daily briefing

daily briefing

November 26, 2008

McCormick to take noncash charge on brand

Spice maker McCormick & Co. said yesterday that it will take a noncash charge of $28 million to $32 million for the decreased value of its Silvo brand in the fourth quarter. The Sparks-based company said the Silvo business, which sells spices and herbs in the Netherlands, has been hurt by "a reduction in retail distribution driven by changing market conditions." Because of the write-down, the company expects earnings per share of $1.86 to $1.92 in 2008, compared with $1.73 per share last year. Separately, McCormick announced that its quarterly dividend rose 9 percent to 24 cents per share, from 22 cents per share.

Hanah Cho

BDC receives 4 proposals for west-side development

The Baltimore Development Corp. said yesterday that it has received four proposals to redevelop five properties in a portion of the "superblock" urban renewal area on Baltimore's west side. Proposals for sites within a block on the south side of Lexington Street and west of Liberty Street include first-floor shops with apartments above; offices and retail space to house Pioneer Contracting Co.'s city headquarters; a mixed-used development with shops and market-rate apartments in a six-story building and offices; and office space. The BDC expects to issue decisions by January at the earliest.

Lorraine Mirabella

General Growth stock up sharply after sale

General Growth Properties Inc. shares jumped 36 percent to $1.36 after William Ackman's Pershing Square Capital Management LP bought a 20 percent interest. Pershing acquired 20.1 million shares of the Chicago concern for $9.3 million, says a filing with the Securities and Exchange Commission. GGP owns Baltimore-area malls and is Columbia's developer.

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