Latest news with #cannedfood
Al Arabiya
10-07-2025
- Business
- Al Arabiya
US company seized to feed Russia plans supply to China, North Korea instead
A US-owned canned food company seized by Russia to safeguard domestic food supplies is planning to boost dwindling sales with exports to China and North Korea, according to documents reviewed by Reuters and people familiar with the matter. Washington has said the treatment of Glavprodukt, the only US company Moscow has seized, will influence a planned reset of US-Russia relations which appear to have stalled. Glavprodukt, the largest canned food producer in Russia, was founded by Los Angeles-based Leonid Smirnov and seized by the Kremlin in October 2024. Moscow argued that the company is of strategic importance to Russia's food supply. Sales have dropped sharply, documents showed. Production has remained at similar levels, so the oversupply has left the company trying to find new markets and increase its warehouse capacity, according to strategy documents and two people familiar with the matter. 'They claimed they took my company to secure food for Russia. But they are not living up to this purpose, this justification,' Smirnov told Reuters. Smirnov is fighting in court to regain his company. The next hearing is scheduled for July 11 at the Moscow Court of Arbitration. In June, Glavprodukt's new state-appointed management team proposed exporting to new markets, including North Korea and the Middle East, the documents seen by Reuters showed. They also sought to increase sales to China, a market that made up about one percent of Glavprodukt's sales last year. Glavprodukt's new management did not respond to multiple emailed requests for comment. The strategy shift shows how Russia's trade has changed since invading Ukraine. Trade with North Korea, China and other countries that have not imposed sanctions against Russia can take place outside Western influence. Glavprodukt's pivot appears inconsistent with Vladimir Putin's position on June 27 in Minsk that he wants to welcome American companies back to Russia. Negotiations between the US and Russia over the war in Ukraine have stalled with President Donald Trump expressing disappointment after a July 3 phone call with Putin. Separately, relations between the US and China have deteriorated since Trump targeted China with trade tariffs, leading to retaliation from Beijing. The two countries agreed to a trade framework last month but the US had said it may restore tariffs on Chinese goods in August. The Kremlin's plans for Glavprodukt reflect Russia's approach to managing foreign-owned assets under state control. In April, Reuters reported that Glavprodukt would be used to supply food to the Russian army. Reuters could not determine whether supplies to the army had started. Strategic asset Moscow has placed around a dozen foreign companies under temporary management since invading Ukraine in February 2022. Danish brewer Carlsberg and French yoghurt maker Danone saw their assets eventually sold off to Kremlin-friendly buyers at knock-down prices. Among other companies with assets still in Russia are US multinationals Procter and Gamble and PepsiCo. Russia has regularly justified asset seizures by labelling companies as strategic. Russia's Prosecutor General used similar reasoning when arguing that the preliminary court hearing for Glavprodukt should be closed to the public, according to sources familiar. The Prosecutor General's office did not immediately respond to a request for comment. Glavprodukt's financial results have rapidly deteriorated, according to filings seen by Reuters, sliding from modest profitability to a regular monthly net loss. Last month, the Ministry of Agriculture asked the company to explain why sales were substantially down, according to two sources. Companies which are seized and handed to management teams are under pressure to maintain employment and growth, they said. The Agriculture Ministry did not immediately respond to a request for comment. The strategy documents seen by Reuters reveal that Glavprodukt is looking to develop its e-commerce sales channels and come up with plans to increase exports to China, as well as highlighting markets in Africa and South Asia where demand for Glavprodukt's canned fish could be high. Employees have sought to register the company's trademark in China, the documents showed. A pre-paid shipment to China of goods like canned fish and condensed milk has not arrived on time, the documents showed, highlighting the potential pitfalls of expanding exports. ($1 = 78.1500 rubles)
Yahoo
10-07-2025
- Business
- Yahoo
Exclusive-US-owned company seized to feed Russia planning to supply China, North Korea instead
