The clouds hanging over the financial sector and the problems they are creating for the food industry have dominated this week’s headlines. Kraft Foods announced a swathe of job cuts, Uniq issued a profit warning and Bakkavör surrendered its interest in Greencore after the collapse of Iceland’s investment markets. Following the announcement of Sainsbury’s results, just-food took an in-depth look at the impact the credit crunch is having on UK retailers. The current turbulence also means that there has been an increase in M&A activity in the industry as companies look to consolidate their positions and focus on core competencies. Here are the ten most read stories on just-food over the past week.
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US: Kraft “plans to cut hundreds of jobs”
Kraft Foods is preparing to announce “several hundred” job cuts across its North American operations in an effort to cut costs, according to reports.
UK: Uniq issues profit warning
UK-based convenience food group Uniq warned today (8 October) that it expects to make a loss for the second half of the year.
ICELAND: Bakkavör surrenders interest in Greencore
Icelandic food company Bakkavör has relinquished its interest in shares in Irish sandwich maker Greencore.
UK: Sainsbury’s sales accelerate in Q2
Sainsbury’s, the UK’s third-largest grocer, today (8 October) booked a 3.9% rise in like-for-like sales for the first half of its fiscal year after sales accelerated during its second quarter.
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By GlobalDataCrunching the numbers: UK food retail
Despite the GBP50bn (US$88bn) bank rescue package announced this morning (8 October) by the UK government, the crisis in the financial markets is still making its presence felt on the UK high street. While food retailers are better positioned to weather the storm than most, they are still feeling the effects of ever more cautious consumer spending.
UK: Food industry claims success on road miles
The UK’s leading food and consumer goods companies have today (8 October) claimed success in reducing the environmental impact of transporting their goods across the country.
NZ: Cadbury “sells Mother Earth snack brand”
Confectionery giant Cadbury has sold snack food brand Mother Earth in New Zealand, according to local reports.
UK: Price hikes boost Northern sales
Success in pushing through price increases to cover higher costs has led to a rise in half-year sales at Northern Foods, the UK food group.
US: Mars seals Wrigley takeover
The creation of the world’s largest confectionery company is now complete following the closure of Mars’s acquisition of gum giant Wrigley in a deal worth US$23bn
US: Del Monte Foods completes seafood sale
Del Monte Corp., a wholly owned subsidiary of Del Monte Foods, has announced the completion of the sale of its seafood business.
