Musgrave Announces New Five-Year Deal With Ballymaguire Foods Worth €170m
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Musgrave?has recently announced a new multi-million euro deal with Lusk based ready meal producer?Ballymaguire Foods, valued at €170 million. The new contract will continue to supply homegrown, Irish-made prepared meals and side dishes to?Musgrave?retail brands SuperValu, Centra and Daybreak. The extensive range of exceptional quality foods offers shoppers lunch and dinner solutions in the form of prepared meals as well as soups and sauces. Musgrave?noted that it wants to continue to grow its range with Ballymaguire Foods in the form of new own brand healthy meals which are the perfect solution for a hassle free, home-cooked tasty meals.
Valeo Foods Group?has announced the appointment of Louis-Francois Gombert as CFO. Francois succeeds Brendan Feeney, following his decision to step back from the business. “I’m very excited to join Valeo Foods and look forward to supporting the ambition of continuing to build a leading European food business with global reach and impact,” said Gombert. "Commenting on his departure, Feeney stated, “As a long-term shareholder, I’m immensely proud of Valeo Foods’ journey over the last 11-plus years, since its formation. I look forward to working with Louis-Francois on a smooth transition and wish him every success in his new role.”
Associated British Foods (AB Foods), the owner of Primark (which trades as Penneys in Ireland) and major?sugar, foods and ingredients?businesses, said it?would buy dairy technology company National Milk Records?for ￡48 million to boost its agri-food unit. While it is best known for the value fashion retailer Primark which makes up almost half of its ￡17 billion of revenue,?AB Foods?is also one of the largest?UK?food producers and operates one of the country's biggest animal feed businesses. AB Foods said on Tuesday that NMR's expertise in the dairy industry would help grow its agriculture business, adding data and technology platforms which help farmers become more profitable, initially in Britain.
European discount retailer?Pepco Group?said that trading had become more challenging in its current quarter as inflation dents consumers' spending power, taking the shine off an 11% rise in first-half core earnings. Shares in the Warsaw-listed group, which owns the Pepco,?Poundland?and?Dealz?brands, were down 4.7%?in morning trading Tuesday after it said an uncertain trading backdrop had continued through April into May, with weaker consumer sentiment?regarding?discretionary spending in response to high inflation, particularly in Central Europe."Evidence of this is being seen through lower frequency of visits and customers making different purchasing decisions," it said.
French spirits group Rémy Cointreau?reported a higher-than-expected 16.2% organic rise in operating profit for its 2022/23 fiscal year, and stuck to its cautious outlook for this year. The maker of Rémy Martin cognac and Cointreau liquor reiterated a forecast of flat organic sales in the financial year 2023/24, with steady profitability, to reflect weaker US demand and high year-ago comparables. "With the normalisation of consumption in the United States amplified by a high basis of comparison in the first half, and our drive to reduce inventories, we expect sales and profitability to hold steady in 2023/24 on an organic basis," CEO Eric Vallat said in a statement.
Mars?Wrigley has announced that is presenting its iconic Mars bar in the UK in recyclable paper?packaging, as part of a new pilot test to explore different options therein. The?Mars bars?wrapped in recyclable paper packaging will be available for a limited time at?Tesco UK?stores. Richard Sutherland-Moore, packaging expert at?Mars Wrigley?UK’s research and development centre in Slough, commented, “We are exploring different types of alternative packaging solutions for our confectionery products. “For [the] Mars bar, the challenge was to find the right paper packaging solution with an adequate level of barrier properties to protect the chocolate whilst guaranteeing the food safety, quality and integrity of the product, to prevent food waste.”
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