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MarketScreener Homepage  >  Equities  >  Nyse  >  Celanese Corporation    CE

CELANESE CORPORATION

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Celanese : Danone CEO seeks to reassure Morocco consumers amid boycott

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09/05/2018 | 02:40pm EST
FILE PHOTO: The logo of French food group Danone is pictured during the company's 2017 annual results in Paris

PARIS (Reuters) - French food group Danone announced on Wednesday a series of measures in Morocco aimed at regaining trust of consumers as the company faces a widespread boycott in the country.

Danone's Chief Executive Emmanuel Faber, who traveled to Morocco on Wednesday, unveiled a price cut on packages of fresh pasteurized milk and the creation of a new cheaper package of half skimmed milk in a pouch, Danone said in a statement.

Faber also said the company has committed to disclose to consumers information about the quality, the collection and the distribution of milk in the country.

The measures were taken after a widespread consultation of thousands of Moroccan consumers since July.

A broad boycott in Morocco was launched earlier this year on social media over what protesters say are unfair prices set by large companies.

Danone, which makes 2 percent of its group sales in Morocco, said in July its dairy sales in the country were down 40 percent in the second quarter as a result of the boycott.

(This copy corrects percentage of group's sales in Morocco to 2 percent from 6 percent in last paragraph)

(Reporting by Inti Landauro and Dominique Vidalon; Editing by Brian Love and Leigh Thomas)

Stocks mentioned in the article
ChangeLast1st jan.
CELANESE CORPORATION 0.72% 100.26 Delayed Quote.11.44%
DANONE -1.41% 64.92 Real-time Quote.7.15%
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Financials ($)
Sales 2019 7 157 M
EBIT 2019 1 574 M
Net income 2019 1 326 M
Debt 2019 2 452 M
Yield 2019 2,29%
P/E ratio 2019 9,77
P/E ratio 2020 8,81
EV / Sales 2019 2,14x
EV / Sales 2020 1,99x
Capitalization 12 843 M
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Number of Analysts 20
Average target price 112 $
Spread / Average Target 11%
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Managers
NameTitle
Mark C. Rohr Chairman, President & Chief Executive Officer
Scott McDougald Sutton Chief Operating Officer
Scott Richardson Chief Financial Officer & Senior Vice President
Verghese Thomas Chief Technology & Innovation Officer
David F. Hoffmeister Independent Director
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