Quote, unquote: just-food's week in words
PepsiCo chairman and CEO Indra Nooyi
The US grabbed the industry headlines this week, with PepsiCo at last outlining its plans to drive growth at the business, although the measures it has lined up has led to more questions from Wall Street analysts. And the uncertainty around the sale of global snacks brand Pringles has intensified after prospective buyer Diamond Foods decided to appoint a new CEO and CFO after it found improper accounting at the company.
"Snacks and beverages works very well together across the world and the synergies that we get from offering them together are so high that the disruption would be enormous" - PepsiCo chairman and CEO Indra Nooyi says the US food and beverage giant will not look to split in two as she outlines new measures the company believes will drive growth.
"The board takes the company's control and the integrity of its financial statements very seriously, and we are moving aggressively to implement corrective measures, including changes to the company's leadership" - Diamond Foods chairman Robert Zollars on the US snack maker's decision to appoint a new CEO and CFO after improper accounting was uncovered at the company.
"The information released by Diamond Foods is very disappointing. Pringles remains a valuable asset and it has attracted considerable interest from other outside parties" - Procter & Gamble reacts to the news of improper accounting at Diamond Foods, which had planned to buy the consumer goods giant's Pringles brand in a deal that has yet to be finalised.
"We expect further opportunities as the industry continues to consolidate" - Flowers Foods chairman and CEO George Deese says the US baker, which acquired Tasty Baking Co. last year, could make more deals in 2012.
"We see the food industry moderating, the acquisition environment improving, and financing staying open and available. This combination should allow us to find the right additions to our TreeHouse family of products during this new year" - TreeHouse Foods chairman, president and CEO Sam Reed also thinks the US own-label firm will be able to add to its business this year.
"There will be consolidation across the board as businesses look to cut costs, especially as the retailers look to pass on the cuts they are making as they battle for market share" - Trefor Griffiths, corporate finance director at UK-based financial services firm Grant Thornton, argues competition between retailers will drive more mergers and acquisitions in the sector over the next 12 months.
"We have the opportunity to address an issue many feel is too complicated or too hard to tackle and to demonstrate that it doesn't have to be" - Leslie Dach, executive vice president of corporate affairs at Wal-Mart Stores, after the retail giant said it would put a healthy-eating logo on some of its own-label lines.
"Maybe 2012 will be a year in which we start to see how multichannel might challenge the current supply economics of big box grocery stores" - in his latest column, SymphonyIRI vice president Rod Street says suppliers and retailers should set a strategy for a "new, multichannel world of food shopping".
"These changes will allow us to better connect with customers and put more authority in the hands of people who interact more closely with our customers" - Supervalu Inc chairman and CEO Craig Herkert explains why the US retailer has cut 800 jobs.
"We have an immediate opportunity to increase efficiency and capacity utilisation in our value-added poultry business, which this consolidation will achieve" - Maple Leaf Foods president and CEO Michael McCain outlines why the Canadian food group has closed a production plant.
Major food multinationals last week reported their first-half results. Unilever saw food volumes fall, PepsiCo insisted it had "momentum" in Europe, Hershey believed US candy had reached a new growth ...
A number of food multinationals last week reported first-half results. Highlights among them were Hershey's belief the US confectionery sector was at a new, elevated level of growth, while Mead Johnso...
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