Fonterra again dominated the headlines as it grappled with the fall-out of the botulism scare. Import bans mounted and a senior executive resigned. Elsewhere, Heinz announced its first cuts since the takeover of the business, Campbell Soup Co. announced talks to sell a clutch of European assets and US group Pinnacle Foods snapped up Unilever’s Wish-Bone dressings business.
NZ: Senior Fonterra exec quits in wake of botulism affair
Gary Romano, the head of Fonterra’s domestic milk products business, resigned from the New Zealand dairy giant in the wake of the contamination scandal that has rocked the world’s largest dairy exporter. Two days later, Fonterra announced it had placed two senior managers on leave as it presses on with its internal review into the affair.
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Comment: Heinz’s new owners make presence felt
Heinz has announced the first significant job cuts since the Warren Buffett / 3G Capital takeover only last year. Given 3G’s track record with previous investments, the news the ketchup and soup company is “streamlining” its business should not be a huge surprise, writes Dean Best.
Comment: European sale shows Campbell focus on faster growth
Campbell Soup Co. has again signalled its renewed focus on businesses more likely to provide the US food giant with more rapid growth with the talks to sell a raft of assets in Europe.
US: Pinnacle eyes sales, profit boost from Wish-Bone buy
US food group Pinnacle Foods has predicted its planned acquisition of Unilever’s Wish-Bone salad dressings business will boost sales and earnings.
KENYA: Wal-Mart’s Massmart coy over link to retailer Naivas
South African retailer Massmart, in which Wal-Mart Stores owns a majority stake, has remained coy over a claim it is looking to buy a majority stake in Kenyan retailer Naivas. On Thursday, Wal-Mart lowered its annual forecasts for sales and profits amid a “challenging” operating environment.
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