Blog: Emerging market ambitions prompted Barry Callebaut to look to PepsiCo, Chiquita execs
Dean Best | 9 April 2013
Alongside Barry Callebaut's half-year results came news the B2B chocolate giant wants a current PepsiCo executive and the former boss of Chiquita Brands International as company directors.
The Swiss group has put forward Timothy Minges, chairman of PepsiCo's business in Greater China, and Fernando Aguiree, the ex-chairman and CEO of Chiquita, for seats on its board.
Barry Callebaut's board will hold an extraordinary general meeting later this month for shareholders to vote on plans for the company to issue shares to part-fund the acquisition of Petra Foods' cocoa ingredients business - and the nominations of Minges and Aguirre will also be voted on.
A desire to boost its presence in Asia was behind Barry Callebaut's move to buy the Petra assets and, speaking to just-food yesterday, the company indicated its wish to expand in emerging markets was a key reason for asking Minges and Aguirre to join the board.
"Both of them are specifically strong in emerging markets - one in South America and one in Asia. That was a strong priority we gave to the search," Barry Callebaut CEO Juergen Steinemann said.
CFO Victor Balli added Minges had spent the bulk of his career in China and Asia. Balli also put forward another factor in Aguirre's nomination. "He has a lot of know-how in sustainability and Fairtrade as you can imagine."
The Petra deal, which set to be finalised this summer, has faced questions in recent weeks after the Singapore group booked a fall in annual profits. However, Barry Callebaut's management has defended the planned acquisition and insisted the Petra assets - with their presence in emerging markets - are an "excellent strategic fit".
Singapore-based agribusiness giant Wilmar International is to publish more information on how it sources its palm oil, a move welcomed by environmentalists....
Just two weeks into 2015 and competition among UK grocers is heating up further. Will suppliers be caught in the crossfire? Corporate restructuring firm Begbies Traynor thinks so....
Boulder Brands is expanding its Udi's brand in the foodservice channel through a tie-up that will bring two varieties of gluten-free pizza to Pizza Hut outlets throughout the US....
- Unilever must "speed" response to consumer trends
- What the analysts say: Unilever's mixed 2014
- Premier Foods CEO expects UK supermarket rebound
- Briefing: The risks and rewards of e-tail in China
- Why US diet guidelines should consider environment
- Unilever revenues disappoint as food sales fall
- Findus: "No sale process underway" in UK
- Lifeway Foods CEO denies sale talks
- Hovis CFO Michael Kennedy exits
- Weston Foods acquires Creative Occasions
- 10 Key Trends in Food, Health and Nutrition 2015
- The Sugar Backlash and its Effects on Global Consumer Markets
- The Future of Retailing in the UK to 2017
- Global Consumer Trend Framework: Understanding Attitudes and Behaviors that Influence Global Consumption Habits
- Meat Substitutes Market - Global Trends, Forecasts up to 2019