The UK’s austerity budget was always likely to dominate headlines and the food sector was no different. Outside of the economic sphere there was plenty of news from the UK’s retail trade, particularly overseas. Further afield there was trouble for the US’s Ralcorp. Here are this week’s top stories.
UK: Leahy warns VAT rise will hit consumer spending
The chief executive of UK retail giant Tesco has warned that the rise in business VAT to 20% from January 2011 will hit consumer spending.
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US: Ralcorp to buy American Italian Pasta Co. for US$1.2bn
US food group Ralcorp Holdings is to buy pasta supplier American Italian Pasta Co. in a deal worth US$1.2bn.
US/CHINA: Heinz to buy soy-sauce firm Foodstar
Heinz is to enter the soy sauce business in China through the acquisition of local firm Foodstar from private-equity fund Transpac Industrial Holdings.
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UK: Rabobank predicts slow ease in global dairy prices
High dairy commodity prices are likely to ease, but not rapidly, according to the latest report by Rabobank.
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By GlobalDataUK: Marks & Spencer will benefit from budget – analyst
UK retailer Marks & Spencer is in a more advantageous position to other retailers in light of the emergency budget, according to analysts.
UPDATE: Asda insists it can “do better” as market share dips
UK retailer Asda said it is “stone-cold certain” that it can do better after Kantar Worldpanel data revealed the group’s market share has dropped to a level not seen since November 2008.
UK: Waitrose to acquire five shops in the Channel Islands
UK upmarket retailer Waitrose is to expand into the Channel Islands with the acquisition of five supermarkets.
UPDATE: UK: NICE “out of touch” on food industry progress, says FDF
The UK’s Food and Drink Federation (FDF) today (22 June) rounded on public health watchdog NICE after the NHS body called for manufacturers to work harder to make the food they sell healthier.
UPDATE: US: Ralcorp defends American Italian Pasta takeover
Ralcorp Holdings’ senior directors today (21 June) defended the US food group’s plan to buy pasta supplier American Italian Pasta Co. amid questions over how it could grow the business.
