Swiss Inflation Rate Unexpectedly Rises in Relief for SNB
The inflation rate increased 0.1% from a year ago, following a 0.1% decline the previous month, according to the country's statistics office. Economists surveyed by Bloomberg predicted another negative reading.
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China's WH Group strikes pet-food acquisition in Europe with Pupil Foods
China's WH Group has struck an acquisition in the pet-food category in Europe by snapping up Poland-based Pupil Foods. The world's largest pork processor and supplier, which is listed in Hong Kong, said the deal was initiated by its Morliny Foods business unit in Europe through that company's Polish subsidiary Animex Foods. WH Group described the acquisition as a 'key step in Morliny Foods' strategy aimed at diversification of its portfolio and strengthening the presence in the dynamically growing pet-food market in Europe'. Financial terms of the transaction for Pupil Foods were not disclosed in a statement from the Chinese group. Pupil Foods produces wet and dry pet foods for cats and dogs supplied across Europe, including the UK, Germany, Hungary and Serbia. It also exports further afield to Asia and the Middle East. Its portfolio consists of branded (Pupil and Teo) and private-label products manufactured at two factories in Poland - Nowe Skalmierzyce for wet pet foods and Odolanów for the dry variety, according to Pupil Foods' website. Luis Cerdan, the CEO of pork and poultry supplier Morliny Foods, said: 'The acquisition of Pupil Foods is a natural extension of our growth strategy in Europe. 'Integrating Pupil Foods' expertise in pet nutrition with Morliny Foods' broad market reach will create significant value through vertical integration, operational synergies, and accelerated innovation.' WH Group bought Morliny Foods in 2004 through its US subsidiary Smithfield Foods, alongside another meat business Comtim Group, for a combined transaction value of $83m. Morliny Foods operates factories in Poland, Romania, Slovakia, Hungary, Spain, France and the UK. Brands include its namesake line, along with Pek, Krakus, Mecom and Berlinki ranging from hot dogs and sausages, deli and cooked meats, ham and bacon. Just Food has asked WH Group to confirm if the deal for Pupil Foods marks the Chinese company's, or its overseas subsidiaries, first entrance into the pet-food category. Pupil Food's founder Stanislaw Sulecki said: 'Morliny Foods' vision and resources will enable us to further develop our operations, invest in new products, and reach new foreign markets, while maintaining our dedication to quality. I look forward to Pupil Foods' future as part of the Morliny Foods family.' Meanwhile, WH Group, which span off part of its Smithfield Foods business with a US listing this year, reported its latest results in April. Revenue in the fiscal 2025 first quarter to 31 March rose 6% to $6.5bn. While packaged meat volumes overall were down 9.2%, pork volumes increased 4.4%. Operating profit climbed 19.4% to $598m, resulting in net profits to its owners rising 20.9% to $364m. For the previous full fiscal year, group revenue fell 1.1% to $25.9bn but operating profit increased 63% to $2.4bn. Profits to shareholders more than doubled to $1.5bn, from $606m a year earlier. "China's WH Group strikes pet-food acquisition in Europe with Pupil Foods" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
25 minutes ago
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Distressed Debt Swaps Are Mostly Costly Failures, HPS's Puri Says
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Yahoo
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Glovo suspends contested heatwave bonus for couriers in Italy
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