(RTTNews.com) – While reporting its third-quarter financial results today, Hain Celestial Group, Inc. said it has appointed James Meiers to the newly-created position of Chief Operations Officer, effective immediately. He will report to Irwin Simon, with responsibility for achieving the cost savings across the company’s worldwide operations. The company also tightened its financial outlook for fiscal 2016.
As previously communicated, Hain Celestial commenced a strategic review under Project Terra and has identified approximately $100 million in global cost savings, which it expects to achieve during fiscal years 2017 through 2019.
The company expects these initiatives to include optimizing plants, co-packers and procurement and rationalizing the company’s product portfolio, and reinvesting these incremental savings into the business to further brand building efforts and household penetration.
In addition, the company will launch Cultivate Ventures, a venture unit. The company has also identified certain brands representing approximately $30 million in sales, which no longer fit into its core strategy for future growth, and it intends to sell these as a group.
For fiscal 2016, Hain Celestial now forecasts earnings in a range of $2.00 to $2.04 per share, and net sales in a range of $2.946 billion to $2.966 billion. Earlier, the company forecast full-year earnings of $1.95 to $2.10 per share and revenue in a range of $2.90 billion to $3.04 billion.
On average, analysts polled by Thomson Reuters expect earnings of $2.02 per share for the year on revenues of $2.94 billion. Analysts’ estimates typically exclude certain special items.
Source: RTT News
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.