellers who kept their stock were amply rewarded over the years. Only when he began to buy overseas companies which would not accept American stock did he begin to allow the company to take on a modest amount of debt.

Beatrice also continued to expand its frozen and cold storage warehousing and distribution operations. At the peak, the company had over one-hundred-and-fifty million cubic feet of cold storage space around the United States. be457b7860