Biotech rice claims extended
NEW ORLEANS (AP) -- Rice farmers have nearly a month to file for part of a $750 million settlement to claims they lost money because Bayer CropScience inadvertently allowed genetically modified rice seed onto the market in the United States.
The original deadline was Oct. 10, but Bayer extended it to Nov. 21, attorney Don Downing said Oct. 24. He's one of the lead attorneys in a lawsuit filed by farmers in five states.
Rice farmers say they lost critical export markets and the price of rice dropped after Bayer disclosed in 2006 that an experimental strain of genetically altered rice was found in U.S. food supplies.
Bayer CropScience, an arm of Bayer AG, offered the settlement in July. But it could walk away from the settlement unless there are claims from growers representing 85 percent of the average acres planted from 2006 to 2009.
DuPont reports rise in net income
DOVER, Del. (AP) -- Chemical maker DuPont says strong demand for its agricultural products helped boost third-quarter net income by 23 percent.
E.I. DuPont de Nemours & Co. on Oct. 25 reported net income of $452 million, or 48 cents per share, for the period ended Sept. 30.
That's up from $367 million, or 40 cents per share, for the same period a year ago. In last year's quarter, the expiration of patents in DuPont's pharmaceuticals segment lowered net income by 13 cents per share.
Excluding one-time items, including costs associated with its acquisition of Danish food additives maker Danisco, DuPont reported earnings of 69 cents per share. That topped the average analyst estimate of 56 cents, according to FactSet.
DuPont said growth in its agricultural unit and new food businesses helped offset lower volumes in photovoltaics and specialty polymers. Strong demand for titanium dioxide and pass-through pricing of higher raw material costs helped drive up revenue from performance chemicals up by 28 percent, although volumes dipped 1 percent.
Harry & David picks new CEO
MEDFORD, Oregon (AP) -- Harry & David Holdings Inc., which exited bankruptcy protection last month, has named Craig Johnson, a veteran executive with wide retail experience, as its CEO.
The gift and gourmet food company said that Johnson's appointment took effect on Oct. 25.
Johnson, who previously served as CEO of Musician's Friend, will take over from interim CEO Kay Hong.
Hong, who has served as interim CEO since February and helped lead the company's restructuring, will stay with the company through the end of the year to help with the transition process.
Johnson, who will be based in Medford, most recently served as Guitar Center's chief supply chain officer. Musician's Friend is a Guitar Center subsidiary. He has also held positions at Oriental Trading Co., Golfsmith International Holdings Inc., Coldwater Creek Inc., the Austad Co. and Time Warner Co.'s Music Sound Exchange.