Tiger Brands, the company behind the killer polony scandal, has closed another factory because of traces of listeria. This was announced on Monday in a statement by the firm. Meanwhile, it announced it faces class action claims over the listeria outbreak, and is looking at stiff losses. Together they could add up to over R800m.
Tiger Brands was looking for acquisitions outside SA and would place more emphasis on due diligence than in the past, management said on Monday.
Tiger Brands (JSE: TBS), South Africa’s leading fast moving consumer goods manufacturer posted a solid set of results for the year ended 30 September 2016, testament to the strength of its brands and ability of its leadership to navigate the difficult environment. The company recorded an increase in group turnover from continuing operations of 11 percent to R31,7bn, while group operating income rose 5% to R4,2bn.
On Monday, it was announced that all investigations and prosecutions relating to a settlement agreement between ArcelorMittal SA (AMSA) and the Competition Commission have now been finalised and ArcelorMittal will pay an administrative penalty of R1.5bn for price fixing.
“We are delighted with the appointment of Lawrence Mac Dougall and are confident of his abilities to lead the organisation and to deliver on the strategic objectives of Tiger Brands. We have found an exceptional new CEO in Lawrence, who has sound commercial and strategic acumen, the demonstrated ability to lead extensive growth and business turnaround strategies and the leadership skills to develop strong integrated teams that deliver continuous sustainable performance,” says Andre Parker, Chairman of the Board.