Kirin Holdings has cut its sales and profits forecast for the first half of 2010. Kirin expects net sales to be JPY43bn (US$492m) for the six months to the end of June, 14% lower than previously predicted, the Japanese drinks giant said today (26 July). It added that net profits are expected to be JPY26bn, 7% lower than its earlier forecast, with operating profits set to be 14% lower at JPY29bn. “The revision is due to smaller dividend income from affiliates than initially forecast,”... ...Read more »
After a solid start to the financial year, Lion Nathan looks strong against drinks giant and leading rival Foster’s after posting an almost 7 per cent rise on the prior corresponding period. Kirin, which now owns Lion Nathan, National Foods and Dairy Farmers declared Lion’s Australian and New Zealand business delivered revenue of $687 million for the three months to the end of December, a growth of 6.6 per cent compared to the same period one year ago. According to The Australian, this... ...Read more »
The head of National Foods has admitted the Australian dairy group is still “some distance” off generating “acceptable” returns as the company integrates local firm Dairy Farmers. National Foods managing director Andrew Reeves said the coming together of the two companies during 2009 had created a “leading branded dairy and juice business” - and he insisted the combined group was “well-positioned” to invest in its business. While Reeves said National... ...Read more »
Japanese food and drink group Kirin Holdings has shuffled its management pack as the company looks to push on with plans to drive earnings. Kirin, which owns Australia’s Dairy Farmers and National Foods, said today (10 February) that executive vice president Senji Miyake would become president and CEO from next month. Current CEO Kazuyasu Kato will become Kirin’s chairman. The promotion of Miyake is the latest move from Kirin to establish “a leading company” in food and health... ...Read more »
Lion Nathan will officially be delisted from the ASX at the close of business tomorrow. An employer of over 3,000 in Australia and New Zealand, Lion Nathan’s roots trace back to New Zealand with the 1914 creation of New Zealand Breweries. After building up a significant business in New Zealand the company looked to Australia for growth, with expansion taking a major step forward in 1990 with the purchases of Tooheys Brewery and Castlemain Perkins. Since then they have further extended their... ...Read more »
Kirin Holdings has received approval from Lion Nathan shareholders for a multi-billion dollar takeover that will create the largest food and beverage group in Australia. Australia’s second-largest brewer will join National Foods and Dairy Farmers as recent acquisitions by Kirin in Australia as the Japanese firm looks to boost profits while their home market remains in a rut. A meeting with shareholders was held today with 98.75 per cent of votes cast in favour of the scheme. Pending final court... ...Read more »
Kirin Holdings and Suntory have sought approval from the competition watchdog in Japan for their merger plan despite being yet to announce a final agreement on a deal, according to reports from Japan. The merger would create one of the world’s largest food and beverage companies - ranking in the top five globally, with a major presence here in Australia. Together, Suntory and Kirin would combine to create a powerhouse in the beverage industry in Australia; with Kirin having recently purchased... ...Read more »
Japanese brewer Kirin Holdings has reported a 16 per cent drop in operating profit as the exchange rate hurts their Australian operations and Japanese consumption remains subdued. Despite the drop in profit, the owner of National Foods consolidated Dairy Farmers into their Australian fruit juice and dairy business with better-than-expected results and has now raised their profit expectations for the full year. Kirin said that Lion Nathan, which they are currently seeking to buy (they currently own... ...Read more »
Kirin’s Australian operations will soon be renamed Lion Nathan National Foods Pty Ltd, provided shareholders of brewer Lion Nathan accept their takeover proposal. The Japanese brewer’s plans have been outlined today in the Scheme Booklet released by Lion Nathan. It shows that their large food and beverage operation in Australia - National Foods - will be united with Lion Nathan, while the management team will largely be drawn from Lion. The only part of their Australian operation that... ...Read more »
Suntory, the owner of Frucor and one of Japan’s larger brewers, is still considering the option of a merger with Kirin Holdings - which would create a food and beverage firm of an equivalent size to PepsiCo. Analysts believe such a merger will give them the ability to take price leadership in their stagnant home market, while also allowing them to speed up their overseas expansion plans - which have largely centred on Australia to date. “If a merger is realized, that would give them the... ...Read more »