Bright Food, the Chinese food group, was full of confidence this week about the prospects for UK cereal firm Weetabix, its first investment in Europe after missing out on companies including United Biscuits and Yoplait. Elsewhere, Orkla explained why its CEO had resigned from the Norwegian consumer goods group, German retailer Metro Group insisted its sales were improving after it reported a quarterly loss and UK peer Morrisons said it would not chase unprofitable volumes despite a fall in like-for-like sales.
“We are excited by the many growth opportunities for the business, especially in international markets, and Asia in particular” – Bright Food chairman Zongnan Wang as the Chinese firm announces its acquisition of 60% of UK cereal firm Weetabix, its first investment in Europe.
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“Orkla is at a crucial stage of a demanding process of transforming the group into a pure branded goods company. The board of directors wishes to be more closely involved in this process” – Stein Erik Hagen, majority shareholder and chairman of the Norwegian conglomerate, after the company, which is looking to focus on the FMCG sector, announced the resignation of its CEO.
“During the past few months we have invested massively into better prices and additional customer services. In many areas, our measures to improve like-for-like sales are already beginning to show the desired effects” – Olaf Koch, chairman of Metro Group’s management board, says sales are improving at the German retail giant, which reported a first-quarter loss this week.
“We are prepared to sit back from this activity rather than pursue small market share gains at any cost. We would rather focus on value in store than customers having to be smart and find a voucher” – Morrisons CEO Dalton Philips said the UK retailer will be careful in how it runs promotions despite reporting a fall in like-for-like sales.
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“This investment in Solae, along with the acquisition of Danisco last year, has significantly added to our leadership position in food ingredients” – DuPont executive VP James Borel on the US chemicals group’s decision to buy out Bunge, its venture in soy food venture Solae.
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