Business News Roundup April 2012
Alessandro Benetton, son of the founder of the eponymous Italian fashion retailer, has taken over as head of the family business, following the resignation of his father.
The O’Reilly family’s 39-year control of Ireland’s Independent News & Media has come to an end, following the resignation of family member and chief executive Gavin O’Reilly.
The Morrell family behind US oil company Downeast Energy has sold the firm, while Coopers Brewery, the Australian beer maker controlled by the eponymous family, has expanded into the American market with a big acquisition.
Europe may be in the grips of austerity, but some family businesses are reporting strong growth.
A German family-owned pharmaceutical company, Boehringer Ingelheim, reports that revenues for 2011 rose by 6.2% to €13.2 billion.
French-owned Remy Cointreau ‘s sales have risen by 13% for the year ending March 2012 to €1.03 billion thanks to rising demand in the US and Asia which saw double-digit organic growth over the period.
UK ‘s Associated British Foods, managed by the Weston family, also saw growth in revenue for the first half of fiscal 2012. The company, which is behind fashion retailer Primark, said today that interim sales for the six months ending 3 March rose by 11% to £5.7 billion (€6.7 billion).
“We expect substantial growth in both adjusted operating profit and adjusted earnings per share for the group for the full year,” said George Weston, family member and chief executive of the London-based group.
