Tesco’s full-year results proved disappointing, as expected, and CEO Bill Stritz has said online retailing has played a huge part. Elsewhere first quarter results were out and Co-op saw heavy losses. It has now decided to get rid of some of the Somerfield stores and focus on its convenience offering. There were developments on the Michael Foods acquisition with Post Holdings announcing it had taken over the firm in a US$2.45bn deal. Other acquisitions this week included Daelman’s purchase of UK firm Fabulous Bakin’ Boys and PE firm Abraaj’s acquisition of North African confectioner Kool Foods.
“The Somerfield acquisition brought with it a lot of larger stores that don’t work so well. 60% of the Somerfield acquisition will be divested” – Interim boss at Co-op, Richard Pennycook on the group’s shift towards its convenience offering.
“And then there is the impact of the internet effecting bricks and mortar retailing, online retailing is huge in the UK” – Tesco CEO Phillip Clarke on the negative effect online grocery retailing has had on the performance of physical stores.
“This acquisition is exactly what we look for in an investment” – Post Holdings CEO Bill Stiritz announces the acquisition of Michael Foods in a US$2.45bn deal.
By building out Kool Food’s current product offering with attractive new products and extending its pan-regional distribution, Abraaj will catalyse the company’s growth into one of the leading chocolate confectionery players in the region” – Tarek Kabil, partner at PE firm Abraaj Group comments on its latest acquisition of confectionery firm Kool Food.
“The diversification into snack foods is also significant in that it widens the plant’s portfolio and positions it to bid for further new product opportunities developing from Kerry Group’s longstanding focus on convenience and snack foods for key markets abroad” – Camillus Fitzpatrick, Golden Cow’s finance manager on its GBP2.5m expansion which will see 23 new jobs created.
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“Leading the sale of a 53% equity stake of Massmart to Walmart was a unique privilege and the integration process that followed was a satisfying, albeit demanding, experience” – Massmart CEO Grant Pattison reflects on his time with the company after announcing his resignation.
“We are going to expand our hypermarkets in Malaysia. We already have a regional office there” – UAE retailer LuLu Hypermarket outlines its international expansion plans.
“Fabulous Bakin’ Boys has great potential and will benefit from the investment and re-invigoration that an established bakery company such as Daelmans Group can provide” – Thijmen Peter de With, general manager of Daelmans Group on the Dutch firm’s acquisition of the Fabulous Bakin’ Boys group.
“Wal-Mart is committed to India and we are excited about our growth plans” – CEO Scott Price says the cash-and-carry format has proved successful for Wal-Mart and confirms plans to press forward with India expansion.
“Despite the sharp increase in client investments, market shares of Unilever France have heavily eroded in some markets” – Unilever prepares for a shake-up and 97 jobs are set to go at the French HQ.