Company news in brief
Heineken ties up with China Resources Beer
Heineken NV has struck a US$3.1 billion partnership with a company that controls China’s largest brewer, China Resources Beer Co Ltd, as the two firms seek to tap a growing thirst for premium brands in the world’s biggest beer market.
The deal will see Heineken, the world’s No. 2 brewer, take a 40% stake in CRH Beer for HK$24.35 billion (US$3.1 billion), giving the Dutch brewer a strong distribution network in China and greater access to one of the world’s fastest-growing premium beer sectors.
-Nampa/Reuters
Kellogg margins hurt
Kellogg Co reported lower-than-expected quarterly profit margins on Thursday as the cereal maker spent more on marketing and transportation and had to cut prices on snack foods after it stopped distributing directly to US retailers.
The Battle Creek, Michigan-based company switched to its more widely used warehouse model last year to reduce expenses at its US snacks business. Previously, delivering its Pringles and Special K cereal bars directly to stores meant it could charge retailers higher prices.
-Nampa/Reuters
Toyota books best quarterly profit
Toyota Motor Corp on Friday posted a 19% profit jump for the first quarter, beating estimates and clocking its best quarterly performance in two-and-a-half years on the back of higher sales and cost reductions in Asia.
Operating profit at Japan’s largest automaker was 683 billion yen (US$6 billion) for April-June. That compared with the 639 billion yen average of seven analyst estimates compiled by Thomson Reuters I/B/E/S.
-Nampa/Reuters
Cisco to buy cyber-security company
Cisco Systems Inc said on Thursday it would buy Duo Security, a venture capital-backed cyber security company, for US$2.35 billion in cash, as part of its push to expand into a faster growing area of software than its core business.
The deal is the biggest acquisition for Cisco since its US$3.7-billion purchase of business performance monitoring software company AppDynamics last year, and its largest in the cyber security sector since its US$2.7-billion takeover of Sourcefire in 2013.
The deal is an example of “a move toward software and our shift to more recurring revenue with new subscription-based solutions,” Robert Salvagno, head of Cisco’s corporate development said on a conference call Thursday.
-Fin24
Google’s secret China project sparks anger
Google staff awoke on Wednesday to surprising news: Their company is working on a search app tailored, and censored, for China. The project, kept secret from all but select teams and leaders, sparked a furious internal debate.
Yet the move couldn’t have been entirely surprising for Googlers.
Sundar Pichai, chief executive officer since 2015, has made no secret of his desire to take the search giant back to mainland China. The executive is more pragmatic about the world’s largest internet market than Google’s founders, who pulled search from the mainland in 2010 over censorship concerns.
-Fin24
Heineken NV has struck a US$3.1 billion partnership with a company that controls China’s largest brewer, China Resources Beer Co Ltd, as the two firms seek to tap a growing thirst for premium brands in the world’s biggest beer market.
The deal will see Heineken, the world’s No. 2 brewer, take a 40% stake in CRH Beer for HK$24.35 billion (US$3.1 billion), giving the Dutch brewer a strong distribution network in China and greater access to one of the world’s fastest-growing premium beer sectors.
-Nampa/Reuters
Kellogg margins hurt
Kellogg Co reported lower-than-expected quarterly profit margins on Thursday as the cereal maker spent more on marketing and transportation and had to cut prices on snack foods after it stopped distributing directly to US retailers.
The Battle Creek, Michigan-based company switched to its more widely used warehouse model last year to reduce expenses at its US snacks business. Previously, delivering its Pringles and Special K cereal bars directly to stores meant it could charge retailers higher prices.
-Nampa/Reuters
Toyota books best quarterly profit
Toyota Motor Corp on Friday posted a 19% profit jump for the first quarter, beating estimates and clocking its best quarterly performance in two-and-a-half years on the back of higher sales and cost reductions in Asia.
Operating profit at Japan’s largest automaker was 683 billion yen (US$6 billion) for April-June. That compared with the 639 billion yen average of seven analyst estimates compiled by Thomson Reuters I/B/E/S.
-Nampa/Reuters
Cisco to buy cyber-security company
Cisco Systems Inc said on Thursday it would buy Duo Security, a venture capital-backed cyber security company, for US$2.35 billion in cash, as part of its push to expand into a faster growing area of software than its core business.
The deal is the biggest acquisition for Cisco since its US$3.7-billion purchase of business performance monitoring software company AppDynamics last year, and its largest in the cyber security sector since its US$2.7-billion takeover of Sourcefire in 2013.
The deal is an example of “a move toward software and our shift to more recurring revenue with new subscription-based solutions,” Robert Salvagno, head of Cisco’s corporate development said on a conference call Thursday.
-Fin24
Google’s secret China project sparks anger
Google staff awoke on Wednesday to surprising news: Their company is working on a search app tailored, and censored, for China. The project, kept secret from all but select teams and leaders, sparked a furious internal debate.
Yet the move couldn’t have been entirely surprising for Googlers.
Sundar Pichai, chief executive officer since 2015, has made no secret of his desire to take the search giant back to mainland China. The executive is more pragmatic about the world’s largest internet market than Google’s founders, who pulled search from the mainland in 2010 over censorship concerns.
-Fin24
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