Food Union Tops 2020 Projections Despite Year of Global Uncertainty
Food Union (Europe), a global ice cream and dairy producer and distributor, will wrap up 2020 by posting strong financial results and delivering outstanding commercial performance despite the global uncertainty caused by the COVID-19 pandemic. The Group has seen its market grow amid challenges caused by changing markets, evolving consumer preferences and transforming distributor value chains.
“I am pleased to announce that we are on track to achieve our goal of reaching a 5% increase in sales in 2020,” said Normunds Staņēvičs, CEO of Food Union Europe. “This is very encouraging, given the unprecedented market dynamics this year. Strategically, it’s worth noting the increase of Food Union’s ice cream market share by an average of 0.5% across markets where we sell our products. In Food Union’s core ice cream business, profit margins increased by an average of 1.8%. This is a significant outcome given the challenging times. Our Group will start 2021 strongly positioned for growth.”
In 2020, Food Union operated in nine European countries, navigated shifting market demands and launched 117 new products based on local consumer insights. Food Union Europe also increased exports into South East Asia, with total exports soaring from near-zero in the first months of 2020 to €2.1 million in sales by the end of 2020.
“Our current position speaks to the resilience of our global business,” said Mr. Staņēvičs. “We have emphasized flexibility and agility in responding to the current global crisis, and ensured that local market factors were central considerations in our most crucial business.” Throughout 2019, the Group invested €18.8 million in new technologies across every part of its business and in each geographical region. “These investments were prescient and positioned Food Union to both withstand the impact of COVID-19 and to increase revenues and profitability in 2020,” Mr. Staņēvičs added.
The Group’s shareholders include its founder and executive chairman, Andrey Beskhmelnitskiy, an entrepreneur with a track record of transforming an array of assets in the food products into a robust and profitable enterprise. Hong Kong-based investment company, Meridian Capital Limited, together with one of Asia’s largest private capital firms, PAG, provide Food Union with financial backing. Meridian Capital Limited and PAG became Food Union shareholders in 2015 and 2018, respectively, to finance the Group’s growth and its expansion into the Chinese market with Food Union China.
“Even in the extraordinary circumstances that have characterized 2020, Food Union has managed to wrap up a successful year,” said Askar Alshinbayev, founder and principal of Meridian Capital Limited. “The Group has made significant investments and undertaken fresh initiatives with the goal of delivering more innovation and enhancing operational agility in the FMCG market even in the middle of market headwinds and challenges.”
ABOUT FOOD UNION
Food Union is a leading, innovative consumer goods company that develops local brands and delivers delightful products designed to enhance the happiness and wellbeing of consumers in Europe, Belarus, Russia, China and Pacific Asia. Food Union is currently the leading ice cream producer in the Baltics and Denmark, and the group holds a strong market position in Norway, Romania, Russia and Belarus.
Food Union is a dynamic player in the European dairy sector. They paved the way by developing and focusing on acquiring leading brands across Europe. The Group is made up of the two of the largest dairy and ice-cream companies in Latvia – Rīgas piena kombināts and Valmieras piens, and includes an array of ice-cream producers and specialist companies, including: Estonia’s and Lithuania’s largest ice cream makers Premia TKH and Premia KPC, the leading Danish ice cream producer Premier Is and Danish door-step-delivery ice cream company Hjem Is, Norway’s ice cream company Isbjørn Is and door-step-delivery ice cream company Den Norske Isbilen, Romanian ice cream maker Alpin57Lux, and ice cream company Ingman Ice Cream in Belarus and ice cream company Khladokombinat No.1 in Russia.
