Maidstone to Aryzta
Aryzta subsidiary IAWS Group has reached an agreement with Tim Hortons, its 50/50 partner in Canada’s Maidstone Bakeries joint venture, to acquire its 50% share for consideration of C$475m (£290m). Following the investment, Aryzta aims to leverage Maidstone’s experience in the quick-service restaurant sector.
Asda’s smaller format
Asda is to roll out smaller store formats, according to parent company Walmart’s second-quarter trading statement. In May this year, Asda announced its intention to acquire the Netto Food Stores in the UK from Dansk Supermarked. "These stores will bring a platform for smaller store formats," said the statement. The acquisition, subject to regulatory approval, is expected to close later this year.
California Raisins rise
California Raisins imported 28,641 mt of raisins into the UK during 2009/10 a 26% increase on the previous year.The California Raisins industry exports approximately 32% of its total crop and, of those exports, the UK accounts for almost 20%.
Australasian food manufacturer Goodman Fielder has seen a 6.6% drop in revenue to AUS$2,660.1m (£1,524.9m) for the financial year to 30 June 2010. Net profit after tax stood at AUS$161.1m (£92.4m), down 8.3%. However, the firm said it had achieved an "outstanding" EBITDA performance within its fresh bakery business, up 16.4%.
Campbell targets UB
The Campbell Soup Company plans to launch a £1.5bn break-up bid for United Biscuits, according to media reports. The US giant is understood to be interested in its biscuit-making operations.