Word: buitoni
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...midst of a growth spurt that saw Nestle double its sales, to $60 billion, in a decade and cement its position as the world's largest food company. With brands that include Stouffer's frozen dinners, Perrier and Pellegrino water, Nescafe coffee, Friskies cat food, Carnation milk, Buitoni pasta and After Eight chocolate mints, it's the leader in hundreds of product categories worldwide. But Brabeck isn't satisfied. "The most important role I have in this organization is fighting against complacency," he says. His overriding goal: to double Nestle's sales once again, this time more cost efficiently...
...last summer Polo Ralph Lauren spent another $22 million buying out its Italian partner, PRL Fashions of Europe. A key Polo lieutenant, Lance Isham, moved from the company's New York City headquarters to London to oversee the company's international development, and an Italian, Gian Luigi Longinotti-Buitoni, who had most recently been CEO of Ferrari North America, was hired to manage day-to-day operations in Europe...
...Benedetti, who is chairman of Italy's Olivetti and holds stakes in companies ranging from the Yves Saint Laurent fashion house to the Buitoni Perugina food giant, managed to grab a major interest in La Generale -- also known as Belgium Inc. -- while no one was looking. His announcement last week that he had acquired an 18.6% share (market value: more than $300 million) largely through his Paris-based holding company, Cerus, prompted hurrahs in Italy's financial community. "It was a brilliant operation, a theatrical coup," said Fiat Chairman Giovanni Agnelli, and Italian newspapers bannered triumphant headlines like DE BENEDETTI...
Three months ago, De Benedetti, through a family holding company, became the principal owner of Industrie Buitoni Perugina, one of Italy's largest food producers. Last week he took another big bite by announcing that he would pay $250 million for 51% of SME, a food subsidiary of IRI, the Italian government's vast holding company. The acquisition package includes more than 14 companies, which have 20,000 employees, operate 300 restaurants and 80 supermarkets as well as plants turning out everything from ice cream to tomato paste. Buitoni and SME together will have annual revenues of $2 billion...
...nearly eight years at Olivetti. Says he: "This is the first time in Italy that a private businessman bought a state-controlled company and ! paid for it with real money, not pieces of paper or promises for future returns." After the new agreement is completed, Olivetti and the Buitoni- SME food group will remain separate corporate entities, but they will both come under De Benedetti's direction...