Food Union Head of PR
T: +371 29772050
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Digital Vault Services GmbH launches its market solution for Digital Guarantees19.1.2021 22:42:00 EET | Press release
Digital Vault Services GmbH (www.digitalvaultservices.com) is pleased today to announce the launch of Guarantee Vault, its solution for digital guarantees which went live on the 18 January 2021. Guarantee Vault is a central register for the issuance and safe keeping of digital guarantees. It gives banks & sureties the possibility to centrally issue and store instruments such as Bank Guarantees, Surety Bonds and Standby Letters of Credit in an electronic form. Sven Matzelsberger, Head of Treasury at Lindner Group KG stated “Guarantee Vault has been a true market collaboration between corporates, sureties and banks. Our shared experiences, collaborative spirit and common vision are at the heart and soul of what Guarantee Vault is. We proudly see this as a true market initiative, one that solves a wide spread common problem and brings efficiencies to all involved.“ Guarantee Vault is the result of a 2 year collaboration with 16 working group partners made up of major corporates, banks and
Johns Manville Announces Katie Albery as New General Counsel19.1.2021 22:00:00 EET | Press release
Johns Manville (JM), a global building and specialty products manufacturer and a Berkshire Hathaway company, announced today Katherine (Katie) Albery has accepted the job of Vice President and General Counsel, effective February 1. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119005946/en/ Katie Albery, new General Counsel for Johns Manville. (Photo: Business Wire) “Katie is a talented lawyer who will be an outstanding general counsel for Johns Manville,” said Bob Wamboldt, President and CEO. “She has excellent judgment and will bring years of experience supporting different JM businesses and other important projects to her new role. She will be a great addition to our leadership team.” Albery will take over for Cindy Ryan, who announced at the end of 2020 that she plans to retire after 19 years with the company. Ryan will leave her executive role, but will continue to provide counsel to JM on several key initiatives. A
Loomis Sayles Welcomes Marques Benton as Chief Diversity, Equity and Inclusion Officer19.1.2021 20:04:00 EET | Press release
Loomis, Sayles & Company, an affiliate of Natixis Investment Managers, announced today that Marques Benton has joined Loomis Sayles as chief diversity, equity and inclusion (DEI) officer. Marques reports jointly to Kevin Charleston, chief executive officer and president of Loomis Sayles and John Russell, head of human resources and senior counsel. In this new role, Marques is responsible for driving the firm’s DEI strategic plan into action. In partnership with senior management, he will be focused on attracting, developing and retaining diverse talent and engaging with all staff to foster a firmwide culture of inclusion. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119005734/en/ Marques Benton is the chief diversity, equity & inclusion officer at Loomis, Sayles & Company. (Photo: Business Wire) Marques joins Loomis Sayles from the Federal Reserve Bank of Boston, where he was a vice president and chief diversity officer
Maxon Announces the Acquisition of Japanese Distributor Business19.1.2021 18:50:00 EET | Press release
Today, Maxon announced it has completed the transaction to acquire the business segment of its Japanese distributor that services Maxon’s community and business concerns, and the formation of the first official office in Japan: Maxon Computer KK. For the last ten years, Maxon’s Japan Representative office in Tokyo, TMS Corp, has been well-known amongst the Maxon community. The establishment of Maxon Computer KK seeks to deepen this connection and show Maxon’s ongoing commitment to the Japanese market. Maxon have also announced that TMS Corp founder, Manfred Flick, has been appointed as the Regional Director of this new subsidiary. In addition, his entire motivated team will be part of the Maxon family. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119005758/en/ Establishment of Maxon Computer KK to Strengthen Relationship with the Japanese Market and Provide Direct Support for the Cinema 4D, Red Giant and Redshift Artist
Andersen Global Enters Malawi19.1.2021 17:30:00 EET | Press release
Andersen Global establishes a foothold in the Malawi market through a Collaboration Agreement with Knight & Knight, bolstering its platform on the African continent and adding additional coverage in the eastern region. Established in 2003, Knight & Knight is a full-service law firm specializing in all facets of business law with capabilities in banking and finance, litigation, intellectual property, commercial, real estate, employment, mergers and acquisitions, and regulatory matters. With two partners and six professionals, the firm serves individuals and organizations of various sizes, representing a large number of businesses across the country as well as transactional entities, multinational corporations, banking and financial institutions, public sector undertakings, various ministries, state and central government authorities, and nongovernmental organizations. “At the core of our business, our philosophy has always been to offer best-in-class services designed to meet our client
Pitney Bowes Appoints Ana Maria Chadwick as Executive Vice President and Chief Financial Officer19.1.2021 17:00:00 EET | Press release
Pitney Bowes (NYSE: PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing and financial services, today announced that Ana Maria Chadwick has been appointed Executive Vice President and Chief Financial Officer, effective January 29, 2021. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119005596/en/ Pitney Bowes Appoints Ana Chadwick as Executive Vice President and CFO (Photo: Business Wire) Ms. Chadwick joins Pitney Bowes from GE Capital where she held several executive positions. Her responsibilities included both operational and financial positions, along with strong transformational and financial services experience. Most recently, Ms. Chadwick was President and CEO of GE Capital Global Legacy Solutions. Previously, she was Controller of GE Capital Americas and Chief Financial Officer at GE Capital Energy Financial Services. Ms. Chadwick also has substantial glo
Globality, the World’s First Smart Sourcing Platform Powered by AI, Raises $138.3 Million of Series E Funding From Sienna Capital, a Wholly Owned Subsidiary of Groupe Bruxelles Lambert, and the SoftBank Vision Fund19.1.2021 16:00:00 EET | Press release
Globality, the leading AI-powered digital solution for sourcing strategic services, announced today it has closed an investment of $138.3 million from Sienna Capital, a wholly owned subsidiary of Groupe Bruxelles Lambert (GBL), and the SoftBank Vision Fund. This new investment brings Globality’s total funding to $310.3 million since being founded five years ago. As part of the investment, Colin Hall, vice-chairman of Sienna Capital, will join the company’s board of directors. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119005308/en/ Joel Hyatt, Co-Founder, Chairman, and CEO of Globality (Photo: Business Wire) The Series E round of funding enables Globality to fuel its rapid growth by investing in additional AI technology capabilities. It also directly supports the company’s efforts to increase its global scale and capacity; add world-class talent to the engineering, product and client teams; and expand its marketing an
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom