Fonterra has announced a major shake-up of its business, including a strategic review of its troubled Chinese joint venture, as the world’s biggest dairy exporter posted its first annual loss.
New Zealand’s biggest company said on Thursday it would re-evaluate all investments, major assets and partnerships to ensure they still met its needs.
It follows a disastrous 12 months, which have seen its shares drop to near-record lows over concerns about governance, execution of strategy and its Chinese joint venture, Beingmate.
> Read the full article on the Financial Times website
By Jamie Smyth
Source: Financial Times
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.