French dairy group Lactalis says profit falls as costs rise
Lactalis, the world’s largest dairy producer, said on Thursday its sales had risen by 28.4% in 2022 to 28.3 billion euros ($30.95 billion), but higher costs had pushed its annual net profit down by 14% to 384 million euros. A spike in food prices, partly linked to Russia’s invasion of Ukraine last year, has created tensions…
Lactalis buys out Fonterra-Nestlé dairy venture in Brazil
French dairy major Lactalis has acquired the joint-venture assets in Brazil owned by Fonterra and Nestlé. Lactalis, which already has a presence in the South American country, has struck a deal for Dairy Partners Americas (DPA) for BRL700m (US$131.5m). Fonterra holds a 51% stake in the venture, set up in 2003, and Nestlé owns 49%. The transaction is expected…
Can new age dairy disruptors outsmart India’s famed milk cooperatives?
Minati Patnaik, a 55-year-old homemaker in Bhubaneswar had been buying milk from a local milkman for over three decades. Though the latter was infamous for adulterating the milk, Minati chose to ignore it as she had heard worse stories of adulteration by local milk co-operatives. It’s been five years since Minati switched allegiance to Milky…
Anik Dairy owned by Lactalis has named Subhashis Basu as its new CEO
Anik Dairy, owned by dairy major Lactalis Group, has named Subhashis Basu as its new chief executive officer. Basu will be moving on from snacks maker Prataap Snacks NSE 0.28 % where he has been chief operating officer for over four years. Officials aware of the development said Basu is set to assume the new role later…
Lactalis interested in Acquiring Kwality dairy by wooing the creditors
Talks between Lactalis and Kwality Dairy’s creditors have gathered steam over the past few weeks and could result in the former making a formal proposal for Kwality Dairy in the next 8-10 days, according to sources. NCLT passes order to liquidate dairy firm Kwality Dairies Lactalis looking forward to acquisition of dairy business in North…
Rabobank 2021 Global Dairy Top 20 Report released
On August 25th, 2021, Rabobank of the Netherlands released its annual Global Dairy Top 20 Report. Dairy giant Yili Group once again clinched the fifth spot following the previous year, remaining leader of Asia for the eighth consecutive year as the only Asian dairy company among the Top 5. Strong financial performance despite Covid-19 With the Covid-19 pandemic still raging…
Rabobank 2021 Global Dairy Top 20 Report released
On August 25th, 2021, Rabobank of the Netherlands released its annual Global Dairy Top 20 Report. Dairy giant Yili Group once again clinched the fifth spot following the previous year, remaining leader of Asia for the eighth consecutive year as the only Asian dairy company among the Top 5. With the Covid-19 pandemic still raging across the world, Yili has…
Milk prices moving up in Maharashtra as summer time is approaching
As the government started easing up the lockdown, demand made a slow but steady return and procurement prices started picking up across the state For dairy farmers, the pandemic induced slowdown is not only over but dairies have now started their farmers paying more than the pre-Covid milk procurement rates. With dairies now paying their…
Lactalis to invest more in dairying in Telangana state
Groupe Lactalis, a family-owned French dairy company and the largest cheese manufacturer in the world, is strengthening its base in India, through its arm Lactalis India. The company has significantly invested in local facilities across the country, with processing facilities spread across Telangana, Andhra Pradesh, Tamil Nadu and Maharashtra. There will be more investments in…
SEBI pulled up Prabhat dairy on forensic audit
India’s market regulator has pulled up Prabhat Dairy for not cooperating with the Sebi-appointed forensic auditor Grant Thornton, and has directed the company to provide all the demanded documents without any delay. “The deliberate attempt on your part by not providing information/documents in relation to forensic audit citing vague and weak grounds was not in…