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Arla Foods amba
Company Profile Publication Date: 12 Jun 2009
www.datamonitor.com Datamonitor USA 245 5th Avenue 4th Floor New York, NY 10016 USA
Datamonitor Europe Charles House 108-110 Finchley Road London NW3 5JJ United Kingdom
Datamonitor Kastor & Pollux Platz der Einheit 1 60327 Frankfurt Deutschland
Datamonitor Hong Kong 2802-2803 iralty Centre Tower 1 18 Harcourt Road Hong Kong
t:+1 212 686 7400 f:+1 212 686 2626 e:[email protected]
t:+44 20 7675 7000 f:+44 20 7675 7500 e:[email protected]
t:+49 69 9754 4517 f:+49 69 9754 4900 e:[email protected]
t:+852 2520 1177 f:+852 2520 1165 e:[email protected]
Arla Foods amba
ABOUT DATAMONITOR Datamonitor is a leading business information company specializing in industry analysis. Through its proprietary databases and wealth of expertise, Datamonitor provides clients with unbiased expert analysis and in depth forecasts for six industry sectors: Healthcare, Technology, Automotive, Energy, Consumer Markets, and Financial Services. The company also advises clients on the impact that new technology and eCommerce will have on their businesses. Datamonitor maintains its headquarters in London, and regional offices in New York, Frankfurt, and Hong Kong. The company serves the world's largest 5000 companies. Datamonitor's reports are based on primary research with industry s and consumers. We gather information on market segmentation, market growth and pricing, competitors and products. Our experts then interpret this data to produce detailed forecasts and actionable recommendations, helping you create new business opportunities and ideas. Our series of company, industry and country profiles complements our products, providing top-level information on 10,000 companies, 2,500 industries and 50 countries. While they do not contain the highly detailed breakdowns found in reports, profiles give you the most important qualitative and quantitative summary information you need - including predictions and forecasts.
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Datamonitor plc. The facts of this profile are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Datamonitor delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Arla Foods amba © Datamonitor
Page 2
Arla Foods amba TABLE OF CONTENTS
TABLE OF CONTENTS Company Overview..............................................................................................4 Key Facts...............................................................................................................4 SWOT Analysis.....................................................................................................5
Arla Foods amba © Datamonitor
Page 3
Arla Foods amba Company Overview
COMPANY OVERVIEW Arla Foods amba (Arla) produces fluid milk, butter, cheese, cultured dairy products, and desserts for consumers, as well as dairy ingredients and bacterial cultures for food manufacturers and agricultural use. The company primarily operates in the US, Europe, Asia and Middle East. It is headquartered in Viby, Denmark and employs about 15,927 people. The company recorded revenues of DKK49,469 million (approximately $9,762.2 million) during the financial year (FY) ended December 2008, an increase of 3.6% over FY2007. The operating profit of the company was DKK1,149 million (approximately $226.7 million) during FY2008, a decrease of 24.4% compared to FY2007. The net profit was DKK556 million (approximately $109.7 million) in FY2008, a decrease of 40.7% compared to FY2007.
KEY FACTS Head Office
Arla Foods amba Skanderborgvej 277 8260 Viby DNK
Phone
45 89 38 10 00
Fax
45 86 28 16 91
Web Address
http://www.arlafoods.com
Revenue / turnover 49,469.0 (DKK Mn) Financial Year End
December
Employees
15,927
Arla Foods amba © Datamonitor
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Arla Foods amba SWOT Analysis
SWOT ANALYSIS Arla produces fluid milk, butter, cheese, cultured dairy products, and desserts for consumers, as well as dairy ingredients and bacterial cultures for food manufacturers and agricultural use. The company has strong product innovation capabilities. The production innovation has been the key area for the company as it helped the company to become the leader in the dairy products market. Strong product innovation capabilities enable the company to stay ahead of the competition and create an advantage in the market. However, increased competition may have an adverse effect on profitability as might result in lower sales, lower gross profits and/or greater operating costs such as marketing. Strengths
Weaknesses
Strong product innovation capabilities Market leading position Broad product portfolio
Lack of scale Declining margins
Opportunities
Threats
Global expansion strategy Partnership with Green Meadows Foods Growing demand for organic food products
Intense competition Product recalls Outbreak of animal diseases
Strengths
Strong product innovation capabilities The company has strong product innovation capabilities. The production innovation has been the key area for the company as it helped the company to become the leader in the dairy products market. In 2008–09, the company demonstrated its ability to innovate and extend the territory of its brands and products, both in of geographic extent and range of products. For instance, the company launched a new product, Cultura, which provides the consumer added health benefits with beneficial bacterial cultures, and lactose-free milk, for people who are sensitive to lactose. The company is continuously working to develop organic products and planned to launch 30 new products in FY2009. Arla has strong research and development team. Arla’s research and development (R&D) activities take place at three large innovation centers in Denmark and Sweden as well as in the UK and Finland. In order to further strengthen the research expertise, the company established three Centers of Excellence, with specialists in several fields.
