Ocean Spray Decides Against Sale

Ocean Spray Cranberries Inc. said it is not putting itself up for sale or pursuing a merger, two months after it hired a financial advisor to explore its options. The Lakeville, Mass.-based cooperative of cranberry and grapefruit growers will pursue “substantive” changes to the company, including selling or closing some businesses or product lines and changing the board’s structure, said spokesman Chris Phillips. Profit at Ocean Spray has been hurt by competition from PepsiCo Inc., which last year acquired Tropicana Products, and by a glut in the cranberry market that has cut prices. The company said that new marketing initiatives and new products have improved sales in the last five months. Ocean Spray is still looking to hire a chief executive to replace Thomas Bullock, who is retiring, Phillips said.