Crisis? What crisis?, says Numico
recent management changes were related to the company's poor
financial performance or an imminent acquisition by another
company.
Dutch supplement and baby food manufacturer Numico has responded angrily to recent rumours in the local press suggesting it was on the verge of being bought by another company in order to bail it out of its current financial difficulties.
As we reported earlier this week, Numico has been linked to a number of companies, including Danone and Novartis following a number of unexpected management changes - interpreted by the press as a possible precursor to a change of ownership at the company.
Following a statement on Tuesday from Danone denying that it has had any talks with Numico, the Dutch company itself issued a statement yesterday also denying that a sale of the company was being considered.
"The recent changes to senior management within Numico are driven solely by the need to improve the quality of management - and ensure that we have the necessary skillset to achieve our strategic objective of becoming a high growth/high margin company. These changes are in no way related to our financial results," the statement said.
The company added that it was not expecting any surprises when it announced its results on 6 March, and that its operating profits should be in line with the previously stated estimate of €420-440 million. The company has been badly hit in the last year by the downturn in sales of vitamin and mineral supplements in the US.
"Contrary to market speculation, Numico has no intention of restructuring its outstanding Convertible Bonds," the company added.
