Quote, unquote: just-food's week in words
Trevor Masters, Tesco's boss in Asia, called India "exciting opportunity"
Despite its recent struggles at home and abroad, Tesco this week indicated it had ambitions for growth with its application to run multi-brand outlets in India. Over in China, Hershey sought to further build its business with a deal to buy 80% of local confectioner Shanghai Golden Monkey. And horsemeat returned to the headlines with arrests in France after horses tested on in labs allegedly entered the country's food chain.
"India is one of the most diverse markets in the world. This presents its own challenges but it's also what makes India such an exciting opportunity. We believe combining our global retail expertise and Tata's unrivalled understanding of the Indian market has tremendous potential and we’re excited to be exploring ways to do more together" - Trevor Masters, CEO of Tesco's operations in Asia, sets out why the UK retailer has applied to be the first overseas group to look to run multi-brand outlets in India.
"It is located in our primary international market, China; it is a pure play confectionery and snacks company; and it has distribution into channels where Hershey products have yet to penetrate" - Bert Alfonso, the head of Hershey's international business, explains why the US confectionery giant has struck a deal to buy 80% of Chinese group Shanghai Golden Monkey.
"We sold these horses on the understanding that they would be going straight to the knacker's [yard]" - French pharmaceutical giant Sanofi reacts to claims meat from horses on which it conducted tests entered the country's food chain.
"The period included the highest quarterly input cost inflation we expect to see this fiscal year, and food and beverage industry sales in the US and other developed markets slowed a bit during the quarter. Even so, our bottom-line results through the first half of the year are broadly consistent with our plans" - General Mills chairman and CEO Ken Powell after the US food giant's second-quarter earnings fell below Wall Street forecasts.
"We are pleased that our fiscal second- quarter EPS came in stronger than anticipated. Some of the EPS strength in the fiscal second quarter reflected some volume that we were expecting early in the fiscal third quarter, and we still expect good comparable EPS growth in the second half of fiscal 2014. Challenging industry conditions make us cautious about the near term, and our fiscal 2014 EPS guidance reflects this" - ConAgra Foods CEO Gary Rodkin reflects on the US food group's second quarter and outlook for the rest of its financial year.
"Bega Cheese is pleased its takeover offer for WCB has facilitated the competitive takeover process and created significant value for WCB shareholders" - Australia's, Bega Cheese, one of the three bidders for local processor Warrnambool Cheese and Butter Factory, drops out of the battle to buy the business, leaving Australian co-op Murray Goulburn and Canada's Saputo at the table.
"Hershey's must explain to their consumers how they intend to move beyond the RSPO to completely break their links with forest destruction with a clear action plan and policy on [supporting] no deforestation" - Areeba Hamid, forest campaigner at Greenpeace International, wants Hershey to go further on palm oil.
"In light of world rice prices, fluctuations in foreign exchange rates which impact key subsidiary businesses and operational challenges with the C13 crop, we are predicting net profit after tax for the full year may be up to 15% lower than last year" - SunRice CEO Rob Gordon explains why the Australia-based rice processor issued a profit warning.
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