Blog: Half time at CAGNY
Dean Best | 24 February 2011
After two days of the CAGNY investment conference in Florida, the bulk of the US food manufacturers scheduled to appear at the event have presented their businesses, recent developments and plans to investors.
General Mills has said it expects its top-line growth from its cereal and international operations to lead to gains at the bottom line over the next five years.
Kellogg, a fierce rival of General Mills in the cereal sector, insisted its performance this year would improve markedly after a "difficult" 2010, when its cereal sales in the US and key overseas markets like the UK, suffered. New CEO John Bryant also revealed to CAGNY that Kellogg had raised its long-term target for sales growth.
ConAgra Foods, meanwhile, had less positive news on its sales targets, cutting its long-term growth forecast to "reflect the realities of the current marketplace". Gary Rodkin, ConAgra's CEO, said he "did not like" the change but said the new target was "realistic".
And the likes of JM Smucker and Hershey indicated - more forcefully in the case of Hershey - that they wanted to expand outside the US, in the world's emerging markets. Smucker is studying plans to enter China, one senior executive told CAGNY, while Hershey wants to continue to drive its business outside the US - and announced the target of making US$1bn in sales internationally by 2015.
More companies present at CAGNY today and tomorrow - including Heinz, PepsiCo and Mead Johnson - and we will bring you the latest.
Danone completed its US$12.5bn acquisition of WhiteWave Foods this week. The move will roughly double Danone's presence in North America, where WhiteWave is a top four dairy player. ...
Premier Foods plc revealed today (28 March) it has secured a deal with its pension scheme trustees that will see the UK food maker reduce its pension burden....
Hain Celestial, under the scrutiny of the investment community in recent months and facing some challenges in its domestic market, has announced another shuffling of its management pack....
FrieslandCampina, which today served up higher profits but lower sales for 2016, is ready to offload the last non-dairy business owned by the Dutch cooperative giant....
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- Nestle Q1 update: four things to learn
- Column: Why snacking is the new meal
- Interview: KP Snacks on growth strategy
- Tyson shops Sara Lee bakery, Kettle and Van's
- Nestle to cut UK confectionery jobs
- PepsiCo affirms full-year target as Q1 hits mark
- Tyson to buy burger-to-entree firm AdvancePierre
- TreeHouse Foods sells soup, baby food units