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The Swiss giant acquired 49% of Germany-based Yfood in 2023.
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CEO Philipp Navratil has emphasised the importance of innovation and marketing to ensure Nestlé is “competitive”.
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The partners have signed agreements to place a “portfolio of complementary operating businesses and brands” into a new jointly owned holding company.
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“As consumers navigate ongoing cost-of-living pressures, we are seeing sustained demand for trusted, great-value, tasty frozen favourites that can be used across a variety of meals,” Nomad chief supply officer Eduardo Bachiega said.
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“Although Libstar had always had an appropriate strategy, one of the key inhibitors to growth was our operating model,” Libstar CEO Charl de Villiers says.
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General Mills said the sale “elevates the company’s focus on its brands and channels that provide the strongest opportunities for profitable growth”.
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The meat group said it was forming a “simpler” organisational structure with fewer management layers.
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Speaking to reporters on Friday, the chief executives of Arla and DMK outlined their vision for the new business, although, in some areas, details were limited.
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