Kraft Foods Assignment #1

33
KRAFT FOODS BY: AHMOAD WARE Table Of Contents External Environment Analysis.................................................... .....1 Industry Description................................................. .........................1-2 Key Success Factors..................................................... .....................2-3 Economic Conditions.................................................. ......................3-4 Competitive Environment/Rivals.......................................... ............4-5 1

Transcript of Kraft Foods Assignment #1

Page 1: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

Table Of Contents

External Environment Analysis.........................................................1

Industry Description..........................................................................1-2

Key Success Factors..........................................................................2-3

Economic Conditions........................................................................3-4

Competitive Environment/Rivals......................................................4-5

Five Forces/Attractiveness..................................................................5-8

Driving Force....................................................................................8-12

References.........................................................................................13

Appendix............................................................................................14-21

External Environment Analysis

1

Page 2: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

Kraft Foods Inc is a food processing/global snacks behemoth with a high con-

sumer friendly portfolio of products reaching approximately 170 countries boasting about

$49.2 billion in total revenues. Despite their astounding numbers, Kraft has components

within it’s external environment that are considered strategically relevant factors. The

principal component that has heavily influenced Kraft Foods as well as most of the food

processing industry have been social forces dealing with lifestyle changes, nutrition and

fitness, as well eating habits.

Industry Description

Food processing is the set of methods and techniques used to transform raw ingre-

dients into food or to transform food into other forms for consumption by humans or ani-

mals either in the home or by the food processing industry. Food processing typically

takes clean, harvested crops or butchered animal products and uses these to produce at-

tractive, marketable and often long shelf-life food products. In western Europe and North

America, the second half of the 20th century witnessed a rise in the pursuit of conve-

nience. Food processing companies marketed their products especially towards middle-

class working wives and mothers. Frozen foods (often credited to Clarence Birdseye)

found their success in sales of juice concentrates and "TV dinners". Processors utilized

the perceived value of time to appeal to the postwar population, and this same appeal

contributes to the success of convenience foods today.

Key Success Factors

2

Page 3: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

Kraft Inc has set their sights on becoming a global snacks powerhouse and unri-

valed portfolio of brands people love. The complementary nature of their portfolio is at

the heart of the three strategies that will drive their growth:

• Delight global snacks consumers. Consumers around the world are pressed for

time and are looking for on-the-go options. They’re also looking for simple indul-

gences and healthier options. And there’s nothing better than a delicious snack,

like LU biscuits, Planters nuts, Trident gums, and Cadbury or Milka chocolates to

satisfy those desires.

• Unleash the power of our iconic heritage brands. Our iconic heritage brands are

loved by consumers world-

wide. Roughly 80 percent of

these heritage brands hold

number one or number two po-

sitions in their respective cate-

gories and are household

names.

Whether it’s regional brands, like

Philadelphia cream cheese in

Europe and Tang powdered

beverages in Asia Pacific; or

3

Page 4: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

local favorites like, A-1 sauces in the US and Vegemite spread in Australia, we

make delicious products for billions of consumers every day.

• Create a performance-driven, values-led organization. To win in the market, we

need to win with our customers and consumers, and with our colleagues, commu-

nities and suppliers. We’ll do this by living our values: We inspire trust; We act

like owners; We keep it simple; We are open and inclusive; We tell it like it is; We

lead from the head and the heart; We discuss. We decide. We deliver.

Economic Conditions

Although the general economic condition is one that is within a weakened state,

consumers have relished in Kraft products and other processed foods during these finan-

cially binding times due to convenience and affordable pricing. Although unemployment

has increased during the past several years the net revenues for Kraft has continued to in-

crease ranging from $40.5 billion in 2008 to $49.2 billion in 2010. These numbers make

it unequivocally clear that amidst a financial turmoil, that consumer purchases in the pro-

cessed foods industry have increased.

Competitive Environment/Key Competitors

Kraft [NYSE: KFT] has a number of competitors within the food processing in-

dustry. Kraft spans across 170 countries which breaks down as 49% USA, 23% Europe,

4

Page 5: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

and 28% within developing markets. With reach of that nature, competition is for certain.

The direct competitors of Kraft are: Nestle, and Tyson Foods.

Nestle is one of the world's leading Nutrition, Health and Wellness companies.

Their mission of "Good Food, Good Life" is to provide consumers with the best tasting,

most nutritious choices in a wide range of food and beverage categories and eating occa-

sions, from morning to night. In 2010, Nestle boasted $10.4 billion in sales with more

than 25,000 employees nationwide with 25 manufacturing facilities, 46 distribution cen-

ters, and 15 sales offices across the country.

Tyson Foods, Inc. [NYSE: TSN], founded in 1935 with headquarters in Spring-

dale, Arkansas, is the world's largest processor and marketer of chicken, beef, and pork,

the second-largest food company in the Fortune 500 and a member of the S&P 500. The

company produces a wide variety of protein-based and prepared food products and are

the recognized market leader in the retail and foodservice markets we serve.  Tyson pro-

vides products and services to customers throughout the United States and more than 100

countries.

