Pernod Ricard delivers solid first half results with broad-based growth

FRANCE – Pernod Ricard, the French spirit and wine group, posted €5.474bn (US$5.93bn) in total sales for the first half of the FY20, with organic growth of 2.7% and a 4.3% organic growth in profit from recurring operations. During the six-months period, the company delivered diversified growth across regions, with robust performance of must-win markets USA, India and China, despite a challenging operating environment. Sales in the USA were up by 4% driven by whiskies and specialty brands while China posted much stronger H1. Sales in China increased by 11%…

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Rich Products makes three acquisitions to accelerate growth

USA – Rich Products, a New-York based food company, has announced the expansion of its product portfolio with three acquisitions in the seafood and baked goods industry. Rich Products has acquired Rizzuto Foods, a Pacific northwest-based maker of pizza doughs; Morey’s Seafood International, a seafood company based in Plymouth, Minnesota. Founded in 1937, Morey’s Seafood International runs a state-of-the-art processing center in Motley and a distribution facility in Plymouth, offering a full line of fish and seafood products. Morey’s Seafood portfolio will join Rich’s value-added seafood offering which includes the…

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Profound nutritional understanding to propel the global fruit snacks market over US$9bn

WORLD – The global landscape of the food industry is rapidly transforming across all fronts and health foods are no longer a niche group – as they are starting to incorporate more mainstream food trends. While breakfast foods and energy drinks have gained precedence among the masses, fruit snacks are becoming popular and their consumption are expected to continue to grow at a steady clip. According to a recent report by Fact.MR, these conditions are expected to give the fruit snacks market a lucrative base for growth. Fact.MR projects that the…

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South African Breweries plans 500 job cuts in move to maximize profits

SOUTH AFRICA – South African Breweries, which was bought by Anheuser-Busch (AB) InBev for US$100 million in 2016, is looking to cut 500 jobs, a move it claimed was necessary in light of current economic conditions following around 33 workers having been retrenched by the group last year. “Many of us have received letters saying our jobs could be cut and this has caused panic and confusion, especially for those who have been working at SAB for years,” said one worker on condition of anonymity. The move has not only…

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Tongaat Hulett to sell its starch division as part of debt recovery plan

SOUTH AFRICA – Sugar producer, Tongaat Hulett has entered into negotiations for the potential sale of its starch division as it grapples to reduce its huge debt. The talks come after Tongaat had committed itself to reducing its debt by R8.1billion (US$543.2m) by March 2021 in South Africa and identified a combination of cost savings and cash flow initiatives such as asking shareholders for about R4bn (US$268.2m). According to an iol report, these included the sale of certain non-core assets as well as an equity capital raise and the disposal…

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Platinum Equity acquires European private label biscuits maker Biscuit International

EUROPE – Platinum Equity has acquired Biscuit International, a leading European manufacturer of private label sweet biscuits, for an undisclosed amount. Headquartered in Paris, France, Biscuit International was created in 2016 by the merger of Groupe Poult and Banketgroep and grew through the acquisitions of a number of companies across Europe. Over the past the past three years, the biscuits maker acquired A&W Feinbackwaren in Germany, Northumbrian Fine Foods in the UK, Stroopwafel & Co and Aviateur in the Netherlands, and Arluy in Spain. The company markets a wide range…

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African Development Bank commits US$14m to support innovative farming in Sierra Leone

SIERRA LEONE – The African Development Bank has committed US$14 million to help Sierra Leone implement innovation in agriculture. According to Sierra Leone Telegraph, the money from AfDB will also be used to tackle corruption in fertilizer distribution, seeds acquisition and distributions to farmers. The announcement was made during the just concluded AU summit in Addis Ababa, Ethiopia immediately after a high-level meeting between the President of the African Development Bank (AfDB) – Dr Akinwumi Adesina and the President of Sierra Leone H.E Julius Maada Bio. Both leaders according to…

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