SPAIN: Grupo SOS to focus on "value-added" biscuits
Grupo SOS, the Spanish food group, is looking to launch a range of "value-added" biscuit products domestically this year.
The company, Spain's second-largest quoted food maker, said it would look to innovation to help it stave off rising input costs.
"In 2008, Grupo SOS will keep its investment strategy in research, development and innovation in order to keep on launching new products," the company told just-food today (6 March). "We'll focus on value-added products, which will allow us to face the rising raw material prices."
The company, which makes the Cuétara brand, said it would look to add to its range of "functional" biscuits, which already includes Cuétara - F Plus, a whole-grain biscuit with eight vitamins and calcium.
Biscuits accounts for almost 10% of global sales at Grupo SOS and over a fifth of profits. The company has been touted as a potential buyer of the Spanish biscuit brands put up for sale by Kraft Foods although it remained coy over any interest in the products.
"Grupo SOS is quoted on the stock exchange in Madrid, so any information concerning acquisitions must be communicated first to the [stock exchange regulator] CNMV. That's why we can neither confirm nor disprove this information," the company said.
Other parts of the Grupo SOS business helped drive profits in 2007. A jump in olive oil exports saw the company double its net profit last year to EUR26.1m (US$39.7m).
The rise in profits came despite a dip in turnover, which fell 4.5% to EUR1.4bn.
Companies: SOS Corporacion Alimentaria
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