Latest news with #Lindt&Spruengli
Reuters
23-04-2025
- Business
- Reuters
Lindt holds back on Canada supply shift, boosts local stocks
April 23 (Reuters) - Swiss chocolate maker Lindt & Spruengli (LISN.S), opens new tab said it is still working out how to deal with the escalating trade war launched by U.S. President Donald Trump and has temporarily increased stocks in Canada to cushion the impact of tariffs. The company said in March it would supply chocolate made in Europe to Canada to avoid tariffs imposed to counter higher U.S. customs duties. But since March, there have been several changes to tariffs placed on imports and exports from the United States, prompting many companies to adopt a wait-and-see approach to the changing trading conditions. "We have not adjusted any sourcing strategy as the situation develops so fast," a Lindt spokesperson told Reuters in an email on Tuesday. "As soon as we have a clearer and more stable overview of the situation, we decide if and how to adjust our sourcing strategy." The spokesperson said that shifting sourcing of products sold in Canada to Europe was "one option that is being discussed", but the company has not yet decided how to proceed. "This was one of the options that was considered and can be implemented if necessary," the spokesperson said. Lindt said it had temporarily increased stock levels in Canada as a safeguard against potential supply disruptions in light of the imposed counter-tariffs on products imported from the United States. In March, Lindt said that 50% of its Canadian chocolate supply originated from the United States, but those volumes could be entirely shifted to Europe. Lindt produces 95% of its U.S. market chocolates in its five domestic factories, which also serve Canada. This month, Swiss chocolate maker Barry Callebaut's (BARN.S), opens new tab chief executive said it was planning to increase its U.S.-based production to fend off effects of the "disruptive environment" in North America.
Yahoo
04-03-2025
- Business
- Yahoo
Live updates: Trump imposes tariffs on Canada, Trudeau retaliates ahead of press conference
After months of threats, U.S. President Donald Trump has imposed tariffs on Canadian and Mexican imports, starting March 4, 2025 at 12:01 a.m. All goods entering the U.S. will be subject to a 25 per cent tariff, aside from Canadian energy products, which will face a lower rate of 10 per cent. 'Let me be unequivocally clear — there is no justification for these actions,' said Prime Minister Justin Trudeau in a statement. In response, Trudeau has retaliated against the U.S. with a 25 per cent tariff against $30 billion worth of American goods, with another $125 billion prepared to be levied in three weeks if the situation persists. 'Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,' continued Trudeau in his statement. 'While we urge the U.S. administration to reconsider their tariffs, Canada remains firm in standing up for our economy, our jobs, our workers, and for a fair deal.' The prime minister is set to speak on the issue today at 10:30 a.m., as tensions continue to rise between the two long-time North American allies. It's expected that the tariffs will lead to higher inflation as prices rise, along with the ability to impact economic growth and lead to devastating consequences for job security on both sides of the border. You can watch Trudeau's press conference here, and follow along for any other live updates from Yahoo Canada as we track the latest news, analysis and developments. Ontario Premier Doug Ford will speak today at Queen's Park in Toronto at 11:30 a.m. ET. after U.S. President Donald Trump imposed tariffs on Canada. A day earlier, Ford said his provincial government will take retaliatory measures into their own hands as well, with the threat of cutting off the flow of electricity to several U.S. states. "If they want to try to annihilate Ontario, I will do anything, including cutting off their energy — with a smile on my face," said Ford. "They need to feel the pain. They want to come at us hard? We've got to go back twice as hard." BREAKING: Ontario, Canada's Premier Doug Ford just threatened to cut US electricity to several American states if Trump's tariffs go into effect:"If they want to try to annihilate Ontario, I will do anything , including cutting off their energy, with a smile on my face."This… — Brian Krassenstein (@krassenstein) March 3, 2025 Swiss chocolate maker Lindt & Spruengli is shifting more of its production of truffles and other confections to Europe as it looks to sidestep Canada's counter-tariffs imposed on the US. Reuters reports: CEO Adalbert Lechner said Lindt was taking action to prevent its business in Canada, one of its top ten markets, from being caught in the cross fire of the trade conflict. "The volumes that we source currently for Canada can all be shifted to Europe," Lechner said after Lindt reported its full-year results. At present 50% of the company's chocolates in Canada came from the U.S., and the rest from Europe. "We are able to source 100% from Europe," Lechner told Reuters. Read more here. The Financial Post reports: Two thirds of businesses say they can withstand a tariff war with the United States that lasts more than a year, according to a new survey released on Tuesday by KPMG in Canada. Joy Nott, a partner in KPMG's customs and international trade practice, says companies have already put strategies in place to limit the tariff risk in their operations. 