When you see the brand-new Ocean Spray Cranberries Inc.
float in the Macy's Thanksgiving Day Parade--it's the one with James Taylor warbling from it--let it serve as a handy reminder that there's more than one way to run a business.
Lakeville, Mass.-based Ocean Spray is a co-operative, formed in 1930 by three cranberry growers and led by cranberry lawyer Marcus L. Urann. It has since grown into a billion-dollar operation with over 750 growers in the U.S. and Canada. It has come up with some nifty and wildly popular versions of cranberry juice and food snacks. It has also been the subject of merger speculation. PepsiCo or Coca Cola, thirsty for juice businesses, would probably still love to own it.
They had a shot at the turn of the millennium, but growers voted
against a sale even as low cranberry prices battered the company. Five years ago, Ocean Spray
hired Morgan Stanley to consider offers for the business. But it remained independent after shuffling a number of CEOs.
A BusinessWeek article captures
the firm's corporate strategy, quoting current CEO Randy C. Papadellis: "The beauty of being a co-op is not being judged by quarterly results, but by generations passing on to the next generation." -
Baz Hiralal
See also:
- Butterball turkey deal looks like it is paying off
- Dreaming of stuffing? Some thoughts on Pepperidge Farms and Campbell
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