Milling & Baking News - January 15, 2008 - 29

Year End Stocks

significant cost-cutting and disposal
program that will result in the elimination of 20,000 jobs, or about 11% of
its workforce. As a result of the move,
Unilever said it would part with businesses that generate more than €2 billion ($2.754 billion) of its sales. One
of the first businesses to be disposed
of as part of the move was the Lawry's and Adolph's branded seasoning
blends and marinades business in
the United States and Canada, which
Unilever agreed to sell to McCormick
& Co., Inc. for $605 million.
Ahold, the Dutch-based company
with global food retailing and food
service operations, finished the year
at €9.53, up 18% from the 2006 close.
In July, Ahold completed the sale of
U.S. Foodservice to a consortium of
Clayton, Dubilier & Rice Fund VII,
L.P. and Kohlberg Kravis Roberts &
Co L.P. The sale is part of a larger
plan to "accelerate identical sales
growth, improve profit returns and
strengthen the company's foundation for future expansion."
DSM, the Dutch chemical company with food ingredient interests, fell
14% for the year, closing at €32.33.
CSM, the Dutch company with a
strong presence in baking ingredients in North America and in Europe, also finished lower. At €23.10,
the company's share price was down
21% from the 2006 close. Acquisitions were the name of the game at
CSM in 2007. Among the companies
acquired during the year were Kate's
Cakes in West Sussex, United Kingdom, and Woburn, Mass.-based Titterington's. Most recently, though,
CSM parted with its QA Products
business, selling the company to
Kerry Group P.L.C.
In Switzerland, Nestle S.A., the
world's largest food company,
closed at SFr520, up 20% for the year.
Nestle shares traded at a high of
SFr553.5 during the year and a low
of SFr426.5.
Danisco A/S in Denmark fell,
closing at DK361.5 after finishing at
DKr481.5 in 2006.
A year after most grain-based foods
companies in Asia finished mixed, a
softer tone settled in that market.
Nisshin Seifun, the Japanese holding company that includes Nisshin
Milling, Japan's largest flour miller,
closed at Y1123, down 9% from a
year earlier. Nippon Flour Milling
bakingbusiness.com / world-grain.com

fell 13% for the year, closing at Y429,
compared with the year's low of
Y394 and the high of Y530.
Nissin Food Products, a leading
manufacturer of instant noodles,
sustained a decline of 18%, closing
at Y3610. The drop followed a strong
gain of 29% during 2006.
Baking leaders Yamazaki Baking
and First Baking also finished lower
in 2007. Yamazaki closed at Y1094,
down 5% from Y1034 in 2006; First
Baking finished at Y123, down 27%
from Y169 in 2006.
Indonesia's Indofood, one of the
largest food producers in Asia, closed
the year at R2575, up 90% from its
2006 finish. The gain comes on the
heels of a 48% improvement in 2006.
In South Africa, Tiger Brands Ltd.
finished lower for the first time in
several years, easing nearly 2% to
R16800. The company had posted
gains of 18% in 2006, 50% in 2005 and
57% in 2004.
Egyptian companies engaged
in flour milling were a mixed bag.

South Cairo & Giza Flour Mills rose
61%, while Egyptian Starch shares
gained 6% and Middle and West
Delta Flour Co. rose 4%. Meanwhile,
Alexandria Flour fell 3% after a 22%
decline in 2006, while North Cairo
Flour fell 10% following a drop of
42% in 2006.
In Africa, Flour Mills Nigeria
P.L.C. followed up a gain of 231% in
2006 with an improvement of 27% in
2007. Flour Mills Nigeria is primarily
involved in flour milling, pasta production and cements production.
In Spain, Ebro Puleva S.A., shares
fell 35% to €12.54. In recent years the
company has been heavily involved in
acquisitions in the international market, including the 2006 purchases of
New World Pasta and Minute Rice.
In Chile, Quinenco closed the year
up 19%. Granoleo S.A. in Brazil rallied after two consecutive years of
declines by surging 317% in 2007.
Molinos Rio Plata in Argentina closed
at $10.55, a 151% improvement from
its 2006 finish. MBN

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Milling & Baking News

January 15, 2008 / 29

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Milling & Baking News - January 15, 2008

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