'A lot of companies have taken months and months of inventory and they've transferred it to the United States already,' said Nott. 'So I'm talking to companies who have maybe moved six to eight months worth of inventory to the United States, which normally that stuff would have been stored in Canada and shipped across as needed.' Read more here. Ontario Premier Doug Ford will speak today at Queen's Park in Toronto at 11:30 a.m. ET. after U.S. President Donald Trump imposed tariffs on Canada. A day earlier, Ford said his provincial government will take retaliatory measures into their own hands as well, with the threat of cutting off the flow of electricity to several U.S. states. "If they want to try to annihilate Ontario, I will do anything, including cutting off their energy — with a smile on my face," said Ford. "They need to feel the pain. They want to come at us hard? We've got to go back twice as hard." BREAKING: Ontario, Canada's Premier Doug Ford just threatened to cut US electricity to several American states if Trump's tariffs go into effect:"If they want to try to annihilate Ontario, I will do anything , including cutting off their energy, with a smile on my face."This… — Brian Krassenstein (@krassenstein) March 3, 2025 Swiss chocolate maker Lindt & Spruengli is shifting more of its production of truffles and other confections to Europe as it looks to sidestep Canada's counter-tariffs imposed on the US. Reuters reports: CEO Adalbert Lechner said Lindt was taking action to prevent its business in Canada, one of its top ten markets, from being caught in the cross fire of the trade conflict. "The volumes that we source currently for Canada can all be shifted to Europe," Lechner said after Lindt reported its full-year results. At present 50% of the company's chocolates in Canada came from the U.S., and the rest from Europe. "We are able to source 100% from Europe," Lechner told Reuters. Read more here. The Financial Post reports: Two thirds of businesses say they can withstand a tariff war with the United States that lasts more than a year, according to a new survey released on Tuesday by KPMG in Canada. Joy Nott, a partner in KPMG's customs and international trade practice, says companies have already put strategies in place to limit the tariff risk in their operations. 'A lot of companies have taken months and months of inventory and they've transferred it to the United States already,' said Nott. 'So I'm talking to companies who have maybe moved six to eight months worth of inventory to the United States, which normally that stuff would have been stored in Canada and shipped across as needed.' Read more here.
Yahoo
04-03-2025
- Business
- Yahoo
Chocolate price hikes sweeten Lindt's operating profit
STORY: Chocolate maker Lindt & Spruengli found consumers had the taste for their products last year. It reported Tuesday (March 4) a better than expected full-year operating profit. And that came despite historically high cocoa prices. The Swiss firm said tight cost control, prices rises and efficiency gain offset higher cocoa costs, and pushed profitability. Analysts have warned the chocolate industry is in for a difficult year ahead, as companies face unprecedented cost for the raw material. Market watchers warn this is likely to cause further price hikes. Lindt's earnings before interest and taxes hit $987 million last year - just ahead of analyst projections. Investors liked what they heard and shares jumped over 8%. Sign in to access your portfolio
Yahoo
04-03-2025
- Automotive
- Yahoo
European companies take evasive action as Trump tariffs hit, brace for second wave
By Adam Jourdan, John Revill, Victoria Waldersee and Giselda Vagnoni LONDON (Reuters) - European companies, from Swiss chocolatiers to German car parts makers, are preparing their 'plan Bs' to adapt to U.S. trade tariffs that became a blunt reality on Tuesday, with a second barrage specifically targeting the region expected next month. U.S. President Donald Trump imposed hefty 25% tariffs on imports from Mexico and Canada, along with a doubling of duties on Chinese goods to 20%, moves which could upend nearly $2.2 trillion in two-way annual U.S. trade. European companies are caught in the middle for now, but face the prospect of a second barrage of tariffs targeting the bloc in April, with Trump having floated a 25% "reciprocal" rate on European cars and other goods. Switzerland's Lindt & Spruengli, which has several factories in the United States, may shift the supply chain to these plants towards Europe and reduce supply coming from Canada to avoid the impact of Trump's tariffs. "The volumes that we source currently for Canada can all be shifted to Europe," CEO Adalbert Lechner told reporters. "So far, we have a Plan B to avoid these tariffs in Canada." ADJUSTING