Ocean Spray sells 230,000 gallons in on-line auction
July 22, 2009
by FoodBusinessNews.net Staff
LAKEVILLE MIDDLEBORO, MASS. — Thirty-four buyers took part July 22 in the initial on-line auction of cranberry concentrate ran by Ocean Spray. The company sold a total of 230,00 gallons of its concentrate at a clearing price of $33 per gallon for the first contract delivery period (six months following the auction) and $34 per gallon for the second contract delivery period (the subsequent six months).
"We are pleased with the outcome of this first auction," said Michael Stamatakos, vice-president, agricultural supply and development at Ocean Spray. "We believe the auction is a trusted and reliable method of facilitating commodity sales that will allow Ocean Spray to continue to deliver quality cranberry concentrate through an open and efficient process."
CRA International, a Boston-based consulting firm, developed the on-line trading system and served as the trading manager for the auction process. Bidders were able to track availability and pricing of the concentrate.