Other competitors include, General Mills, ConAgra, Dean Foods, Pepsico Inc.,

Kellogg Co., Coca-Cola Co., and Anheuser-Busch InBev to name a few. Below you will

find other top food processing companies that rival Kraft Foods Inc within the table to the

left.

Five Forces Analysis

5

Page 6: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

In the food processing industry there is high competitive pressures coming from

other firms within the industry. Most of the rivals have diversified the products that they

offer, which puts them all on the same playing field product wise. Due to having more in-

formed customers, many food companies are diligently working on and offering im-

proved healthier products, with competitors such as Nestle, Tyson, and ConAgra to name

a few. Most of the competitors are equal if not in size then in competitive strength, and it

also seems that a majority of these companies are also looking to improve consumer

health with improved products and also expressing the importance of health/fitness.

There are entry barriers within the food processing business. There are high capital

requirements necessary in order to start a food processing business. The amount of capital

will be determined by the size etc that they are looking for. With behemoths such as

Kraft, and Nestle there is high brand loyalty as well as name recognition, since they have

been dominant in this realm for quite some time. With that being said a new entrant

would need the resources/funding to spend on advertising as well as sales promotion to

attempt to overcome the brand loyalty of established companies and build their own cus-

tomer base. A new entrant would also have to deal with difficulties of building and main-

taining a network of distributors as well as the issue of securing space on grocery store

shelves due to the once again already established companies.

There are a few substitutes that food processing companies such as Kraft must en-

dure. Food processing provides consumers with meals within a small preparation win-

dow, which is very convenient for the consumer on the go. However, companies must

deal with organic foods/home prepared meals as well as restaurants. However, with the

6

Page 7: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

huge health trend that most are on now days not only do these companies have to be in-

formed about consumer substitutes, but these companies must also race to meet and sat-

isfy the needs and wants of the general public. With these options in mind it is imperative

for a company such as Kraft to invest in improving and making their products more con-

sumer/health friendly.

Another vital competitive force which is relevant to the food processing industry is

supplier power. Suppliers with potent bargaining power can strip industry profitability

away by charging higher prices, and passing costs on to them, as well as limiting their

chances to locate better deals. Due to the success that Kraft has been having as well as the

high customer satisfaction level, it wouldn’t be in their best interest to change suppliers/

ingredients since customers have come to love the taste as well as other traits within a

particular product. Although changing suppliers wouldn’t be an issue for a large company

such as Kraft, it wouldn’t make sense to do so since they already have a supplier (ingredi-

ents) that their consumer base has become used to.

Since Kraft has established themselves as one of the brand leaders in the food pro-

cessing industry, the risk associated with changing food and ingredient suppliers would

be extremely high. Customers have been utilizing Kraft products for years and have come

to know and love the quality, and the taste that they may have experienced the last time

they indulged with some Kraft Foods products. I am a firm believer that if it isn’t broke,

there isn’t a need to fix it. In other words the formula that Kraft has set in place is work-

ing well so there isn’t a need or want that I can see to change suppliers.

7

Page 8: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

Looking at the buyers/consumers power they gained leverage due to a wealth of

information resources. The more info that buyers have available to them the better they

can compare pricing as well as products via the internet. This plethora of consumer infor-

mation alone is part of the reason that most food processors are migrating toward the pro-

duction of healthier products in addition to the promotion of healthier lifestyles.

Industry Attractiveness

After looking at the five forces and how they relate to Kraft (food processors) it is

clear of the following:

The state of competition in the food processing industry is very strong with a wide vari-

ety of companies/rivals in the mix. Although competition is deep, companies can obtain

good profitability just as Kraft has done (appendix). In regards to entrance, due to high

capital that is needed the entry barriers are somewhat high, which won’t allow for new ri-

vals to gain market share. The food processing industry is one that is ideal as far as the

competitive environment, the suppliers, and buyers have some say but are considered

weak. Overall, the food processing industry when collectively analyzed with the five

forces are slightly strong which have allowed for well run companies both larger and

smaller to earn moderate profits.

Key Driving Force

The food processing industry is impacted heavily by lifestyle changes, eating

habits, and overall health and nutrition concerns. In this realm it is vital to listen to your

consumers/buyers wants and needs, and if you are wise you will provide them with it or

another company will.

8

Page 9: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

Products: Making the foods people love even better

Around the world, people eat and drink about 900 million servings of Kraft foods

products every day. that gives us an enormous opportunity to have a positive impact on

consumers’ health and well-being. so our focus is on making our products more nutritious

and more wholesome, while still delivering the same delicious taste people have come to

expect.

Based on what our consumers tell us (Kraft) they want, we focus our efforts on three ar-eas:

-foods with less fat, sodium, sugar and calories.

-foods with more beneficial ingredients, such as whole grains, fiber, healthier oils and micronutrients.

