|Bid||107.02 x 0|
|Ask||0.00 x 0|
|Day's range||105.30 - 107.40|
|52-week range||83.37 - 113.20|
|Beta (5Y monthly)||0.28|
|PE ratio (TTM)||24.92|
|Forward dividend & yield||2.70 (2.56%)|
|Ex-dividend date||27 Apr 2020|
|1y target est||N/A|
The U.S. Supreme Court will decide whether American corporations can be sued for alleged human rights abuses occurring abroad under a 1789 law, agreeing on Thursday to hear appeals by two companies - Cargill Inc and a Nestle SA subsidiary - accused of knowingly helping perpetuate slavery at Ivory Coast cocoa farms. The two companies are asking the nine justices to reverse a lower court ruling that allowed the lawsuit, filed on behalf of former child slaves from Mali who worked on the farms, against the companies filed under the Alien Tort Statute to proceed. The lawsuits targeted the U.S. subsidiary of Swiss-based Nestle, the world's biggest food producer, and commodities trader Cargill, the largest privately held U.S. company.
(Bloomberg) -- The U.S. Supreme Court will consider giving companies a broader shield against lawsuits by victims of overseas atrocities, agreeing to take up a case stemming from child slavery on cocoa farms in the Ivory Coast.Nestle SA’s U.S. unit and Cargill Inc. are urging the court to end a suit that accuses them of complicity in the use of forced child labor in the African country. The Supreme Court said Thursday it will hear both companies’ appeals of that ruling.The case will test a centuries-old law, the 1789 Alien Tort Statute, that had become a favorite tool of human-rights activists before the Supreme Court started scaling it back. The court ruled in 2013 that the law generally doesn’t apply beyond U.S. borders, and in 2018 that foreign corporations can’t be sued.But a federal appeals court said the allegations against Nestle and Cargill might have enough of a U.S. connection if the plaintiffs amended their lawsuit to provide more specifics.“The allegations paint a picture of overseas slave labor that defendants perpetuated from headquarters in the United States,” the San Francisco-based appeals court said.President Donald Trump’s administration joined the companies in urging the Supreme Court to take up the case.The case, filed by six former slaves who were kidnapped from their native Mali, has been moving up and down the federal court system since 2005. The companies are accused of aiding and abetting slave labor by giving Ivory Coast farmers financial assistance in the expectation that cocoa prices would stay low. The suit alleges the companies were fully aware that child slavery was being used.The ex-slaves say children were forced to work as much as 14 hours a day, given only scraps to eat, and were severely beaten or tortured if they tried to escape.In its appeal, Nestle USA said the plaintiffs “have not even alleged that their injuries can be traced to the domestic conduct of a defendant.” The company said it “unequivocally condemns child slavery.”Cargill said the plaintiffs “do not allege they worked on a farm from which Cargill purchased cocoa or to which Cargill provided any form of assistance.”Multinational companies have faced dozens of suits accusing them of playing a role in human rights violations, environmental wrongdoing and labor abuses.The justices will hear arguments and rule in the nine-month term that starts in October.The cases are Nestle USA v. Doe, 19-416, and Cargill v. Doe, 19-453.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Nestle will change the name of two popular Australian confectionery products, Red Skins and Chicos sweets, the food and beverage giant said on Tuesday, amid a global debate over racial inequality. The move is part of the corporate world's reckoning with the treatment of African Americans, following anti-racism protests triggered by the death of George Floyd in police custody in Minneapolis late last month. Last week, PepsiCo Inc said it would change the name and brand image of its Aunt Jemima pancake mix and syrup, which have been criticized as racist.
Nestle is exploring a potential sale of part of its North American water business, including the Pure Life brand, it said on Thursday, as the food giant shifts focus to better performing brands. The business under review also includes regional spring water brands like Poland Spring and generated sales of 3.4 billion Swiss francs ($3.61 billion) last year, accounting for almost half of total water revenue. "We are withdrawing from a bulk business to focus on high-value (water) specialities," Nestle Chief Executive Mark Schneider told Reuters by phone.
