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The move comes after trade talks with Washington broke down and the US went ahead with a 50% tariff on Canadian goods.
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The sale of the Australia-based dairy business has been approved by China’s Mengniu Dairy.
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For Applied Nutrition’s 2027 fiscal year, revenue and adjusted EBITDA are forecast to be above current consensus but higher whey protein costs are expected to hit margins.
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Smith takes over from Soren Bjorn in the new role, with immediate effect.
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The Chicago-based group said the deal “strengthens its position” in the cookie and baked bar categories.
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The Switzerland-based food-and-drinks group was already forecasting a decline in sales – its forecast has worsened.
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Ukraine’s Foreign Minister said the US snacks giant’s factory in the north-east of the country had been damaged.
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The company said LaBan Foods makes “butter specialities”, which it added include spiced pastes and garlic butters.
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