This week, McCormick & Co. announced the appointment of Lawrence Kurzius to the position of CEO. Post Holdings was reportedly eyeing the packaged food arm of Bob Evans Farms. Elsewhere, the CEO and chairman of The Greenery quit amid clashes with the supervisory board. And we published the second part of our interview with Ritter chairman Andreas Ronken. Here is the week in quotes
“I am truly honoured and excited about the opportunity to lead this great company. I’d like to personally thank Alan for his continued service to McCormick and his personal mentorship. The future for McCormick is very promising and I look forward to working with all of our employees around the world” – Lawrence Kurzius takes the reins at McCormick, replacing Alan Wilson as CEO.
Go deeper with GlobalData
“The environment is tough. Raw material prices are going crazy up. Hazelnut prices are at tremendous highs. Even now they have come down a little bit – but only a little bit – they are still three times higher than what else is in chocolate” – Alfred Ritter chairman Andreas Ronken says input costs are limiting the company’s pricing elasticity.
“We have to make the right decisions across the business irrespective of profit. And I want to point to something that Indra’s predecessor said when we formally started our journey and it was ‘the cost of not doing this far outweighs the cost of doing it'” – Dan Bena, PepsiCo’s senior director for sustainable development, outlines why the company is looking to make itself more sustainable.
“We understand that Post has a continuing, strong interest in pursuing a transaction with Bob Evans involving BEF Foods, and has the ability to creatively structure a transaction in a manner that could reduce or eliminate the tax consequences to Bob Evans. Note that Post is a publicly-traded company with a market value in excess of $4.5bn that could use both cash and stock as acquisition currency, as well as one or more underlying business units such as Michael Foods that could serve to facilitate the formation of a joint venture or other such arrangement with BEF Foods” – Activist investor firm, Sandell Asset Management, urges Bob Evans Farms to consider what it claims is a takeover proposition by Post Holdings for its packaged food business.
See Also:
“Building our new production plant in Cuijk is a major step for Danone and Nutricia. It will give us the capacity we need to meet rising demand for our early life nutrition products, and is consistent with our 2020 roadmap calling for strong, profitable and sustainable growth” – Felix Martin Garcia, EVP of Danone’s early life nutrition division, said on the firm opening a new infant formula facility in the Netherlands.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Astral Foods has not made any approach to the board of Sovereign Foods or any other poultry producer with a view to an offer being made and there is no certainty that a transaction may or may not occur. Astral Foods continues to explore numerous strategic alternatives which could include Sovereign Foods” – Astral Foods dismisses rumours it has submitted a bid to acquire a stake in Sovereign Food Investments.
“People’s relationship with food has changed dramatically and consumers now want to know more about their food, such as where it came from and what went into making it. SmartLabel creates a way for consumers to get unprecedented access to information about what is in their food. This is what real food transparency is about” – J.P. Bilbrey, chairman, president and CEO of Hershey, comments on the formal launch of transparency programme SmartLabel.
“In light of these conditions, [Nissin] and Jinmailang Group agree that it is best to develop the business independently, and therefore have decided to terminate the joint venture agreement between the two groups after discussing each other in a friendly manner in regards to future business development” – Nissin severs ties with Chinese noodle maker Jinmailang.
“The management of The Greenery consists of five people. About the current management is no doubt. The current management is involved from the start in the current strategy and supports the execution. The departure of the CEO is a separate matter” – A spokesperson for The Greenery comments on whether it can operate effectively after both the CEO and chairman quit following clashes with the supervisory board.
“This is our strategy in action for Australia where we focus on the areas we can win in a highly competitive market to deliver the best returns. Our Australian business has particular ingredients strengths in cheese, whey and nutritionals, complemented by our strong consumer and foodservice businesses; and today’s announcement with Bellamy’s Australia – one of the fastest growing infant formula companies – reaffirms our strength in nutritionals” – Judith Swales, Fonterra’s managing director for Oceania, comments on the firm’s latest tie-up with Bellamy’s for baby nutritionals production.