As impossible as it sounds, Nestle (OTC: NSRGY) has lost a European trademark infringement case to Impossible Foods over its plant-based burgers. The District Court of The Hague in the Netherlands ruled Nestle's Garden Gourmet Incredible Burger is so close in name to Impossible Foods' Impossible Burger that it would confuse consumers, even though the former launched its burgers in 15 countries last year and the latter doesn't sell its burgers in Europe yet. The market for plant-based meat alternatives is growing in the U.S. and globally, with Impossible Foods and Beyond Meat (NASDAQ: BYND) having credibly earned first-mover leadership status at restaurants and supermarkets.
Last week, the District Court in The Hague granted an injunction filed by Impossible Foods to prevent Nestle from marketing its burgers as "Incredible" after arguing that the signage bore a strong visual, phonetic and conceptual resemblance to the U.S. company's EU trademark and could confuse consumers. In its ruling, the court agreed that Nestle had infringed Impossible Foods' trademarks and prohibited the KitKat-maker from using the "Incredible" name throughout Europe, giving it four weeks to withdraw its products from shelves or face 25,000 euros ($27,772.50) a day in fines.
The company said its first plant-based food facility for Asia would be built in Tianjin Economic-Technological Development Area (TEDA) and that it could launch faux meat products by the end of this year. Chinese consumers have been steadily shifting to plant-based diets over the past few years, in part due to a devastating pig disease and bruising Sino-U.S. trade war driving up meat prices. China's "free from meat" market, which includes alternative meat products, grew 33.5% since 2014 to be worth just under $10 billion in 2018, according to Euromonitor.
Short-sellers are convinced a company marketing the first approved biologic for treating peanut allergies in children and teenagers will fail. Here's why.
Sales in North America and Europe were particularly strong in March, helping to drive an overall rise of 4.3% in the first three months of the year, beating analyst expectations for a 3% increase. In North America, Purina Pet care sales rose by a double-digit percentage while Nescafe and Coffee Mate drinks had high single-digit increases. Chief Executive Mark Schneider said Nestle was working to adapt to the virus conditions and ensure it had enough raw materials and factory capacity to meet the increased demand, while also taking safety precautions against COVID-19.
Nestle <NESN.S> bought London-based Lily's Kitchen that makes food for dogs and cats in the higher-priced segment, the Swiss group said on Wednesday, as it bulks up in pet food, its fastest-growing product category. Purina PetCare had 7.0% organic growth and sales of 13.622 billion Swiss francs ($14.12 billion) in 2019, outpacing Nestle's other categories. Most of Lily's Kitchen's products are in the so-called premium segment that grew at a double-digit rate for Nestle last year.
The move will cover both part-time and salaried employees as well as those working in its retail operations - the Kit Kat Chocolatory and Nespresso boutiques - which have been temporarily closed in some places, the company said in a statement. It will also pay bonuses to salaried employees of its Canadian factories who cannot work from home. "The COVID-19 pandemic is a global problem and consequently we are offering help on the ground everywhere," Nestle Chief Executive Officer Mark Schneider said in a statement.
Nestle, the world's biggest food company, says it has made significant progress removing cocoa produced in protected forests in West Africa from its supply chain as pressure builds from consumers and governments for ethically sourced cocoa. The company said it had mapped, using GPS co-ordinates, 75% of the 120,000 cocoa farms it sources from directly in Ivory Coast and Ghana, which produce some two thirds of the world's cocoa. It found around 3,700 farms in protected forests in the process of mapping, and removed them from its supply chain.
Food giant Nestle <NESN.S> told employees to prepare for difficult times ahead and make all the necessary efforts to supply customers with the food and beverages they need, Chief Executive Mark Schneider said in a memorandum seen by Reuters. "This is the moment for extra effort, for going the extra mile," Schneider said in a message to staff, distributed internally on Friday. "Please get ready for the storm to hit – because hit it will," Schneider added.
Nestle Chief Executive Mark Schneider will fine-tune his transformation plans with more acquisitions, he said after the Swiss food group lowered growth expectations on Thursday. The company had earlier said it will take longer than expected to hit its 2020 organic growth target despite posting its highest annual growth in four years and improved profitability. Like rivals such as Unilever, Nescafe coffee and KitKat maker Nestle has been working hard to streamline its diverse portfolio in line with changing consumer tastes and growing demand for healthier and more environmentally friendly produce and packaging.
