News in brief

Posted: November 11, 2017 at 1:39 a.m.
Updated: November 11, 2017 at 1:39 a.m.

Vegetable producer

drops contract case

A Mississippi vegetable grower has dropped its suit against Del Monte Foods Inc., the seller of Sager Creek Vegetable Co., and McCall Farms Inc., the buyer, according to court documents.

In late September, Topashaw Farms Processing LLC of Vardaman, Miss., sued both companies in the U.S. District Court Western District of Arkansas, saying that on the basis of a contract with Del Monte, it was owed $1.19 million, including interest and penalties, for 7,000 tons of produce Del Monte refused to pick up or accept from the grower.

Earlier this month, Topashaw filed documents with the court saying both parties had resolved or otherwise settled the complaint. Jason Klinowski, attorney for Topashaw, said in an email Friday that his clients were pleased with the resolution but could not comment further.

Del Monte said Sept. 20 that it was selling the business of Siloam Springs-based Sager Creek, including its key brands, to McCall Farms. In the transaction, California's Del Monte retained several locations in Arkansas, including the Siloam Springs plant, which closed the day the deal was announced, leaving more than 230 people without jobs. The financial terms of the deal were not released.

-- John Magsam

Tyson will hold call

on earnings Monday

Tyson Foods Inc. will hold its 2017 fourth-quarter earnings call at 8 a.m. Monday.

The live webcast with accompanying slides will be available on Tyson's investor website:

Participants can register online for the conference at any time, up to and including after the call has started. Those without Internet access can listen in by dialing (844) 890-1795.

Tyson shares rose 32 cents to close Friday at $74.14.

-- Nathan Owens

Arkansas Index gains

2.15, ends at 380.44

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 2.15 to 380.44 Friday.

Eleven stocks advanced and seven declined.

PAM Transportation and Windstream rose by at least 7 percent each.

Murphy Oil fell 1.4 percent.

For the week, 11 of the 18 stocks gained ground.

Four stocks rose in double digits for the week, led by Windstream, up 20.2 percent.

Bank of the Ozarks fell 7 percent for the week.

Total volume for the index Friday was 28 million shares. The average daily volume for the week was 25 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 11/11/2017