A Taste of Wellness for Savoury and Snacks
Givaudan
The Danish dairy firm said the poor result comes despite the milk price (including the supplementary payment and consolidation to member’s capital account) for the cooperative milk producers in 2008 being the highest ever.
Peder Tuborgh, CEO of Arla Foods, said: "The financial crisis, which has also put the milk market under considerable pressure, has clearly impacted on the year's result. Contributory factors also include the decline in foreign exchange rates, consumers buying less and opting for cheaper products, and milk supply exceeding demand. The final months of the year were worse than feared and as a consequence we had to downgrade our expectations for the year in December 2008.”