Food giant Nestle <NESN.S> has set up new structures to turn innovative ideas from outside and inside the company into new products, its technology head told journalists on Wednesday ahead of the publication of the group's full-year results. Employees, often from Nestle's research teams, can apply for funding to develop products via the company's internal ideas factory or "shark tank", while startups or students can work with Nestle scientists and resources, including lab space, at so-called "accelerators". Nestle and its packaged food peers have come under pressure to speed up innovation from a flurry of small local rivals that win over health and eco-conscious consumers with trendy foods and drinks, from cold-brew coffee to plant-based burgers.
The funding brings Nestle's total investment to $473 million, increasing the Swiss company's stake to 19.9% of Aimmune's outstanding stock and voting power. Nestle's investment is an incremental positive for Aimmune's shares, which have seen some weakness due to investor worries over financing, Piper Sandler analyst Christopher Raymond wrote in a note. "With this additional investment, we think the prospect of an outright take out by Nestle (or anyone else for that matter) has to be factored in more than before," Raymond said.
BERLIN/VEVEY, Switzerland (Reuters) - A German firm backed by bottled water giant Danone <DANO.PA> plans to launch a sparkling-water machine for the home early next year, its chief executive told Reuters, squarely taking aim at PepsiCo's <PEP.O> SodaStream. Nestle <NESN.S>, the bottled water market leader, is also considering a machine for the home with filters, flavors and fizz that would be a smaller version of its Refill+ dispensers being rolled out in cafeterias, hotels and offices this year. Concerns about plastic waste and the environmental impact of transporting bottled water are prompting more people to drink straight from the tap, which is in turn pushing water firms to come up with new products to keep customers on board.
BERLIN/VEVEY, Switzerland (Reuters) - A German firm backed by bottled water giant Danone <DANO.PA> plans to launch a sparkling-water machine for the home early next year, its chief executive told Reuters, squarely taking aim at PepsiCo's <PEP.O> SodaStream. Nestle <NESN.S>, the bottled water market leader, is also considering a machine for the home with filters, flavours and fizz that would be a smaller version of its Refill+ dispensers being rolled out in cafeterias, hotels and offices this year. Concerns about plastic waste and the environmental impact of transporting bottled water are prompting more people to drink straight from the tap, which is in turn pushing water firms to come up with new products to keep customers on board.
U.S. drugmaker AbbVie's <ABBV.N> $63 billion tie-up with Allergan <AGN.N> is getting help from Nestle <NESN.S> and AstraZeneca <AZN.L> buying up products the Irish-domiciled company is shedding to placate regulators. AbbVie is swallowing Allergan to give it control of the lucrative wrinkle treatment Botox and to diversify a portfolio heavily dependent on its $19-billion-per-year arthritis drug Humira, the world's best-selling medicine that is advancing toward U.S. patent expiration. Swiss food group Nestle bulked up its medical nutrition business with Allergan's Zenpep, a product with 2018 sales of $237 million which treats people whose pancreases do not provide enough enzymes to digest fats, proteins and sugars.
Swiss food giant Nestle <NESN.S> on Monday bulked up its medical nutrition business by buying Allergan's <AGN.N> Zenpep, a product for people whose pancreases do not provide enough enzymes to properly digest fats, proteins and sugars. Financial terms of the transaction were not disclosed. Zenpep had sales of $237 million in 2018.
WINNIPEG, Manitoba/ZURICH (Reuters) - Food company Nestle SA <NESN.S> said on Friday it has teamed up with small Canadian plant-based food ingredient makers Burcon <BU.TO> and Merit Functional Foods, the second such supply agreement this month that targets Canadian crops. Canada is among the world's largest growers of peas and the biggest producer of canola, crops high in protein that technology companies like Burcon can separate and isolate for use in foods and beverages. The agreement with Nestle is long-term, with no expiry, Burcon Chief Executive Johann Tergesen said in an interview.
Food giant Nestle will invest up to 2 billion Swiss francs ($2.07 billion) to source more recycled plastics for packaging its products and reduce its use of new plastics by a third by 2025, it said on Thursday. "We are high up on the list because we are one of the largest companies out there in packaged goods and now we're also taking pretty big steps in using our size to actually solve the problem," Chief Executive Mark Schneider told journalists. "At the moment, outside PET bottles, there's not a lot of recycled plastic available that is suitable for packaging food," Nestle Chief Technology Officer Stefan Palzer told Reuters on the sidelines of the event.