Milling & Baking News - January 12, 2010 - 30

Stock Market Review 

salt content of products by the end of
2010 to help people reach the daily recommended dietary intake of 6 grams of
salt per person, and the elimination of
partially hydrogenated oils in its entire
soft (tub) spreads portfolio in the United States by the second quarter of 2010.
Ahold, the Dutch-based company
with global food retailing and food
service operations, finished the year
at €9.26, up 5% from €8.79. During
much of 2009, the company said it delivered volume growth in all markets.
Increased promotional activity continued, especially in the United States.
DSM, the Dutch chemical company
with food ingredient interests, rose
89% for the year, closing at €34.61. The
company said its nutrition unit has
sustained its solid performance.
Like DSM, CSM, the Dutch company
with a strong presence in baking ingredients in North America and in Europe,
also finished sharply higher, ending up
60% at €18.38. EBITA of the Bakery Supplies North America division of CSM
n.v. in the third quarter of fiscal 2009
was $38.3 million, up 71% from $22.4
million in the third quarter last year. The
company said the improvement reflected slightly lower volumes more than

compensated by a recovery of margins,
cost savings as well as the continued improved performance of H.C. Brill.
In Switzerland, Nestle S.A., the
world's largest food company, closed at
50.20 Swiss francs, up 21% for the year.
The company made news early in the
year when its Nestle USA's baking division recalled all varieties of the company's Toll House brand of refrigerated
cookie dough products because of a
possible link between the refrigerated
cookie dough products and reports of
foodborne illness from the pathogen E.
coli O157:H7. Nestle was in the news
later in the year for a more positive reason, as its Cereal Partners Worldwide
joint venture with General Mills, Inc.
unveiled plans to create a new Innovation Centre in Orbe, Switzerland.
Aryzta AG closed 2009 at 38.55
Swiss francs, up 13% from 2008. Created in August 2008 from the merger of
IAWS Group P.L.C. and Hiestand AG,
Aryzta is a specialty baking company
whose largest division is in Europe,
accounting for more than 80% of sales.
The Food North America segment of
Aryzta AG enjoyed double-digit sales
and profit growth in the year ended
July 31, with Otis Spunkmeyer the

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30 / January 12, 2010 Milling & Baking News

principal growth driver and La Brea
Bakery proving resilient.
Danisco A/S in Denmark soared
62%, closing at DK348.5 after finishing
at DK214.5 in 2008. The company in late
October broke ground on a cultures plant
expansion in Madison, Wis. The new facility is expected to be operational in August 2010.
Share price movement in Japan was
mixed. Nisshin Seifun, the Japanese
holding company that includes Nisshin Milling, Japan's largest flour miller,
closed at Y1256, up 7% from a year earlier, but Nippon Flour Milling fell 6% for
the year, closing at Y462, and Nissin Food
Products, a leading manufacturer of instant noodles, fell 3%, closing at Y3030.
Baking leaders Yamazaki Baking
and First Baking also were a mixed
bag in 2009. Yamazaki closed at Y1101,
down 20% from Y1379 in 2008; First
Baking, meanwhile, finished at Y121,
up 33% from Y91 in 2008.
Indonesia's Indofood, one of the largest food producers in Asia, rebounded
from a loss of 64% in 2008 by soaring
282% in 2009, closing the year at R3550.
In South Africa, Tiger Brands Ltd.
ended two consecutive years of declines, finishing up 19% at R17000. The
gain followed a 15% decline in 2008
and 2% decline in 2007.
Egyptian companies engaged in flour
milling mostly were all higher with the
exception of Egyptian Starch, which fell
31%, and Upper Egypt Flour, which
fell 8%. Alexandria Flour rose 120% in
2009 after declining 24% in 2008 and 3%
in 2007. Middle and West Delta Flour
Co., which fell 13% in 2008, rebounded,
rising 34%. South Cairo & Giza Flour
Mills, which rose 42% in 2008, again
finished higher, climbing 7% in 2009.
North Cairo Flour, which fell 14% in
2008 and 10% in 2007, rose 12%.
In Africa, Flour Mills Nigeria P.L.C.
climbed 13%. The gain followed a decline
of 58% in 2008. Flour Mills Nigeria is primarily involved in flour milling, pasta
production and cements production.
In Spain, Ebro Puleva S.A., shares
rose 52% to €14.53, just off the 52-week
high of €14.75 but well above the low of
€8.04. Ebro disposed of its sugar business in April 2009, a move the company said marks "a leap forward" in
its strategic plan, which currently is focused on growing rice, pasta, dairy and
functional foods, while shedding nonstrategic businesses and reducing debt.
In Chile, Quinenco closed the year
up 22%. Molinos Rio Plata in Argentina closed at $11.90, up 17% from its
2008 finish. MBN
- Eric Schroeder
bakingbusiness.com / world-grain.com

http://WWW.KINGFLOUR.COM http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - January 12, 2010

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