Nestle says it will keep its prices steady
VEVEY, Switzerland Due to a price ceiling hit by rising costs of commodities, Swiss food maker Nestle will most likely not raise prices of its products any higher in the near term, the company’s chairman said Sunday.
“You are now seeing the impact of price increases which were done some months ago,” Peter Brabeck-Letmathe, Nestle S.A. chairman, said to Dow Jones Newswires. “I would expect [the rising costs of foods] to flatten out over the next several months and not increase anymore as our costs have come down.”
Brabeck-Letmathe was in Malaysia attending the World Economic Forum on East Asia. He said “the worst is probably past” for surges in the costs of raw ingredients such as milk, coffee, salt and cocoa.
Brabeck-Letmathe also said that his company will probably not make any acquisitions any time soon because there aren’t many attractive deals in the horizon. He also reported that Nestle doesn’t have a firm decision to sell its 29 percent hold in L’Oreal, however, it may review the idea some time next year.
Nonni’s Biscotti hopes to sweeten up cookie aisle with new flavors
TULSA, Okla. Nonni’s Food Co., the maker of Nonni’s Biscotti, has announced the launch of two new biscotti flavors; caramel latte and mint cioccolati. The company said that it hopes to further growth in the cookie aisle.
Matt Duffy, Nonni’s marketing manager said in a release, “Due to unprecedented growth and consumer demand, Nonni’s Biscotti is expanding our line to include these delicious new flavors. Although cookie category sales have been generally flat for the past three years, Nonni’s Biscotti continues to generate phenomenal sales. The continued success of Nonni’s Biscotti is a result of our ongoing dialogue with the consumer, which helps us anticipate and meet their needs for flavor, portability and taste.”
Nielsen reported that Nonni’s Biscotti sales were up 38 percent in 2007 which reportedly accounted for 85 percent of the total growth in biscotti sales. The company said it expects sales to increase even further in 2008.
In addition to Nonni’s Biscotti, Nonni’s Food Co. also has New York Style brand pita chips and bagel chips and Old London melba toast snack crackers. Nonni’s products can be found at select grocers and premium food retailers.
Missouri Gov. against sale of Anheuser-Busch
NEW YORK Belgian brewer InBev’s offer to buy St. Louis-based Anheuser-Busch has generated strong opposition from government authorities in St. Louis and the state of Missouri.
InBev submitted an unsolicited bid Wednesday to buy the company for $65 a share, or $46.3 billion.
“I am strongly opposed to the sale of Anheuser-Busch and today’s offer to purchase the company is deeply troubling to me,” Missouri Gov. Matt Blunt said in a statement Wednesday.
Blunt said that he planned to explore “every option and any opportunity” to keep America’s largest brewer in St. Louis, but conceded that there was no immediate tool available at the state level to block it.
City officials in St. Louis also plan to write to Anheuser-Busch shareholders to persuade them to reject the deal.
Founded in 1852 as the Bavarian Brewery, Anheuser-Busch manufactures and markets the Budweiser and Michelob lines of beer, as well as Bacardi Silver specialty drinks. It also imports beers such as Boddingtons Pub Ale, Grolsch and Tiger Beer.