By Anna Hirtenstein and Alexander Marrow LONDON (Reuters) -A U.S.-owned canned food company seized by Russia to safeguard domestic food supplies is planning to boost dwindling sales with exports to China and North Korea, according to documents reviewed by Reuters and people familiar with the matter. Washington has said the treatment of Glavprodukt, the only U.S. company Moscow has seized, will influence a planned reset of U.S.-Russia relations which appear to have stalled. Glavprodukt, the largest canned food producer in Russia, was founded by Los Angeles-based Leonid Smirnov and seized by the Kremlin in October 2024. Moscow argued that the company is of strategic importance to Russia's food supply. Sales have dropped sharply, documents showed. Production has remained at similar levels, so the oversupply has left the company trying to find new markets and increase its warehouse capacity, according to strategy documents and two people familiar with the matter. "They claimed they took my company to secure food for Russia. But they are not living up to this purpose, this justification," Smirnov told Reuters. Smirnov is fighting in court to regain his company. The next hearing is scheduled for July 11 at the Moscow Court of Arbitration. In June, Glavprodukt's new state-appointed management team proposed exporting to new markets, including North Korea and the Middle East, the documents seen by Reuters showed. They also sought to increase sales to China, a market that made up about one percent of Glavprodukt's sales last year. Glavprodukt's new management did not respond to multiple emailed requests for comment. The strategy shift shows how Russia's trade has changed since invading Ukraine. Trade with North Korea, China and other countries that have not imposed sanctions against Russia can take place outside Western influence. Glavprodukt's pivot appears inconsistent with Vladimir Putin's position on June 27 in Minsk that he wants to welcome American companies back to Russia. Negotiations between the U.S. and Russia over the war in Ukraine have stalled with President Donald Trump expressing disappointment after a July 3 phone call with Putin. Separately, relations between the U.S. and China have deteriorated since Trump targeted China with trade tariffs, leading to retaliation from Beijing. The two countries agreed to a trade framework last month but the U.S. had said it may restore tariffs on Chinese goods in August. The Kremlin's plans for Glavprodukt reflect Russia's approach to managing foreign-owned assets under state control. In April, Reuters reported that Glavprodukt would be used to supply food to the Russian army. Reuters could not determine whether supplies to the army had started. STRATEGIC ASSET Moscow has placed around a dozen foreign companies under temporary management since invading Ukraine in February 2022. Danish brewer Carlsberg and French yoghurt maker Danone saw their assets eventually sold off to Kremlin-friendly buyers at knock-down prices. Among other companies with assets still in Russia are U.S. multinationals Procter and Gamble and PepsiCo. Russia has regularly justified asset seizures by labelling companies as strategic. Russia's Prosecutor General used similar reasoning when arguing that the preliminary court hearing for Glavprodukt should be closed to the public, according to sources familiar. The Prosecutor General's office did not immediately respond to a request for comment. Glavprodukt's financial results have rapidly deteriorated, according to filings seen by Reuters, sliding from modest profitability to a regular monthly net loss. Last month, the Ministry of Agriculture asked the company to explain why sales were substantially down, according to two sources. Companies which are seized and handed to management teams are under pressure to maintain employment and growth, they said. The Agriculture Ministry did not immediately respond to a request for comment. The strategy documents seen by Reuters reveal that Glavprodukt is looking to develop its e-commerce sales channels and come up with plans to increase exports to China, as well as highlighting markets in Africa and South Asia where demand for Glavprodukt's canned fish could be high. Employees have sought to register the company's trademark in China, the documents showed. A pre-paid shipment to China of goods like canned fish and condensed milk has not arrived on time, the documents showed, highlighting the potential pitfalls of expanding exports. ($1 = 78.1500 roubles) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
10-07-2025
- Business
- Reuters
Exclusive: US-owned company seized to feed Russia planning to supply China, North Korea instead
