Del Monte May Sell StarKist
Del Monte Foods on Friday announced it is exploring alternatives for its StarKist tuna business, including a possible sale. No other details were provided.
The company reported that StarKist has weighed on its profits lately as the cost of skipjack tuna has risen. The company has increased prices to try to offset rising costs.
Del Monte acquired StarKist from H.J. Heinz Co. in 2002 as part of a deal that brought in several businesses.
According to Fitch Ratings, Del Monte's ratings have been unaffected since the announcement. Shares were flat at $9.63 on Friday on the New York Stock Exchange.