South Africa's challenging poultry market
Cheap imports, drought and a volatile rand have led to tough conditions in South Africa's poultry industry.
RCL Foods is to axe over 1,000 staff as the South African food group battles tough trading conditions in the country's poultry industry.
Quantum Foods, like a number of South African poultry processors, has reported pressure on profits from higher feed costs and volatility in the rand.
Sovereign Food Investments has booked half-year losses of ZAR36m on the back of pressure from feed prices and the cost of defending itself from a hostile takeover bid from fellow South African poultry group Country Bird Holdings.
Country Bird Holdings CEO Marthinus Stander said the South African poultry group would not seek another acquisition target should it decide not to pursue its interest in local rival Sovereign Food Investments.
South African poultry group Astral Foods has booked a slump in annual profits, with higher feed costs having a "major negative impact" on results.
Sovereign Food Investments, the South African poultry group that mounted a legal challenge against a takeover bid from local peer Country Bird Holdings, has said the country's government has ruled the offer contravened regulations.
RCL Foods, the South African food group, has warned the country's poultry industry is in "crisis", with the company admitting it is weighing up "all options" as it looks at its own business in the sector.
- 2017: three major drivers of M&A strategy
- just-food 2017 Survey - your thoughts on growth
- 2017 - what will shape the UK food sector?
- Food market in 2017: need-to-know US trends
- Could BRF's Turkey move pave way for OneFoods IPO?
- Premier Foods issues profit warning
- UK's Bakkavor plays down IPO "speculation"
- Ferrero insists Nutella not pulled from shelves
- Lindt sees FY sales acceleration on Europe growth
- Kellogg names Fareed Khan as incoming CFO