LONDON, July 10 (Reuters) - A U.S.-owned canned food company seized by Russia to safeguard domestic food supplies is planning to boost dwindling sales with exports to China and North Korea, according to documents reviewed by Reuters and people familiar with the matter. Washington has said the treatment of Glavprodukt, the only U.S. company Moscow has seized, will influence a planned reset of U.S.-Russia relations which appear to have stalled. Glavprodukt, the largest canned food producer in Russia, was founded by Los Angeles-based Leonid Smirnov and seized by the Kremlin in October 2024. Moscow argued that the company is of strategic importance to Russia's food supply. Sales have dropped sharply, documents showed. Production has remained at similar levels, so the oversupply has left the company trying to find new markets and increase its warehouse capacity, according to strategy documents and two people familiar with the matter. "They claimed they took my company to secure food for Russia. But they are not living up to this purpose, this justification," Smirnov told Reuters. Smirnov is fighting in court to regain his company. The next hearing is scheduled for July 11 at the Moscow Court of Arbitration. In June, Glavprodukt's new state-appointed management team proposed exporting to new markets, including North Korea and the Middle East, the documents seen by Reuters showed. They also sought to increase sales to China, a market that made up about one percent of Glavprodukt's sales last year. Glavprodukt's new management did not respond to multiple emailed requests for comment. The strategy shift shows how Russia's trade has changed since invading Ukraine. Trade with North Korea, China and other countries that have not imposed sanctions against Russia can take place outside Western influence. Glavprodukt's pivot appears inconsistent with Vladimir Putin's position on June 27 in Minsk that he wants to welcome American companies back to Russia. Negotiations between the U.S. and Russia over the war in Ukraine have stalled with President Donald Trump expressing disappointment after a July 3 phone call with Putin. Separately, relations between the U.S. and China have deteriorated since Trump targeted China with trade tariffs, leading to retaliation from Beijing. The two countries agreed to a trade framework last month but the U.S. had said it may restore tariffs on Chinese goods in August. The Kremlin's plans for Glavprodukt reflect Russia's approach to managing foreign-owned assets under state control. In April, Reuters reported that Glavprodukt would be used to supply food to the Russian army. Reuters could not determine whether supplies to the army had started. Moscow has placed around a dozen foreign companies under temporary management since invading Ukraine in February 2022. Danish brewer Carlsberg ( opens new tab and French yoghurt maker Danone ( opens new tab saw their assets eventually sold off to Kremlin-friendly buyers at knock-down prices. Among other companies with assets still in Russia are U.S. multinationals Procter and Gamble (PG.N), opens new tab and PepsiCo (PEP.O), opens new tab. Russia has regularly justified asset seizures by labelling companies as strategic. Russia's Prosecutor General used similar reasoning when arguing that the preliminary court hearing for Glavprodukt should be closed to the public, according to sources familiar. The Prosecutor General's office did not immediately respond to a request for comment. Glavprodukt's financial results have rapidly deteriorated, according to filings seen by Reuters, sliding from modest profitability to a regular monthly net loss. Last month, the Ministry of Agriculture asked the company to explain why sales were substantially down, according to two sources. Companies which are seized and handed to management teams are under pressure to maintain employment and growth, they said. The Agriculture Ministry did not immediately respond to a request for comment. The strategy documents seen by Reuters reveal that Glavprodukt is looking to develop its e-commerce sales channels and come up with plans to increase exports to China, as well as highlighting markets in Africa and South Asia where demand for Glavprodukt's canned fish could be high. Employees have sought to register the company's trademark in China, the documents showed. A pre-paid shipment to China of goods like canned fish and condensed milk has not arrived on time, the documents showed, highlighting the potential pitfalls of expanding exports. ($1 = 78.1500 roubles)
Yahoo
10-07-2025
- Business
- Yahoo
Exclusive-US-owned company seized to feed Russia planning to supply China, North Korea instead
