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Yahoo
13 minutes ago
- Yahoo
Lindt & Sprüngli coy US expansion speculation around tariffs
Lindt & Sprüngli has neither explicitly confirmed nor denied it is weighing options to expand manufacturing in the US to counter President Trump's tariffs. Bloomberg reported last week, citing people familiar with proceedings, that the Switzerland-headquartered premium chocolate maker could be seeking to spend up to $10m to facilitate US production of Easter products made in Germany. The news agency's sources suggested the plans would involve the manufacture of seasonal items such as Easter bunnies, Santa-depicted chocolate products and other hollow chocolate figures. Asked to comment on the speculation when approached by Just Food, a spokesperson for Lindt & Sprüngli provided a statement, noting an expansion project that is underway at one of its sites in the US. However, the project was not specifically identified as being connected with tariffs. 'We have been evaluating further investments in our production capacity in the United States for several years. We are currently expanding our production capacity at our site in Stratham, New Hampshire,' the spokesperson said. 'Regardless of the tariffs, we continuously work to improve the efficiency of our production and supply chains. This includes reviewing which products are manufactured at which sites and for which markets.' This publication has asked Lindt & Sprüngli for more details on the Stratham expansion project but had not received a response at the time of writing. The company operates five production plants in the US and six in Europe, according to its 2024 annual report. Issued in March, that reported noted: 'In line with our sales growth, we are increasing our capacities in the United States by continuing the expansion of the production facility in Stratham, New Hampshire. 'The project is on track and scheduled to become fully operational in 2025, significantly increasing the plant's capacity. Investments in automation will also noticeably increase productivity.' That year, Lindt & Sprüngli reported global sales of SFr5.47bn ($6.77bn), with SFr2.15bn generated in North America – SFr843m in the US; SFr442m in Canada; and SFr574m in Mexico. No mention of the potential impact of US tariffs was made in Lindt & Sprüngli's half-year report issued in July. Organic sales rose 11.2% to SFr2.35bn in the half 'supported by necessary price increases to offset record-high cocoa costs' of 15.8%, the company said. Results were down in other areas. EBITDA dropped 5% to SFr401.8m with the margin falling 250 basis points to 17.1%. EBIT decreased 11.3% to SFr259.2m, while the margin fell to 11% from 13.5%. Net income declined 13.3% to SFr188.9m. As those results were issued, Lindt & Sprüngli raised its sales growth guidance from 7-9% to 9-11% for the full year. The EBIT margin is expected to rise at the 'lower end' of its 20-40 basis-point range. "Lindt & Sprüngli coy US expansion speculation around tariffs" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
14 minutes ago
- Los Angeles Times
OpenAI staffers to sell $6 billion in stock to SoftBank, other investors
Current and former OpenAI employees plan to sell approximately $6 billion worth of shares to an investor group that includes Thrive Capital, SoftBank Group Corp. and Dragoneer Investment Group, in a deal that values the ChatGPT maker at $500 billion, according to people familiar with the matter. The talks are early and the size of the share sale could still change, said the people, who asked not to be identified discussing private information. The secondary share investment is on top of SoftBank's commitment to lead OpenAI's $40 billion funding round, which values the company at $300 billion, according to another person familiar with the deal. That round remains ongoing, with OpenAI recently securing $8.3 billion from a syndicate of investors. Representatives for Dragoneer and Thrive didn't respond to requests for comment. Spokespeople for OpenAI and SoftBank declined to comment. All three firms are existing OpenAI backers. The secondary share sale, which was first reported by Bloomberg, will give OpenAI employees a chance to get cash-rich amid a high-stakes talent war in the artificial intelligence industry. Companies like Meta Platforms Inc. are offering massive salaries to recruit AI talent from OpenAI and other startups. This year, several OpenAI employees have exited for Meta, including Shengjia Zhao, a co-creator of ChatGPT. Allowing employees to sell shares is an important tool for startups trying to retain top talent, without requiring the company to go public or be acquired. In some cases, early investors also use these deals to sell down their stakes, though OpenAI investors are not eligible to do so in this round, according to a person familiar with the matter. Current and former employees who spent at least two years at the company are able to participate. With its participation in the share sale, as well as its previous commitments, SoftBank is making a pivotal bet on the success of OpenAI. In addition to those deals, the Japanese conglomerate headed by Masayoshi Son recently closed a separate $1 billion purchase of OpenAI employee shares at a $300 billion valuation, according to a person familiar with the matter. Negotiations for that deal started before talks around the $500 billion secondary valuation began, they said. The $500 billion valuation would make OpenAI the world's most valuable startup, surpassing Elon Musk's SpaceX. The company expects revenue to triple this year to $12.7 billion, up from $3.7 billion in 2024, Bloomberg has reported. And the secondary deal talks come on the heels of the release of its highly-anticipated GPT-5 model. This week, OpenAI chief Sam Altman sat down with a group of reporters and shared his vision for the company, including that it wants to spend trillions of dollars on the infrastructure required to run AI services in the 'not very distant future.' 'You should expect a bunch of economists to wring their hands and say, 'This is so crazy, it's so reckless,' and whatever,' Altman said. 'And we'll just be like, 'You know what? Let us do our thing.'' Clark writes for Bloomberg.
Bloomberg
15 minutes ago
- Bloomberg
Johnny Taylor: Harder to Motivate People to Work
The world of work has changed irrevocably since the COVID pandemic, and employee well-being is now far more of a consideration when job-hunting says Johnny Taylor, President and CEO of the Society for Human Resource Management (SHRM). What is more, the rise of AI is creating 'existential' angst among employees, as they question the longevity of their careers. Taylor spoke to Francine Lacqua on 'Bloomberg: The Pulse'. (Source: Bloomberg)
