Nestlé Purina PetCare has sold its steel can making assets to Silgan Holdings for $25m. Silgan will now supply Nestlé Purina with cans for its pet products as part of the deal. "This transaction enhances our market-leading position in food cans," said Tony Allott, president and CEO of Silgan.
JAPAN: Seven & I has raised its full-year sales and profits forecasts on the back of better than anticipated sales. It now expects to report sales of yen 4.8trn and profits of yen 283bn in the wake of reconstruction initiatives following the earthquake and tsunami earlier this year. Summer sales were also "generally favourable", it said.
CHINA: Starbucks plans to more than triple the number of coffee shops in China over the next four years from 470 to 1,500. "The coffee industry in China has huge potential," Starbucks Asia Pacific president Jinlong Wang said. "China has 5,000 years as a tea-drinking country, but we've created a new coffee culture." The company is also targeting 700 coffee shops in South Korea by 2016. It currently has 370 shops in the region. This month, it is also launching its Via Ready Brew instant coffee in South Korea, Indonesia, Malaysia, Singapore, Thailand and Australia.
INDIA: Archer Daniels Midland has acquired two oilseed processing facilities in India from Geepee Agri. The sites, in Kota and Akola, process rapeseed, soy and palm. "This acquisition advances ADM's strategy to expand the size and global reach of our operations and increases our presence in the growing Indian market," said Brent Fenton, president for ADM Europe.