The dairy industry has certainly grabbed the headlines this week with Dairy Farmers of Britain falling into administration on Thursday (4 June) after moves to revamp the business failed to stem losses. Across the English Channel, however, and there was victory for dairy farmers as a deal was reached in the dispute over milk prices. Meanwhile, in Jordan, PepsiCo-Almarai scooped a 75% stake in dairy producer Teeba. Back in the UK, cake maker Finsbury Food Group saw its shares jump after reports of a takeover bid and Morrisons posted robust sales figures. These are the top ten stories on just-food this week.
UK: Receivers called in at Dairy Farmers of Britain
UK dairy co-operative Dairy Farmers of Britain has fallen into administration, receivers at PricewaterhouseCoopers have confirmed. PwC was called after the co-operative’s moves to revamp the business failed to stem losses. The move leaves the future of the co-operative’s 2,200 staff and 1,800 farmer members up in the air.
FRANCE: Deal reached in milk prices dispute
An agreement on prices has been reached between French milk producers and dairy firms, based on an annual average price of EUR280 (US$396.29) per 1,000 litres.
UK: Finsbury shares jump over bid “approach”
Shares in UK cake maker Finsbury Food Group shot up this morning (1 June) after the company revealed it had been sounded out about a takeover of the business.
UK: Cadbury’s bid for Chewits maker fails
Cadbury confirmed today (1 June) that its offer to acquire Chewits manufacturer Leaf International was rejected by the group’s private equity owners.
UK: Morrisons motors on with Q1 sales rise
Shares in Morrisons, the UK’s fourth-largest grocer, rose this morning (4 June) after the retailer once again posted robust quarterly sales figures.
JORDAN: PepsiCo-Almarai JV acquires dairy
International Dairy and Juice Limited (IDJ), PepsiCo’s venture with Saudi-based dairy company Almarai, has bought a 75% stake in Jordanian dairy producer Teeba.
CANADA: Clearly Canadian suspends financial filings
Clearly Canadian, the beverage and baby food group, has temporarily suspended filing its annual and quarterly financial statements.
SWITZ: Aryzta posts decline in revenue
Switzerland-based frozen baked goods giant ARYZTA has posted a decline in revenues for the nine months ended 25 April.
UK: Foodvest now Findus Group; gets new CEO
The company behind the Findus and Young’s brands in the UK ushered in a new chief executive today (1 June) with the arrival of ex-Numico baby food boss Chris Britton.