Nestlé announced on Wednesday it will halt all production and sales of several non-essential goods to Russia amid political pressure from Ukrainian leaders over its presence in the country. “Going forward, we are suspending renowned Nestlé brands such as KitKat and Nesquik, among others,” the world’s largest food company said in a March 23 statement. The company will continue…
Nestlé Suspends Sales of Many Products in Russia Amid Political Pressure
Nestle Proposes Apple CFO for Election to Its Board
ZURICH—Food group Nestle said on Thursday it was proposing Luca Maestri, chief financial officer at Apple, and Chris Leong, chief marketing officer at Schneider Electric, for election to its board of directors. The elections will take place at the company’s annual general meeting on April 7. Ann M. Veneman will retire from the board, and…
Nestle’s Ability to Hike Prices in Focus for Full-Year Results
ZURICH—Food group Nestle is expected to post organic sales growth of 7.1 percent for 2021 on Thursday, almost twice as high as the year before thanks to strong demand for coffee and pet food, but high input costs will start taking a toll on profitability. Markets will focus on the guidance for this year, especially…
Inflation Trade? Nestle Reaps Benefits From Higher Prices
ZURICH—Nestle raised its full-year sales target on Wednesday after the world’s largest food group reaped the benefits of price hikes on its products ranging from pet food to bottled water with a forecast-beating third quarter. The Switzerland-based firm, whose shares rose more than 3 percent, has moved ahead of other consumer companies in passing on…
European Stocks Steady as Nestle Shines in Mixed Bag of Earnings
October 20, 2021
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Business & EconomyCompaniesearningsEconomiesEuropeEuropeanInvestmentMarketsNestlesteadystocksUKWorld
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European shares were flat on Wednesday as strong results from Nestle boosted food company stocks and made up for disappointing earnings from a clutch of firms, including French luxury group Kering and Dutch semiconductor company ASML. The pan-European STOXX 600 index inched up 0.1 percent, reversing slight opening losses after Asian peers tracked a strong…
Nestle Revamps Geographic Structure, Makes New Board Appointments
ZURICH—Nestle is overhauling its geographic structure, the world’s largest food company said on Wednesday, creating new zones for North America and for Greater China. The maker of Nescafe instant coffee and KitKat chocolate bars also said it was changing its executive board to align with the new structure, which takes effect from January. Company veteran…
PepsiCo to Sell Tropicana, Other Juice Brands for $3.3 Billion
August 3, 2021
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Businesscoconut waterCompaniesDiet SodaFrenchjuiceNestleNorth AmericapepsicoTropicanaUnited StatesUSUS News
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PepsiCo unveiled a $3.3 billion sale of its Tropicana and other juice brands in North America to French private equity firm PAI Partners on Tuesday, as it looks to simplify its product range and move away from high-sugar drinks. The company, which bought the orange juice maker in 1998 for roughly $3.3 billion and U.S.-based…
World’s Largest Food Company Will Raise Prices Over Inflation
Nestlé, the world’s largest food and beverage firm, announced this week that it would increase prices on goods due to inflation. Last month, consumer prices increased 5.4 percent in June from a year earlier, the biggest monthly gain since 2008. Nestlé CEO Mark Schneider told reporters Thursday that “what we’ve seen this year is some…
Nestlé and Other Brands Recall Ice Cream Contaminated With Carcinogenic Substance
By Entrepreneur Staff A statement from FACUA-Consumidores en Acción reported that the Froneri ice cream factory in Spain—responsible for Nestlé, Milka, Toblerone, Nuii, Oreo, Princesa, La Lechera, and Smarties products—accidentally contaminated several batches with ethylene oxide, a gas used as an antifreeze that is flammable and has carcinogenic effects. From the Swiss multinational brand, there are…
Supreme Court Rules 7-2 to Throw Out Child Slavery Lawsuit Against Nestle, Cargill
The Supreme Court on Thursday sided with Cargill and Nestle and threw out a lawsuit alleging that the two food giants aided and abetted child slavery in West Africa. The court, in an 8-1 ruling (pdf), said that a lawsuit from former slaves in Mali who were trafficked to Ivory Coast should be dismissed because…
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