The Lotte Group has unveiled a major restructuring, addressing growing criticism of its complex corporate structure, a move it said it will enhance shareholder value.
The group said its four listed units – Lotte Shopping, Lotte Confectionery, Lotte Chilsung Beverage, and Lotte Food – will now be split up into an investment unit and a business unit each.
The four investment units will then be merged to form a single holding company (as-yet unnamed) that will oversee the business units. The holding company, which will be headquartered at the Lotte World Tower in Seoul, will manage the various brand licenses of the group and oversee management of the subsidiaries.
Lotte said the changes will reduce cross-shareholdings in the group to just 18, from 67 currently. It added that the changes are “expected to enhance the company’s transparency. The company value and shares value, which have been underestimated because of the opaque governance structure, are expected to get re-evaluated”.
Source: KamCity
The global snacking, international cereal and noodles, plant-based foods and North American frozen breakfast business will be known as Kellanova – home to brands such as Pringles, MorningStar Farms and Nutri-Grain. Kellanova’s portfolio will also encompass cereal brands, including Frosties, Special K, Krave and Coco Pops.
Nestlé is piloting refillable vending machines for its Milo and Koko Krunch brands as part of its effort to explore solutions that help to reduce the need for disposable packaging. In collaboration with digital start-up Qyos by Algramo, the machines will be available at two retailers in Indonesia during a 4-6 month trial period.
Carlsberg has announced that Jacob Aarup-Andersen will join the company as chief executive officer, replacing Cees ’t Hart, who will retire by the end of Q3 2023. Since 2020, Aarup-Andersen has served as CEO of ISS, a global facility services company that operates in 60 countries.
