Heineken buys 50% of Californian craft brewer
Dutch family brewer Heineken, owned by the eponymous family, has announced plans to purchase a 50% stake in Californian craft brewer Lagunitas.
According to a company statement, the deal will provide Heineken with a foothold in the booming craft beer market and Lagunitas with a boost to its global customer base. Financial terms of the deal were not disclosed.
Elsewhere, Belgian family-controlled brewer AB InBev, which produces brands such as Stella Artois, Budweiser and Beck's, acquired a majority stake in Michigan–based craft cider company Virtue Cider.
Founded in 1864, Heineken, the world's second largest brewer in the world after AB InBev, had annual revenues of €19.2 billion ($21.7 billion) in 2014. The firm is in the fourth generation.
Ikea sales rise 11% to record €32 billion
Swedish retailer Ikea, owned by the Kamprad family, has reported sales of €32 billion ($36 billion) in the year to the end of August.
After years of sluggish growth, Ikea announced that its full year sales increased by 11% from €28.7 billion in 2014, taking it another step towards its goal of hitting €50 billion by 2020.
According to Ikea, the areas of fastest growth and expansion were China, Russia and Germany. The third-generation family businesses added that internet sales increased to over €1 billion, representing an increase of 35% on 2014.
Ikea was founded in 1943 by Ingvar Kamprad, who chaired the company until 2013. Mr Kamprad's three sons all hold senior positions in the family foundation.
Cargill CEO David MacLennan to become chairman
Cargill, the largest family-owned business in the US by revenue, this week elected its president and chief executive David MacLennan to chairman in addition to his current duties.
The board of directors elected MacLennan to replace Gregory Page, who is stepping down from the top spot at the agriculture conglomerate after seven years. Page will be continuing on the company's board as an executive director.
“The board appreciates David's leadership and management of the company,” Page said in a statement. “We have the highest confidence he will deliver long-term growth for Cargill. Now is the time for him to lead the board as well.”
The 150-year-old Minnesota-based family business, now in the fifth generation, had sales of $120 billion in 2015.