Company news in brief

Coca-Cola expands into coffee

Coca-Cola Co has agreed to buy the world’s second largest coffee chain Costa from Britain’s Whitbread Plc for an enterprise value of 3.9 billion pounds (US$5.1 billion), opening a new front in its push away from traditional sodas.

Whitbread said in a statement on Friday that the deal, which will give Coke almost 4 000 coffee outlets in the UK and across Europe, had been agreed unanimously by the Whitbread board as in the best interests of shareholders.

-Nampa/Reuters

Boeing wins US contract

Boeing Co has been awarded a US$805 million contract for design, delivery and support of four unmanned drones based on aircraft carriers that will be used to refuel aircraft for the US Navy, the Pentagon said in a statement on Thursday.

The Navy published a request for proposals in 2017 that sought a drone that could refuel, and extend the combat range, of fighter jets including Boeing F/A-18 Super Hornets, Boeing EA-18G Growlers and Lockheed Martin F-35 fighters.

-Nampa/Reuters

Walmart adds toys and shelf space for holidays

Walmart Stores Inc has significantly increased the selection of toys in its stores and online for the holiday season, a company executive said on Thursday, and is expanding its toy aisles in certain markets, all to lure shoppers after rival seller Toys R Us went out of business earlier this summer.

The world’s largest retailer will also begin its layaway program on Friday, one day earlier than last year, allowing customers to pay off purchases in installments.

The company expects demand for its layaway program to be similar to that of previous years, said Anne Marie Kehoe, vice president of toys, while at an event in New York to reveal the retailer’s top toys for the holidays. Layaway plans can have a sizeable impact on sales and past analyst estimates suggest the program accounted for as much as 15% of holiday revenue at Walmart stores in poorer areas of the United States.

-Nampa/Reuters

Apple to unveil new iPhone models in September

Apple Inc said on Thursday it will host an event on September 12 at the Steve Jobs Theater in the company’s Cupertino, California, campus, where it is widely expected to unveil new iPhone models.

Analysts believe Apple plans to release three new smartphones this year, including one with a larger display than previous models. Analysts also expect Apple to release an iPhone with a edge-to-edge display similar to the iPhone X but using less-costly LCD screen technology.

-Nampa/Reuters

Third Point seeks to tap Campbell Soup board challengers

Activist investor Daniel Loeb’s hedge fund Third Point LLC is speaking to consumer industry executives as it seeks to fill a slate of nominees to challenge Campbell Soup Co’s board of directors, according to people familiar with the matter.

Third Point, which holds a 5.65% stake and has been pushing for a sale of Campbell Soup, is not convinced the company has adequately explored that option, the sources said. On Thursday, Campbell Soup said it planned to sell its international and fresh refrigerated-foods units, and only left open the possibility of putting the whole company up for sale down the line.

-Nampa/Reuters