Bain in on KKR bid for Coles...
Tooronga, AUSTRALIA: Private equity firm Bain Capital has reportedly joined a Kohlberg Kravis Roberts-led consortium interested in bidding for Australian supermarket chain Coles Group. Last month, Coles Group said that following a number of informal approaches it would start a review of ownership options. It said it was evaluating whether a 100% sale or restructuring of the group would be in shareholder interests. Bain Capital was part of a consortium that registered an interest in Coles last year. Kohlberg Kravis Roberts is one of a number of private equity firms linked with a bid for Sainsbury's.
..as KKR buys Dollar General
Goodlettsville, Tennessee: US discount retailer Dollar General, which operates 8,260 stores across the US, has been acquired by Kohlberg Kravis Roberts in a deal worth $7.3bn (£3.8bn). The deal, which is subject to shareholder approval, is expected to be completed in the third quarter of 2007. "We have worked closely with many retail companies in driving success and unlocking value, and we look forward to partnering with the Dollar General team to position the company for future growth," said Michael Calbert, a member of the US private equity giant.
Suppliers sign up to eco scorecard
Bentonville, Arkansas: A packaging scorecard launched last month by Wal-Mart has attracted the interest of 2,268 suppliers, according to the retailer. The scorecard evaluates the sustainability of suppliers' packaging based on a number of factors including greenhouse gas emissions, recycled content usage and renewable energy. "We are in a unique position to drive positive change by working with our suppliers," said Matt Kistler from Wal-Mart's Packaging Sustainability Network.
Kroger sales rise 9.2%
Cincinnati, Ohio: US supermarket group Kroger has reported net profit up 1.7% to $1.1bn (£571m) in 2006 on sales up 9.2% to $66.1bn (£34.1bn). Like-for-like sales rose 5.6% during the year. "These results and the gains we have made in market share throughout the year indicate Kroger continues to compete effectively in this challenging environment," said David Dillon, Kroger chairman and CEO. "Our performance is the result of the hard work and dedication of staff."
Hershey aims for savings of $190m
Hershey, Pennsylvania: US confectionery giant Hershey has announced a shake-up of its global supply chain, which is expected to yield annual savings of between $170m and $190m by 2010. The three-year plan, which will result in the loss of 1,500 jobs, includes outsourcing production of some lower-value items and building a new factory in Monterrey, Mexico. Hershey said the savings would allow the company to invest in new products and global expansion. "The long-term benefits will include a significant, sustainable increase in investment behind Hershey's iconic brands and new product innovation, as well as targeted, profitable international expansion," said David West, executive vice president and chief operating officer for Hershey.
Tooronga, AUSTRALIA: Private equity firm Bain Capital has reportedly joined a Kohlberg Kravis Roberts-led consortium interested in bidding for Australian supermarket chain Coles Group. Last month, Coles Group said that following a number of informal approaches it would start a review of ownership options. It said it was evaluating whether a 100% sale or restructuring of the group would be in shareholder interests. Bain Capital was part of a consortium that registered an interest in Coles last year. Kohlberg Kravis Roberts is one of a number of private equity firms linked with a bid for Sainsbury's.
..as KKR buys Dollar General
Goodlettsville, Tennessee: US discount retailer Dollar General, which operates 8,260 stores across the US, has been acquired by Kohlberg Kravis Roberts in a deal worth $7.3bn (£3.8bn). The deal, which is subject to shareholder approval, is expected to be completed in the third quarter of 2007. "We have worked closely with many retail companies in driving success and unlocking value, and we look forward to partnering with the Dollar General team to position the company for future growth," said Michael Calbert, a member of the US private equity giant.
Suppliers sign up to eco scorecard
Bentonville, Arkansas: A packaging scorecard launched last month by Wal-Mart has attracted the interest of 2,268 suppliers, according to the retailer. The scorecard evaluates the sustainability of suppliers' packaging based on a number of factors including greenhouse gas emissions, recycled content usage and renewable energy. "We are in a unique position to drive positive change by working with our suppliers," said Matt Kistler from Wal-Mart's Packaging Sustainability Network.
Kroger sales rise 9.2%
Cincinnati, Ohio: US supermarket group Kroger has reported net profit up 1.7% to $1.1bn (£571m) in 2006 on sales up 9.2% to $66.1bn (£34.1bn). Like-for-like sales rose 5.6% during the year. "These results and the gains we have made in market share throughout the year indicate Kroger continues to compete effectively in this challenging environment," said David Dillon, Kroger chairman and CEO. "Our performance is the result of the hard work and dedication of staff."
Hershey aims for savings of $190m
Hershey, Pennsylvania: US confectionery giant Hershey has announced a shake-up of its global supply chain, which is expected to yield annual savings of between $170m and $190m by 2010. The three-year plan, which will result in the loss of 1,500 jobs, includes outsourcing production of some lower-value items and building a new factory in Monterrey, Mexico. Hershey said the savings would allow the company to invest in new products and global expansion. "The long-term benefits will include a significant, sustainable increase in investment behind Hershey's iconic brands and new product innovation, as well as targeted, profitable international expansion," said David West, executive vice president and chief operating officer for Hershey.
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