CSM subsidiary Purac is discontinuing its lactic acid manufacturing in the Netherlands and Spain and moving production to its factories in Thailand, Brazil and the US, citing economic reasons.
Purac recently sold its gluconic acid business in Janesville in the US and now intends to sell its manufacturing plant in Ter Apelkanaal in the Netherlands.
The company will also cease the production of lactitol in two other factories, one located in the Netherlands and the other in Spain.
Instead, these plants will focus on producing lactic acid derivatives and lactides, often used in the bio-plastics industry.
The new manufacturing footprint will be implemented in the course of 2008 and the asset write down is expected to range between € 40 million (US$57 million) and € 55 million (US$78 million).
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Germany's METRO Group is making plans to open its first Metro Cash & Carry wholesale store in Kazakhstan in the summer of 2009. The Group officially agreed to the investment with the Government of the Republic of Kazakhstan on Wednesday, a move which will extend METRO's activities to 33 countries.
Trent Ltd, the retail arm of the Tata group in India, is likely to invest around Rs 20billion ( €0.3 billion ) over the next five years in the roll out of 50 Star Bazaar hypermarket stores, according to Indian press reports.
The recent credit crunch has led all the major supermarket chains in the UK to increase promotions of cheap, unhealthy food, according to the country's National Consuner Council (NCC).
Auchan has published half year results for the first time as a result of new European regulations governing transparency. Although there has been a slow-down in mature markets, emerging markets remained buoyant for the French company and as a result sales for the first six months of 2008 were 9.4% higher than in 2007 reaching EUR18.7 billion.
Price promotions and the decision to only partially pass on food price inflation to customers have led to a downturn in second quarter margins for Ahold. Net sales for second quarter 2008 were EUR 5.8 billion, down 0.8% from the same period last year. At constant exchange rates, net sales increased by 7.3%.
Despite the credit crunch, drinks giant, Diageo reports another year of strong organic growth with net sales up 7% and operating profit up 9%. Sales rose to £8.09bn up from £7.48bn last year while sales volumes increased by about 3%.
