News

PITTSBURGH — Berkshire Hathaway and an investment fund affiliated with 3G Capital have completed their acquisition of H.J. Heinz Company. 

Heinz shareholders will receive $72.50 in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes. As a result of the completion of the merger, the common stock of Heinz will no longer be listed for trading on the New York Stock Exchange and Heinz expects no further trading after the close of business on June 7.

ORANGEBURG, N.Y. — OSL Holdings, a developer of technology platforms that enable real-time sales and trend information exchange between brands and retailers, has launched its Equality Rewards Mobile platform, iPhone app and mobile website. 

The Equality Rewards iPhone app is downloadable free through the Apple App Store or you can sign-up through your smartphone.

ST. PAUL, Minn. — CHS Inc., an energy grains and foods company and the nation's leading farmer-owned cooperative, has promoted Roger Baker to VP and GM of CHS Europe. The company also announced that SVP and CEO of CHS Europe Claudio Scarrozza plans to retire. 

FOSTER CITY, Calif. — Visa has signed agreements with three leading mobile point-of-sale providers to enable merchants of all sizes to accept Visa payments using mobile technology. Early adopters include iZettle, SumUp and SCCP Group’s Swiff — all of whom will have their mobile acceptance hardware and software tested and approved for use with Visa payments.

The world’s largest company held its annual shareholders meeting Friday morning and the most noteworthy development at the event — aside from a $15 billion share repurchase authorization — was a surprise appearance and glowing comments by Hollywood heavyweight Tom Cruise.

Chicago -- For pure play premium pet food and accessories retailer PetFlow, online marketing is a crucial component of its business. Initially, PetFlow used Google AdWords to direct consumers searching for specific pet products to its site. However, as PetFlow co-founder Alex Zhardanovsky told the audience during a morning keynote session at the Internet Retailer Conference in Chicago, initial efforts by the retailer to expand its online marketing activities to Facebook did not work so well.

As fans of the late ’90s Ben Affleck-Matt Damon film “Good Will Hunting” know, Cambridge, Mass., is often viewed as the province of what are locally referred to as “smaht kids.” I was privileged to be surrounded by “smaht kids” (or their grown-up equivalent) during the recent MIT Sloan CIO Symposium, which was held at Kresge Auditorium on the MIT campus in Cambridge. While there, I got to listen to their insights on how the evolution of IT and business is dramatically changing the role of the CIO.

By Wade Savoy, [email protected]

New York -- Ann Inc., which runs the Ann Taylor and Loft,  reported that its fiscal first-quarter net income dropped 27%, as unseasonably cold weather held back sales of spring and summer clothing and led to discounts. The retailer also cut its revenue outlook for the year.

The Woodlands, Texas -- Conn's Inc.’s net income nearly doubled in its first-quarter, with strong sales of furniture and mattresses and some higher prices. The company lifted its fiscal 2014 adjusted earnings forecast.

Conn's earned a better-than-expected $22.2 million for the quarter ended April 30, up from $11.6 million a year ago.

Revenue jumped 25% to $251.1 million. Same-store sales rose 16.5%.