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Investing.com -- Jde Peets, the global coffee and tea group, has announced its decision to divest its tea business in Turkey, a unit with annual sales of €60 million. The sale price remains undisclosed.
The tea business was reportedly diluting the company’s margins. In addition to this move, Jde Peets has also decided to discontinue the roll-out of L’Or Barista machines in the United States, instead choosing to transfer the L’Or capsules to the Peet’s division.
These decisions are part of Jde Peets’ ongoing efforts to streamline operations and enhance efficiency. The company has indicated that more details regarding these initiatives will be provided on July 1.
In a recent board reshuffle, Rob de Groot, formerly the Head of Hygiene/Home at Reckitt, has been appointed as a non-executive member to Jde Peet’s Board of Directors.
The company has also reaffirmed its commitment to achieving its full-year 2025 guidance.
Regarding its performance in the first quarter, Jde Peets stated that it was ’in line’ with expectations. The company does not anticipate that U.S. trade tariffs will have a significant impact on its financial performance.
After weak market volume in January and February, the company noted a rebound starting in March in Europe. Price negotiations have been largely completed, and in response to a 28% increase in coffee prices from January to April, compared to the second half of 2024, the company is considering additional pricing.
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