Pinnacle Foods recalls beef products for possible toxin contamination

USA - Pinnacle Foods Inc., the New Jersey packaged foods company has recalled about 32,479 pounds of dried beef for possible toxin contamination that may be as a result of a processing deviation. The recall, announced by USDA said that the heat-treated, shelf-stable beef products could be possibly contaminated with staphylococcal enterotoxin and clostridial toxin.…

Subway’s Chief Executive Officer Suzanne Greco to retire

USA - Subway, the US restaurant chain has announced that CEO, Suzanne Greco will be leaving the company effective June 30 and Trevor Haynes, head of business development has been named interim. After Hayne’s appointment, Greco remains in senior advisory role and assist in the transition for the position she held since 2015. “As we…

2 Sisters Group proposes expansion plans for its Carlisle site

UK - 2 Sisters Group has proposed plans to extend its Cavaghan & Gray factory in Carlisle for a new chiller unit, additional production and storage space and an expansion of the southern elevation of the current building. In the proposal, 2 Sisters indicated the expansion was necessary for a simple internal reconfiguration at the…

Tyson sales 2% high despite higher transportation and labour costs

USA - Tyson Foods reported sales of US$9.77 billion for the period ended 31 March 2018, indicating a nearly 2% increase from last year’s US$9.08 billion as a result of measures to mitigate impact from high costs in transportation and labour. Although the company recorded lower figures in net income of US$316 million as compared…

Java House considers entry into Nigeria to double investment in domestic market

KENYA - Java House, Kenya’s chain of coffee houses will double outlet numbers in the domestic market in the next two years before rolling out expansion into and out of East Africa, with plans to enter Nigeria. In an interview with Reuters, the Chief Executive Paul Smith said the plans include a debut of 25…

Subway considers closure of 500 stores in US in a global expansion bid

USA - Subway, the American privately held fast food restaurant franchise is considering closure of 500 of its stores in the US in 2018 as it seeks a global expansion outside North America. The chain will add more than 1,000 locations outside its home with a focused growth agenda in U.K., China, India, Latin America.…

Walmart acquires Flipkart for US $16b in one of the largest-ever ecommerce deals

INDIA - Walmart Inc. on has announced its high profile acquisition of Flipkart for US$16 billion for a valuation of over US$20 billion, making it the largest ecommerce acquisition in the world. ET Retail has reported that the 77% acquisition deal of the Bengaluru-based company, as per sources, is also the largest buyout for the…

AccorHotels acquires Mövenpick Hotels for US$567m for African reach

FRANCE - AccorHotels, the French multinational hotel group has acquired Mövenpick Hotels for US$567 million from Saudi Arabia’s Kingdom Holding Company as it expands reach in three continents including Africa, reported Reuters. While AccorHotels operates in 95 countries through ownerships and over 4200 hotels in franchises, Mövenpick Hotels & Resorts, the Switzerland based hotel management…

Kerry Group business volume grows by 3.7% boosted by acquisitions

IRELAND - Kerry Group, the consumer foods company has posted 3.7% growth in business volume, acquisitions contributing 4% in the first quarter ending March 31, 2018. The company said Taste & Nutrition segment grew 4.3%, Consumer Foods increased by 1.6% reaffirming full-year 2018 guidance of adjusted earnings per share growth of 6 to 10%. Results…

Yum Brands revenue falls 3% as KFC and Pizza Hut fail to beat estimates

USA - Yum Brands, the American global leader in chicken and pizza has reported 3% fall in revenue to US$1.37 billion as its restaurant brands KFC and Pizza Hut fail to reach estimates. According to the company, the overall same-store sales across all of its brands including Taco Bell, Pizza Hut, KFC were up 1%…