SUPPLY CHAINS German tire and auto parts maker Continental AG, which has plants in Mexico, said it was "monitoring" the situation on tariffs and their impact on the sector. It plans to "optimize" its supply chain to get best value for its clients. "We are in talks with all of our customers. We cannot yet say whether this tariffs issue could lead to production lines being relocated," Continental chief financial officer Olaf Schick told Reuters. The firm has seven plants in Mexico, one of which is being closed. Schick said 90% of truck tires were produced in the U.S. market and 50% of car tires, with the rest imported mainly from Europe, but also from South America and Mexico. "Our position is that we cannot absorb additional tariffs. As far as our suppliers are concerned: we generally source locally," Schick said. While tariffs have dominated corporate America's discussions, European companies are not yet directly in the line of fire. But they are increasingly concerned about potential tariffs impacting cars and other exports in early April. Cristiano Fini, president of Italian farmers lobby CIA, said possible tariffs on Europe could cause "billions of dollars of damage" to the Italian food sector, hitting producers of items from Parma ham to Prosecco sparkling wine. "Those exports to the United States are worth more than 2.4 billion (euros), a wealth for Europe as well," he said. European leaders have looked to show a united and bullish front to the threat of U.S. tariffs, which analysts fear could dent the region's economic growth prospects. "Germany supports the EU Commission's approach of working with the U.S. government to find a negotiated solution," Germany's economy minister Robert Habeck said in a statement. "But the EU will not be pushed around. If President Trump imposes the announced tariffs on EU products, we will react with unity and self confidence."
Reuters
04-03-2025
- Business
- Reuters
European companies take evasive action as Trump tariffs hit, brace for second wave
Summary Companies LONDON, March 4 (Reuters) - European companies, from Swiss chocolatiers to German car parts makers, are preparing their 'plan Bs' to adapt to U.S. trade tariffs that became a blunt reality on Tuesday, with a second barrage specifically targeting the region expected next month. U.S. President Donald Trump imposed hefty 25% tariffs on imports from Mexico and Canada, along with a doubling of duties on Chinese goods to 20%, moves which could upend nearly $2.2 trillion in two-way annual U.S. trade. European companies are caught in the middle for now, but face the prospect of a second barrage of tariffs targeting the bloc in April, with Trump having floated a 25% "reciprocal" rate on European cars and other goods. Switzerland's Lindt & Spruengli (LISN.S), opens new tab, which has several factories in the United States, may shift the supply chain to these plants towards Europe and reduce supply coming from Canada to avoid the impact of Trump's tariffs. "The volumes that we source currently for Canada can all be shifted to Europe," CEO Adalbert Lechner told reporters. "So far, we have a Plan B to avoid these tariffs in Canada." ADJUSTING SUPPLY CHAINS German tire and auto parts maker Continental AG ( opens new tab, which has plants in Mexico, said it was "monitoring" the situation on tariffs and their impact on the sector. It plans to "optimize" its supply chain to get best value for its clients. "We are in talks with all of our customers. We cannot yet say whether this tariffs issue could lead to production lines being relocated," Continental chief financial officer Olaf Schick told Reuters. The firm has seven plants in Mexico, one of which is being closed. Schick said 90% of truck tires were produced in the U.S. market and 50% of car tires, with the rest imported mainly from Europe, but also from South America and Mexico. "Our position is that we cannot absorb additional tariffs. As far as our suppliers are concerned: we generally source locally," Schick said. While tariffs have dominated corporate America's discussions, European companies are not yet directly in the line of fire. But they are increasingly concerned about potential tariffs impacting cars and other exports in early April. Cristiano Fini, president of Italian farmers lobby CIA, said possible tariffs on Europe could cause " billions of dollars of damage" to the Italian food sector, hitting producers of items from Parma ham to Prosecco sparkling wine. "Those exports to the United States are worth more than 2.4 billion (euros), a wealth for Europe as well," he said. European leaders have looked to show a united and bullish front to the threat of U.S. tariffs, which analysts fear could dent the region's economic growth prospects. "Germany supports the EU Commission's approach of working with the U.S. government to find a negotiated solution," Germany's economy minister Robert Habeck said in a statement. "But the EU will not be pushed around. If President Trump imposes the announced tariffs on EU products, we will react with unity and self confidence." Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here.
