Quote, unquote: just-food's week in words
Korea is a growing, lucrative market for US organic products, US agriculture secratary Tom Vilsack says
This week, Treehouse Foods announced a deal to buy US private-label peer Flagstone Foods. In other M&A news in the US, Tyson Foods and Hillshire Brands finalised an agreement over a takeover of the Jimmy Dean meats manufacturer. Chinese firm Huaxia Dairy and ethnic foods supplier Shazans both announced expansion following investments in the companies. Elsewhere, Burton's Biscuit Co. was in hot water with union officials after announcing 64 jobs were to go at its Edinburgh site. Here is the week in quotes
"One of our early-on analyses will be on not only bars but other products adjacencies that will lend themselves to being incorporated into this entity either through organic development or M&A" - Treehouse Foods chairman, president and CEO Sam Reed believes the acquisition of Flagstone Foods could be a platform for further deals in healthy snacks.
"We know that this is the right thing to do. Not only does it benefit our employees but also the communities they live and work in" - Fiona Kendrick, chairman and CEO of Nestle's operations in the UK and Ireland, says the company is proud to be the "first mainstream manufacturer" in the UK to ensure all its employees are paid the so-called living wage.
"I am confident that together Tyson Foods and Hillshire Brands have the right products and the right people to create years of enhanced shareholder value and ensure more choices for our customers and consumers" - Donnie Smith, Tyson Foods' president and CEO, after the US meat giant and takeover target Hillshire Brands finalised a deal worth US$8.55bn.
"At all times Coles believed it had a legitimate basis for seeking the payment of a rebate" - Australian supermarket chain Coles rejects claims it abused its relationship with suppliers through a programme requiring the payment of rebates.
"Ideally a partner/investor/buyer will provide for greater efficiencies, a wider array of product, and increased market share. While that would seem to be someone already in the snack business, there are a lot of vertical integration plays that make sense as well, so again, we are not crossing anything off the list at this point" - US organic food maker Prime Choice Foods files for bankruptcy protection and starts the hunt for a buyer, investor, or partner.
"As a long-term value investor, we are confident in the growth prospects of the company and we look forward to working with Charles Shao, the management team, Olympus Capital Asia and the other shareholders to continue to drive the company's success in this fast-growing sector" - Chin Kiong Goh, senior vice president at GIC Special Investments comments on the investment made by GIC and two other Asian investors to help Chinese Huaxia Dairy Farm expand.
"Korea is a growing, lucrative market for US organic products, and this arrangement increases demand for American organic products," - US Secretary of Agriculture Tom Vilsack comments on the news that the US and South Korea have struck a deal that will allow products certified as organic in either country to be sold as such in both markets.
"These are very exciting times for Muslim consumers in the UK, with the development of great tasting, new and innovative halal food" - Managing director of Shazans, Nadeem Ayyub, announces an investment deal with Scottish halal supplier One Stop Halal which will allow Shazans to break into the chilled food sector.
"Snyder's-Lance has increased its operating margin run rate by 140 basis points over the past 24 months and is moving quickly to attack these stranded costs while working to further expand margins" - Jobs are set to go at US snack group Snyder's-Lance as the firm adapts its operations after the disposal of its private label business.
"We will not allow this company to throw our members out of work as some kind of negotiating ploy in this industrial dispute" - A GMB union spokesperson vows to resist 64 job losses at Burton's Biscuit Co., which the union believes are not "genuine redundancies" but instead a reaction to a planned industrial action ballot on pay.
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