Arla Foods amba © Datamonitor
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Arla Foods amba SWOT Analysis
The company's innovation covers milk-based products such as milks, yoghurts, desserts, cheeses, butters, spreads, soups, sauces, milk powders and milk-based food ingredients. Strong product innovation capabilities enable the company to stay ahead of the competition and create an advantage in the market. Market leading position Arla is the biggest supplier of organic products in Denmark and Sweden and the biggest supplier of organic dairy products in the world. It sources approximately 8,243 million liters of milk a year. It is a global dairy company whose products are sold in more than 100 countries. It has production facilities in 12 countries and sales offices in more than 30 countries. The company's core markets include Denmark, Sweden, the UK, Finland, and Poland.The company's customers include major retailers, independent stores, restaurants and commercial kitchens, as well as the food industry. The company's leading market position gives it a significant bargaining power and enables the company to establish a competitive advantage. Broad product portfolio Arla has a wide product range. The company produces and sells range of dairy products under fresh products, cheese, butter and spreads, powder products categories. The company's product lines include a variety of milk, feta, whey, yoghurt, mozzarella, tagatose, yoghurt drinks, halal cheeses, cream, butter and spreads, bacterial cultures for food manufacturers and agricultural use, fermented products, grated cheese, powdered milk, cocoa milk, ghee (clarified butter). The company markets its products in various markets including Sweden, , Denmark, Saudi Arabia, Japan, the US, and Canada. A wide portfolio of products enables Arla not only to retain the existing customers but also makes penetration into new markets easier. Further, a wide product range allows the company to enhance its revenues by offering volume discounts to retailers.
Weaknesses
Lack of scale Arla lacks the scale, in of revenues, to compete with other players in the market. Arla generated total revenues of DKK49,469 million (approximately $9,762.2 million) in FY2008, which is relatively lower than that of its competitors, including Groupe Danone and Nestle. Groupe Danone and Nestle, generated revenue of E15,220.0 million (approximately $22,393.8 million) and CHF109,908 million (approximately $101,823.2), in FY2008, respectively. Although, Arla competes with its competitors only in single business segment, it generated significantly lower revenue compared to them, in FY2008. The company's small size proves to be a disadvantage as it limits its potential to compete against these larger players having economies of scale. The company's competitors have the financial strength to exert pricing pressure on the company and thus affect its margins.
Arla Foods amba © Datamonitor
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Arla Foods amba SWOT Analysis
Declining margins The company has witnessed a decline in profit margins in FY2008. The operating margin and net margin, which were showing an increasing trend till FY2007, declined in the last financial year. The operating margin came down from 3.2% in FY2007 to 2.3% in FY2008, which indicates that the company has not been able to manage its cost structure efficiently. A proportionate decline is reflected in the net profit margin as well, net profit margins came down to 1.1% in FY2008 from 2.0% the year before. Declining operating profit margins have impacted the company’s profit making capacity and could pull down investor confidence.
