Results continued to pour in last week and we heard from multinationals such as Nestle and Danone. The former offered a positive outlook for future growth in the emerging markets, while Danone lowered its full-year outlook, blaming the recall of infant formula in Asia. Elsewhere, Wal-Mart outlined its strategy for the coming fiscal year, which significantly, will see the closure of under-performing stores in Brazil and China. Here are a selection of quotes from this week’s news and insight on just-food.
“I didn’t feel we had to turn a corner [in emerging markets]. What you see is a slowing down of growth” – Nestle CEO Paul Bulcke suggests the key to growth in the emerging markets was in ensuring a stable performance.
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“The combination of our large and small store formats allow us to strengthen our market share position and give customers convenient access to shop for food and general merchandise, as well as access to our e-commerce offerings” – Wal-Mart CEO Bill Simon says Wal-Mart’s multi-format strategy will allow it to continue to grow US market share.
“There are certainly parts of China, in the south, that have slowed down but the parts we operate in seem to be growing ahead of the market so we have not stopped growing” – Spar International CEO Gordon Campbell suggests he has no concern about a slowdown in growth in emerging markets.
“On the basis of strategic rationale, as manifest in recent M&A activity, we believe that Bridgepoint should be a front-runner to acquire Burton’s” – Stefan Kirk of M&A advisors Glenboden suggests private-equity firm Bridgestone should look at Burton’s Biscuits.
“We believe our proposal is both competitive and financially compelling to WCB shareholders” – Murray Goulburn submits a bid for Warrnambool, the highest received.
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By GlobalData“The Dumex China management team accepts full accountability for these lapses: disciplinary actions will be taken according to the relevant company regulations including appointing new management personnel to deal with relevant issues” – a spokesperson for Danone’s Dumex China business says the firm accepts “full accountability” for a scandal involving bribes paid to hospital staff in return for the promotion of infant formula.
“Giovanni Ferrero, chief executive of the Ferrero Group, categorically denies that the company has received any acquisition proposals from another group within the confectionery sector and confirms that Ferrero is not for sale to anyone” – a spokesperson for Ferrero insists it has not received a takeover approach from Nestle.
“The Government recognises that it needs to address weaknesses in its intelligence gathering and sharing and its understanding of opportunities for fraud throughout the modern food chain” – a Government report into the handling of this year’s horsemeat scandal claims UK regulators lack “mature and effective” arrangements to detect food fraud.
“Cheaper potato imports are seriously threatening the future of the processing industry in Australia, and will place further cost pressures on Australia’s growers” – Louis Wolthers, president of McCain’s operations in Australia, New Zealand and South Africa, on the closure of its Penola plant.
“We very much regret the need to make the proposal to close our Maelor operation. We have a hard-working, loyal and committed workforce there and we are aware of the impact that this news will have on them” – a First Milk spokesperson on the proposed closure of its Maelor cheese packing facility.
