US: Diamond to close Indiana factory

By Katy Askew | 29 October 2012

Diamond to shutter factory

Diamond to shutter factory

Diamond Foods has signalled its intention to close its Fishers factory in Indiana, with the loss of around 100 jobs.

The company said the closure is a result of its decision to "eliminate less differentiated items" in the Emerald product line. Discontinued items include peanuts and the Harmony brand. Upon completion of the closure, all of Diamond's Emerald products will be manufactured in Stockton, California.

The group added it will offer its full-time Fishers employees a separation package, including severance pay, benefits and outplacement support. 

The plant closure is expected to be completed by the end of January 2013.

Diamond Foods has faced a swathe of difficulties after it emerged last year that it had misstated the price it paid to walnut growers, including the exit of its CEO and CFO and the threat of delisting from the Nasdaq.

As a result, the company is in the process of restating its financial statements for fiscal 2010 and 2011. The Nasdaq has set Diamond a deadline of 7 December to file its reports and until 14 January to hold its annual shareholder meeting.

"We are nearing the point of completion and look forward to being in a position to file our restated results," interim CFO Mike Murphy said.

Sectors: Financials, Snacks

Companies: Diamond Foods

View next/previous articles

Currently reading -

US: Diamond to close Indiana factory

There are currently no comments on this article

Be the first to comment on this article

Related research

Savory Snacks in the United States

Savory Snacks in the United States industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2007-2011, and forecast to 2016). The profile also contains descriptions of ...

Functional Foods and Drinks

This report analyzes the worldwide markets for Functional Foods and Drinks in US$ Million by the following Product Segments: Cereals and Grains, Beverages, Dairy Products, Snacks, and Other Functional Foods....

Microwavable Foods

This report analyzes the worldwide markets for Microwavable Foods in US$ Million by the following Product Segments: Chilled Microwavable Foods, Frozen Microwavable Foods, and Shelf Stable Microwavable Foods. The report provides separate comprehensive...

Related articles

Editor's choice: the highlights on just-food last week

Morrisons last week announced firmer plans for an online food service - and the UK retailer could join forces with specialist Ocado. Larger rival Tesco, meanwhile, launched its own price-comparison scheme to lure in customers. Tesco, however, attracted more headlines on horsemeat with another recall. On a separate note, an Irish meat firm was said to know its beef was contaminated a year ago. Dole Food Co., Chiquita and Diamond Foods were among companies announcing results and, on the M&A front, UK firm Burton's Biscuit Co. could soon be up for grabs.

Quote, unquote: just-food's week in words

Food prices - or the prospect of inflation - was a hot topic last week. A vote by the European Parliament to extend sugar quotas to 2020 was criticised, while proposed US changes to country-of-origin labelling were also argued to be set to lead to higher prices. Meanwhile, a drought in Spain is causing concern over global olive oil prices.

On the money: Diamond hails turnaround progress

Diamond Foods has insisted it continues to make good progress on its turnaround plan, despite booking a mixed set of results that saw the top and bottom line remain under continued pressure.

Welcome to the home of food information, insight & intelligence

Not a member? Join here

Decrease font sizeDecrease font sizeDecrease font size Increase font sizeIncrease font sizeIncrease font size Comment on this article Email this to a friend Print this page