Opportunities
Global expansion strategy The company has formulated a global expansion strategy for the next five years. The company intends to become the market leader in Denmark, Sweden and the UK, and number two in Finland, by 2013. In markets like and Poland, the company intends to be among the top three dairy companies. The company also focuses on the growth markets of Russia, China and the US. In line with global expansion strategy, the company acquired ownership in a number of companies in the recent past. For instance, in August 2008, the company acquired the remaining 70% share in the Finnish company, Ingman Foods, which now become the subsidiary of the company. Earlier, in January 2008, Arla also acquired the remaining 50% shares in Cocio Chokolademaelk, a producer of chocolate milk in Denmark. These acquisitions would further expand the company's global operation, which result in higher revenue for the company. Partnership with Green Meadows Foods Arla signed a letter of intent to form a definitive partnership with a cheese manufacturer, Green Meadows Foods (GMF) in March 2009. As per the intent, Arla will acquire 100% of the whey processing assets in GMF, and will operate this facility as an integral part of its global supply of highly specialized whey products. It is expected that definitive agreements would be formed during the second quarter of 2009. GMF has the cheese manufacturing facility with a startup capacity to process 2.5 million pounds of milk per day, which includes plans to accomplish an expansion capability to 5.0 million pounds per day in the near future. As per the partnership, GMF will provide high quality milk/whey raw materials, while Arla will provide its product/process technology. Also, Arla will sell and market all products produced.
Arla Foods amba © Datamonitor
Page 7
Arla Foods amba SWOT Analysis
The company has already a strong in the cheese market. The revenue from the cheese products ed for 25.1% of the company's total revenue in FY2008. The tie up with GMF would help Arla to strengthen its position as a global market player in cheese and hence, boost its revenue growth. Growing demand for organic food products The demand for organic products is on the rise both in Europe and throughout the rest of the world. According to the Datamonitor's report on "Global Organic Food", December 2008, the global organic food market generated total revenues of $52,000 million in 2008, representing a compound annual growth rate (CAGR) of 15.8% for the period spanning 2004–08. The performance of the market is forecast to improve further and reach a value of $85,100 million by the end of 2013. Arla is the biggest supplier of organic products in Denmark and Sweden and the biggest supplier of organic dairy products in the world. The company offers organic products through its products line such as Lactofree lactose-free milk, yogurt and cheese, and the Cultura. The company is well positioned to tap the growing demand in a big way.
Threats
Intense competition Arla's competitors include multinational companies such as Nestle, and Groupe Danone, as well as companies like Fromageries Bel with focused markets or product lines. These businesses compete with it in one or more product categories. In addition, some traditional and specialty supermarkets, and food retailing chains offering generic or private label products are also expanding more aggressively in marketing a range of dairy products, thereby, competing directly with the company for products, customers and locations. Some of these existing and potential competitors have greater financial or marketing resources than Arla, and may be able to devote greater resources to sourcing, promoting and selling their products. Further, the food industry has been witnessing increasing consolidation among the big as well as small players. For instance, Arla's position in the industry has been threatened by formation of Royal FrieslandCampina through the merger of Royal Friesland Foods and Campina in December 2008. Continued consolidation and increased competition in the food industry could adversely affect the Arla's competitive position. Product recalls Mengniu Arla’s milk powder factory, the company's t venture in China, recently recalled certain of their products. The company was found selling products tainted with melamine. Suppliers to the companies are thought to have added the banned chemical, normally used in plastics, to watered-down milk to make it appear higher in protein. The company issued a product recall and halted the production in the factory. According to the industry reports, about 20% of the dairy
Arla Foods amba © Datamonitor
Page 8
Arla Foods amba SWOT Analysis
companies tested in China had sold products tainted with melamine. Nearly 6,244 babies had been sickened after being fed tainted milk formula, and that 158 were suffering from acute kidney failure. Any further product recalls like these in future could negatively affect the consumer confidence in the company's products. Outbreak of animal diseases Arla is dependent on constant supply and quality of the raw materials like milk. Arla is Europe's largest dairy company. It sources approximately 8,243 million liters of milk annually. Any outbreak of animal diseases (especially foot and mouth disease caused by a virus which is one of the most contagious and feared diseases), can cause heavy loss in susceptible cloven-hoofed animals world over. The company markets dairy based products to different countries, may get affected by milk supplies and the production and sale of dairy products in case of diseases outbreak. A large-scale outbreak of animal disease could have an adverse effect on the production and sale of dairy products, and also could negative effect the financial performance of the company.
