FB Roundup: Heineken, Berkshire Hathaway, and Henkel
Heineken Asia gamble pays off as Tiger Beer flourishes
Netherlands-based brewer Heineken, controlled by the eponymous family, has reported its fastest earnings growth in seven years.
The 153-year-old family business said growth was driven by a 13% increase in revenue in Asia where larger sales have grown at a double-digit rate for two years.
Heineken gambled on the Asian market in 2012 when it purchased Asia Pacific Breweries, the producer of Tiger Beer, which has grown at a double-digit pace since 2015.
The fourth generation of the Heineken family hold a 45.8% share in the business.
The Amsterdam-headquartered company employs more than 73,000 staff, and was ranked 459th on the 2016 Fortune Global 500 with 2015 revenues of €20.5 million ($22.8 million), up 6.5% on 2014.
Berkshire Hathaway dumps $900 million Walmart stock
US holding company Berkshire Hathaway, headed by chairman Warren Buffett, has dumped 90% of its Walmart holdings last quarter, totalling some $900 million, according to the Wall Street Journal.
Buffet has reduced his holding in Walmart from $3 billion in 2016 to now less than $100 million—the 86-year-old believes Walmart will struggle to compete with Amazon, despite pouring billions into its e-commerce efforts.
Berkshire Hathaway traces its roots to a textile manufacturing company established by Oliver Chace in 1839. Today it is the fourth largest public company in the world, and the largest conglomerate in the world.
Buffett's son, Howard, sits on the corporate boards of Berkshire Hathaway, which in 2015 had revenues of $210 billion.
Henkel reports strong fourth quarter on
German consumer goods maker Henkel AG & Company, led by the Henkel family since 1876, has reported quarterly earnings of €765 million ($809 million) and a 10.8% increase in sales to €4.86 billion.
The Düsseldorf-headquartered corporation attributed its success to growth in its adhesives technology, beauty care and laundry businesses.
Henkel recently purchased laundry and home care company The Sun Products Corp last year for $3.6 billion.
The group posted revenues of €18 billion in 2015.
