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.
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