Arla Foods amba © Datamonitor
Page 9
Company Profile Publication Date: 12 Jun 2009
www.datamonitor.com Datamonitor USA 245 5th Avenue 4th Floor New York, NY 10016 USA
Datamonitor Europe Charles House 108-110 Finchley Road London NW3 5JJ United Kingdom
Datamonitor Kastor & Pollux Platz der Einheit 1 60327 Frankfurt Deutschland
Datamonitor Hong Kong 2802-2803 iralty Centre Tower 1 18 Harcourt Road Hong Kong
t:+1 212 686 7400 f:+1 212 686 2626 e:[email protected]
t:+44 20 7675 7000 f:+44 20 7675 7500 e:[email protected]
t:+49 69 9754 4517 f:+49 69 9754 4900 e:[email protected]
t:+852 2520 1177 f:+852 2520 1165 e:[email protected]
Arla Foods amba
ABOUT DATAMONITOR Datamonitor is a leading business information company specializing in industry analysis. Through its proprietary databases and wealth of expertise, Datamonitor provides clients with unbiased expert analysis and in depth forecasts for six industry sectors: Healthcare, Technology, Automotive, Energy, Consumer Markets, and Financial Services. The company also advises clients on the impact that new technology and eCommerce will have on their businesses. Datamonitor maintains its headquarters in London, and regional offices in New York, Frankfurt, and Hong Kong. The company serves the world's largest 5000 companies. Datamonitor's reports are based on primary research with industry s and consumers. We gather information on market segmentation, market growth and pricing, competitors and products. Our experts then interpret this data to produce detailed forecasts and actionable recommendations, helping you create new business opportunities and ideas. Our series of company, industry and country profiles complements our products, providing top-level information on 10,000 companies, 2,500 industries and 50 countries. While they do not contain the highly detailed breakdowns found in reports, profiles give you the most important qualitative and quantitative summary information you need - including predictions and forecasts.
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Datamonitor plc. The facts of this profile are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Datamonitor delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Arla Foods amba © Datamonitor
Page 2
Arla Foods amba TABLE OF CONTENTS
TABLE OF CONTENTS Company Overview..............................................................................................4 Key Facts...............................................................................................................4 SWOT Analysis.....................................................................................................5
Arla Foods amba © Datamonitor
Page 3
Arla Foods amba Company Overview
COMPANY OVERVIEW Arla Foods amba (Arla) produces fluid milk, butter, cheese, cultured dairy products, and desserts for consumers, as well as dairy ingredients and bacterial cultures for food manufacturers and agricultural use. The company primarily operates in the US, Europe, Asia and Middle East. It is headquartered in Viby, Denmark and employs about 15,927 people. The company recorded revenues of DKK49,469 million (approximately $9,762.2 million) during the financial year (FY) ended December 2008, an increase of 3.6% over FY2007. The operating profit of the company was DKK1,149 million (approximately $226.7 million) during FY2008, a decrease of 24.4% compared to FY2007. The net profit was DKK556 million (approximately $109.7 million) in FY2008, a decrease of 40.7% compared to FY2007.
KEY FACTS Head Office
Arla Foods amba Skanderborgvej 277 8260 Viby DNK
Phone
45 89 38 10 00
Fax
45 86 28 16 91
Web Address
http://www.arlafoods.com
Revenue / turnover 49,469.0 (DKK Mn) Financial Year End
December
Employees
15,927
Arla Foods amba © Datamonitor
Page 4
Arla Foods amba SWOT Analysis
SWOT ANALYSIS Arla produces fluid milk, butter, cheese, cultured dairy products, and desserts for consumers, as well as dairy ingredients and bacterial cultures for food manufacturers and agricultural use. The company has strong product innovation capabilities. The production innovation has been the key area for the company as it helped the company to become the leader in the dairy products market. Strong product innovation capabilities enable the company to stay ahead of the competition and create an advantage in the market. However, increased competition may have an adverse effect on profitability as might result in lower sales, lower gross profits and/or greater operating costs such as marketing. Strengths
Weaknesses
Strong product innovation capabilities Market leading position Broad product portfolio
Lack of scale Declining margins
Opportunities
Threats
Global expansion strategy Partnership with Green Meadows Foods Growing demand for organic food products
Intense competition Product recalls Outbreak of animal diseases
Strengths
Strong product innovation capabilities The company has strong product innovation capabilities. The production innovation has been the key area for the company as it helped the company to become the leader in the dairy products market. In 2008–09, the company demonstrated its ability to innovate and extend the territory of its brands and products, both in of geographic extent and range of products. For instance, the company launched a new product, Cultura, which provides the consumer added health benefits with beneficial bacterial cultures, and lactose-free milk, for people who are sensitive to lactose. The company is continuously working to develop organic products and planned to launch 30 new products in FY2009. Arla has strong research and development team. Arla’s research and development (R&D) activities take place at three large innovation centers in Denmark and Sweden as well as in the UK and Finland. In order to further strengthen the research expertise, the company established three Centers of Excellence, with specialists in several fields.
