Increases at Schwan's Consumer Brands
"Retail food prices have increased in the second quarter over the first quarter of 2007 as a result of increased global market demand for agricultural products and energy, as well as increased raw material prices driven by more agricultural acreage going into the production of ethanol. This, along with the continued increase in the cost of healthcare and transportation, has led us to this decision," said Greg Flack, president of Schwan's Global Consumer Brands Inc. "As an industry leader who prides itself on maintaining the quality of our products, we are committed to maintaining our formulations and the size of our products as other companies contemplate the opposite. We have seen consumers vote strongly in favor of our brands and innovation over this past year. This price increase is necessary to allow us to continue to provide the highest of quality to our retailer partners and consumers, and also maintain our innovation momentum."
From the July 30, 2007, Prepared Foods e-Flash