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...Shares in the group have fallen more than a quarter over the past year. The company’s push into baby formula through the acquisition of Mead Johnson is widely seen to have been a failure....
...Yet Friday’s verdict puts the group in a tough spot....
...Shares in the consumer goods group fell 15 per cent on Friday last week as investors digested the news that a court in Illinois had instructed Reckitt to pay $60mn in damages to a mother who said her baby...
...Reckitt’s $17bn acquisition of Mead Johnson in 2017 has been rocky....
...“The restatement for unrecognition of trade spending . . . will not help confidence in controls at [the] group given historic similar issues as well,” analysts at Jefferies said....
...Reckitt Benckiser’s surprise announcement of a £1bn share buyback programme was not enough to satisfy investors on update day, with the consumer goods group’s shares slipping after it reported worse than...
...Clayton, Dubilier & Rice is reported to be among the private equity groups that have submitted bids for the unit, which UK-based Reckitt put on the block earlier this year....
...Over the past five years, the group’s top line has compounded at 3.6 per cent annually, according to S&P Capital. Operating profit has hardly shifted....
...Last year, Reckitt was considering a sale of its US infant nutrition business, Mead Johnson, following the disposal of its China business to private equity group Primavera for $2.2bn in 2021....
...Reckitt’s like-for-like net revenue growth beat expectations at 6 per cent for the half year, driven by price rises and a £100mn innovation investment....
...Shares in the company, which was spun out of the consumer goods group Reckitt Benckiser in 2014, jumped almost 20 per cent in early trading, before settling up more than 16 per cent by 1pm in London....
...In 2021 it acquired footcare brand Scholl from Reckitt....
...Reckitt Benckiser has picked an insider who is responsible for some of its biggest brands as its next chief executive, signalling the board of the UK household products group is seeking stability following...
...Prices rose by 15 per cent group-wide, but volumes weakened by 6 per cent....
...When Laxman Narasimhan gave up his $7.5mn role as head of UK-listed household products group Reckitt Benckiser, he went on to run US coffee chain Starbucks for up to $28mn a year....
...Shares in the group rose 0.45 per cent to £57.88 in early trading on Wednesday....
...Murphy, who chairs luxury brand Burberry and food group Tate & Lyle, will join the UK’s largest supermarket in September....
...“Most of the price was taken last year,” said Nicandro Durante, Reckitt’s chief executive. “I don’t see a lot of price rises going forward in 2023.”...
...Households are forgoing air fresheners and vitamins during the cost of living squeeze, Reckitt Benckiser said on Wednesday, becoming the latest consumer goods group to post a decline in sales volumes....
...Consumer groups have also invested in vitamins, minerals and supplements, which sold heavily in the acute phase of the pandemic but have since pulled back....
...Reckitt has turned to one of its senior board members Nicandro Durante as an interim choice while the group searches for a replacement....
...$18bn acquisition of baby milk group Mead Johnson....
...Starbucks’s appointment of the 55-year-old outsider came hours after Reckitt, the UK consumer goods group behind Durex condoms and Dettol and Lysol cleaning products, surprised investors with the news that...
...That has made for what UK consumer health group Haleon — spun out of GSK last week — cheerfully describes as a “strong” cold and flu season....
...Reckitt also gained from pushing up prices for its products by 6 per cent to help pass on steep rises in commodity and transport costs, a similar rise to companies including dairy group Danone....
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