Arla Foods amba © Datamonitor
Page 5
Arla Foods amba SWOT Analysis
The company's innovation covers milk-based products such as milks, yoghurts, desserts, cheeses, butters, spreads, soups, sauces, milk powders and milk-based food ingredients. Strong product innovation capabilities enable the company to stay ahead of the competition and create an advantage in the market. Market leading position Arla is the biggest supplier of organic products in Denmark and Sweden and the biggest supplier of organic dairy products in the world. It sources approximately 8,243 million liters of milk a year. It is a global dairy company whose products are sold in more than 100 countries. It has production facilities in 12 countries and sales offices in more than 30 countries. The company's core markets include Denmark, Sweden, the UK, Finland, and Poland.The company's customers include major retailers, independent stores, restaurants and commercial kitchens, as well as the food industry. The company's leading market position gives it a significant bargaining power and enables the company to establish a competitive advantage. Broad product portfolio Arla has a wide product range. The company produces and sells range of dairy products under fresh products, cheese, butter and spreads, powder products categories. The company's product lines include a variety of milk, feta, whey, yoghurt, mozzarella, tagatose, yoghurt drinks, halal cheeses, cream, butter and spreads, bacterial cultures for food manufacturers and agricultural use, fermented products, grated cheese, powdered milk, cocoa milk, ghee (clarified butter). The company markets its products in various markets including Sweden, , Denmark, Saudi Arabia, Japan, the US, and Canada. A wide portfolio of products enables Arla not only to retain the existing customers but also makes penetration into new markets easier. Further, a wide product range allows the company to enhance its revenues by offering volume discounts to retailers.
Weaknesses
Lack of scale Arla lacks the scale, in of revenues, to compete with other players in the market. Arla generated total revenues of DKK49,469 million (approximately $9,762.2 million) in FY2008, which is relatively lower than that of its competitors, including Groupe Danone and Nestle. Groupe Danone and Nestle, generated revenue of E15,220.0 million (approximately $22,393.8 million) and CHF109,908 million (approximately $101,823.2), in FY2008, respectively. Although, Arla competes with its competitors only in single business segment, it generated significantly lower revenue compared to them, in FY2008. The company's small size proves to be a disadvantage as it limits its potential to compete against these larger players having economies of scale. The company's competitors have the financial strength to exert pricing pressure on the company and thus affect its margins.
Arla Foods amba © Datamonitor
Page 6
Arla Foods amba SWOT Analysis
Declining margins The company has witnessed a decline in profit margins in FY2008. The operating margin and net margin, which were showing an increasing trend till FY2007, declined in the last financial year. The operating margin came down from 3.2% in FY2007 to 2.3% in FY2008, which indicates that the company has not been able to manage its cost structure efficiently. A proportionate decline is reflected in the net profit margin as well, net profit margins came down to 1.1% in FY2008 from 2.0% the year before. Declining operating profit margins have impacted the company’s profit making capacity and could pull down investor confidence.
