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Nestle CEO upbeat as emerging markets boom
23.06.2010 10:49 "Agro Perspectiva" (Kyiv) —
The world’s biggest food group, Nestle (NESN.VX), expects fast-growing emerging markets to drive future growth, helped by new products aimed at aging populations in mature markets.
The maker of Nescafe coffee and Kitkat chocolate bar said, despite debt problems in southern Europe and budget cutbacks across the continent, it remains optimistic on growth and would stick to its annual worldwide «Nestle model» for 5 to 6 percent growth over time.
«The developed world has a few things to iron out but the worldwide growth is there thanks to the developing markets,» Nestle Chief Executive Paul Bulcke told Reuters in an interview at the group’s headquarters in Vevey on the northern shores of Lake Geneva in Switzerland.
He said forecasts for world growth of 3 to 4 percent this year were encouraging, and although western Europe was more depressed there was growth in certain categories such as medical nutrition for the elderly and home coffee systems like Nespresso and Dolce Gusto.
«I’m a born optimist, everybody says that. But you go for opportunities, there’s always opportunities. You can have a bit of turbulence here and there but I see opportunities,» he added.
Many analysts believe Nestle shares are undervalued due to uncertainty surrounding its 30 percent stake in L’Oreal (OREP.PA), the world’s biggest cosmetics group, where it has the rights to 87-year-old Liliane Bettencourt’s 31-percent stake, worth around $20 billion, if her family want to sell.
Bulcke, however, said there were no plans to change the «status quo» over its stake in Paris-based L’Oreal, which Nestle has held for over 30 years.
Nestle has plenty of firepower, with $28 billion from the sale of its stake in eyecare group Alcon (ACL.N), but seems more focused on share buybacks, saying last week it had completed a 25 billion Swiss franc ($23.41 billion) program launched in August 2007 and is about to start a further 10 billion franc buyback.
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