By Anna Hirtenstein and Alexander Marrow LONDON (Reuters) -A U.S.-owned canned food company seized by Russia to safeguard domestic food supplies is planning to boost dwindling sales with exports to China and North Korea, according to documents reviewed by Reuters and people familiar with the matter. Washington has said the treatment of Glavprodukt, the only U.S. company Moscow has seized, will influence a planned reset of U.S.-Russia relations which appear to have stalled. Glavprodukt, the largest canned food producer in Russia, was founded by Los Angeles-based Leonid Smirnov and seized by the Kremlin in October 2024. Moscow argued that the company is of strategic importance to Russia's food supply. Sales have dropped sharply, documents showed. Production has remained at similar levels, so the oversupply has left the company trying to find new markets and increase its warehouse capacity, according to strategy documents and two people familiar with the matter. "They claimed they took my company to secure food for Russia. But they are not living up to this purpose, this justification," Smirnov told Reuters. Smirnov is fighting in court to regain his company. The next hearing is scheduled for July 11 at the Moscow Court of Arbitration. In June, Glavprodukt's new state-appointed management team proposed exporting to new markets, including North Korea and the Middle East, the documents seen by Reuters showed. They also sought to increase sales to China, a market that made up about one percent of Glavprodukt's sales last year. Glavprodukt's new management did not respond to multiple emailed requests for comment. The strategy shift shows how Russia's trade has changed since invading Ukraine. Trade with North Korea, China and other countries that have not imposed sanctions against Russia can take place outside Western influence. Glavprodukt's pivot appears inconsistent with Vladimir Putin's position on June 27 in Minsk that he wants to welcome American companies back to Russia. Negotiations between the U.S. and Russia over the war in Ukraine have stalled with President Donald Trump expressing disappointment after a July 3 phone call with Putin. Separately, relations between the U.S. and China have deteriorated since Trump targeted China with trade tariffs, leading to retaliation from Beijing. The two countries agreed to a trade framework last month but the U.S. had said it may restore tariffs on Chinese goods in August. The Kremlin's plans for Glavprodukt reflect Russia's approach to managing foreign-owned assets under state control. In April, Reuters reported that Glavprodukt would be used to supply food to the Russian army. Reuters could not determine whether supplies to the army had started. STRATEGIC ASSET Moscow has placed around a dozen foreign companies under temporary management since invading Ukraine in February 2022. Danish brewer Carlsberg and French yoghurt maker Danone saw their assets eventually sold off to Kremlin-friendly buyers at knock-down prices. Among other companies with assets still in Russia are U.S. multinationals Procter and Gamble and PepsiCo. Russia has regularly justified asset seizures by labelling companies as strategic. Russia's Prosecutor General used similar reasoning when arguing that the preliminary court hearing for Glavprodukt should be closed to the public, according to sources familiar. The Prosecutor General's office did not immediately respond to a request for comment. Glavprodukt's financial results have rapidly deteriorated, according to filings seen by Reuters, sliding from modest profitability to a regular monthly net loss. Last month, the Ministry of Agriculture asked the company to explain why sales were substantially down, according to two sources. Companies which are seized and handed to management teams are under pressure to maintain employment and growth, they said. The Agriculture Ministry did not immediately respond to a request for comment. The strategy documents seen by Reuters reveal that Glavprodukt is looking to develop its e-commerce sales channels and come up with plans to increase exports to China, as well as highlighting markets in Africa and South Asia where demand for Glavprodukt's canned fish could be high. Employees have sought to register the company's trademark in China, the documents showed. A pre-paid shipment to China of goods like canned fish and condensed milk has not arrived on time, the documents showed, highlighting the potential pitfalls of expanding exports. ($1 = 78.1500 roubles) Sign in to access your portfolio
Bloomberg
05-07-2025
- Business
- Bloomberg
Del Monte's Creditor Settlement Was the Last Straw
Welcome to The Brink. This is Reshmi Basu in New York and Steven Church in Wilmington, and we've outlined the events that led Del Monte to file for bankruptcy. We also have news on private credit distress and Apollo's Kem One. Follow this link to subscribe. Send us feedback and tips at debtnews@ In its ongoing effort to avoid bankruptcy, the canned fruit and vegetable giant, Del Monte Foods, has cut agreements with lenders and taken on a number of loans over the last several years.