Opportunities
Global expansion strategy The company has formulated a global expansion strategy for the next five years. The company intends to become the market leader in Denmark, Sweden and the UK, and number two in Finland, by 2013. In markets like and Poland, the company intends to be among the top three dairy companies. The company also focuses on the growth markets of Russia, China and the US. In line with global expansion strategy, the company acquired ownership in a number of companies in the recent past. For instance, in August 2008, the company acquired the remaining 70% share in the Finnish company, Ingman Foods, which now become the subsidiary of the company. Earlier, in January 2008, Arla also acquired the remaining 50% shares in Cocio Chokolademaelk, a producer of chocolate milk in Denmark. These acquisitions would further expand the company's global operation, which result in higher revenue for the company. Partnership with Green Meadows Foods Arla signed a letter of intent to form a definitive partnership with a cheese manufacturer, Green Meadows Foods (GMF) in March 2009. As per the intent, Arla will acquire 100% of the whey processing assets in GMF, and will operate this facility as an integral part of its global supply of highly specialized whey products. It is expected that definitive agreements would be formed during the second quarter of 2009. GMF has the cheese manufacturing facility with a startup capacity to process 2.5 million pounds of milk per day, which includes plans to accomplish an expansion capability to 5.0 million pounds per day in the near future. As per the partnership, GMF will provide high quality milk/whey raw materials, while Arla will provide its product/process technology. Also, Arla will sell and market all products produced.
Arla Foods amba © Datamonitor
Page 7
Arla Foods amba SWOT Analysis
The company has already a strong in the cheese market. The revenue from the cheese products ed for 25.1% of the company's total revenue in FY2008. The tie up with GMF would help Arla to strengthen its position as a global market player in cheese and hence, boost its revenue growth. Growing demand for organic food products The demand for organic products is on the rise both in Europe and throughout the rest of the world. According to the Datamonitor's report on "Global Organic Food", December 2008, the global organic food market generated total revenues of $52,000 million in 2008, representing a compound annual growth rate (CAGR) of 15.8% for the period spanning 2004–08. The performance of the market is forecast to improve further and reach a value of $85,100 million by the end of 2013. Arla is the biggest supplier of organic products in Denmark and Sweden and the biggest supplier of organic dairy products in the world. The company offers organic products through its products line such as Lactofree lactose-free milk, yogurt and cheese, and the Cultura. The company is well positioned to tap the growing demand in a big way.
Threats
Intense competition Arla's competitors include multinational companies such as Nestle, and Groupe Danone, as well as companies like Fromageries Bel with focused markets or product lines. These businesses compete with it in one or more product categories. In addition, some traditional and specialty supermarkets, and food retailing chains offering generic or private label products are also expanding more aggressively in marketing a range of dairy products, thereby, competing directly with the company for products, customers and locations. Some of these existing and potential competitors have greater financial or marketing resources than Arla, and may be able to devote greater resources to sourcing, promoting and selling their products. Further, the food industry has been witnessing increasing consolidation among the big as well as small players. For instance, Arla's position in the industry has been threatened by formation of Royal FrieslandCampina through the merger of Royal Friesland Foods and Campina in December 2008. Continued consolidation and increased competition in the food industry could adversely affect the Arla's competitive position. Product recalls Mengniu Arla’s milk powder factory, the company's t venture in China, recently recalled certain of their products. The company was found selling products tainted with melamine. Suppliers to the companies are thought to have added the banned chemical, normally used in plastics, to watered-down milk to make it appear higher in protein. The company issued a product recall and halted the production in the factory. According to the industry reports, about 20% of the dairy
Arla Foods amba © Datamonitor
Page 8
Arla Foods amba SWOT Analysis
companies tested in China had sold products tainted with melamine. Nearly 6,244 babies had been sickened after being fed tainted milk formula, and that 158 were suffering from acute kidney failure. Any further product recalls like these in future could negatively affect the consumer confidence in the company's products. Outbreak of animal diseases Arla is dependent on constant supply and quality of the raw materials like milk. Arla is Europe's largest dairy company. It sources approximately 8,243 million liters of milk annually. Any outbreak of animal diseases (especially foot and mouth disease caused by a virus which is one of the most contagious and feared diseases), can cause heavy loss in susceptible cloven-hoofed animals world over. The company markets dairy based products to different countries, may get affected by milk supplies and the production and sale of dairy products in case of diseases outbreak. A large-scale outbreak of animal disease could have an adverse effect on the production and sale of dairy products, and also could negative effect the financial performance of the company.
Arla Foods amba © Datamonitor
Page 9
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