-foods that are “simpler:” easier-to- understand ingredient lines and fewer artificial in-gredients.

since 2005, we’ve reformulated or launched more than 5,500 products that meet one

or more of these focus areas. Our goal is to continually grow the number of options

in our portfolio that give consumers better choices for healthier and more wholesome

foods. it’s good for consumers and it’s good for business.

Reducing what consumers don’t want

Much of the world’s population is consuming too much sodium. While sodium re-

duction isn’t new for Kraft foods, in 2010 we began to accelerate our efforts to further re-

duce it in our products, without compromising taste or safety. this is a tough challenge for

the entire food industry, but we feel good about our progress:

9

Page 10: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

-in the u.s. and Canada, our largest and most diverse portfolios, we announced plans to

cut sodium by an average of 10 percent by 2012 across the portfolio. in 2010 alone, we

removed nearly 3 million kilograms

(6.5 million pounds) of salt from 340 products. and we plan to reduce sodium

in hundreds more products.

Kraft has also taken what their consumers have said a step further in regards to

health recommendations and labeling of products. Product labeling since 2007, Kraft has

provided nutrition labeling on products worldwide. By following the recommendations

of the Codex Alimentarius, a set of globally recognized, widely used food standards,

Kraft labels provide information on calories plus seven key nutrients where space per-

mits: protein, carbohydrates, sugar, fat, saturated fat, fiber and sodium. On very small

packages and others with limited space, we list calories, protein, carbohydrates and total

fat, per Codex recommendations.

Kraft labels list the amount of each nutrient in a given portion of the product and/

or per 100 grams or milliliters, depending on local regulations. in most cases, our labels

also include the percentage that each nutrient provides of the recommended daily value

(dv), daily intake (DI) or guideline daily amounts (GDAS)—or the local equivalent

where available.

Kraft is also pursuing front-of-pack labeling that delivers meaningful information

at a glance, and are increasing our front-of-pack labeling around the world. in australia

10

Page 11: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

and the Eu, we provide front-of-pack information on calories, based on the percentage of

DI and percentage of GDA, respectively. in the u.s., Kraft supports nutrition Keys a

front-of-pack program, developed by the Grocery Manufacturers Association and Food

Marketing Institute. and in asia Pacific, we are currently exploring front-of-pack options

with the broader food industry. Kraft also provides nutrition information online and via

toll-free consumer call centers. Our healthy living websites in several countries offer life-

style tips and recipes and in the u.s., our Good eating, Good living website provides in-

formation for people living with diabetes.

In closing, Kraft has a strong hold within the industry, and the loyalty of its con-

sumers. Not only are consumers looking for the great taste, but now with todays society

being health conscious, it is imperative for Kraft to react accordingly to sustain as well

as gain market share within their industry. With Revenues in the billions and most im-

portantly the number #1 global position it is very clear that Kraft Foods Inc, is not only

listening to their consumers, but they are putting what they say to use and improving their

products as well as the way of life of its consumers (health factors). It is clear that the key

driving force in the food processing industry, during todays time is dealing with health

and nutrition.

The food processing industry is one with high entry barriers, and high rivalry.

This industry is an attractive one if you have the capital to start, as you will see in the ap-

pendix, many companies along with Kraft have made decent profits within this difficult

but lucrative realm.

11

Page 12: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

References

Thompson, A., Peteraf, M., Gamble, J., & Strickland III, A. (2012), Crafting & Executing

Strategy 18e. McGraw-Hill/Irwin. New York, NY

Tyson Foods (2012) Tyson Foods Inc, Retrieved January, 30, 2012 from

www.tysonfoods.com

Nestle (2012) Nestle Inc. Retrieved February, 4, 2012 from www.nestleusa.com

12

Page 13: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

Kraft Foods (2012) Kraft Foods Inc, Retrieved February 4, 2012 from

www.kraftfoodscompany.com

Kraft Foods (2012) Kraft Foods Facebook, Retrieved February 8, 2012 from

www.facebook.com/kraftfoodscorporate

Kraft Foods (2012) Kraft Responsibility Report, Retrieved February 7, 2012 from

www.kraftfoodscompany.com/SiteCollectionDocuments/pdf/kraftfoods_responsibility_re

port.pdf

Food Processing (2012) Planning for Split, Retrieved February 9, 2012 from

www.foodprocessing.com

Food Processing Top 100 (2012) Top 100, Retrieved February 11, 2012 from

www.foodprocessing.com/top100/index.html

Appendix

Kraft Strategies for Growth

We understand that actions speak louder than words, so at Kraft Foods, we:

13

Page 14: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

Inspire trust

Act like owners

Keep it simple

Are open and inclusive

Tell it like it is

Lead from the head and the heart Discuss, decide, deliver

Create a Performae-Driven, Values-Led Organization

Kraft Foods at a Glance/2010 Consumer Sector Data

Net Revenues in Billions

$ 13.7 confectionery$ 10.8 biscuits

14

Page 15: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

$ 8.8 beverages$ 7.0 cheese$ 5.0 convenient $ 4.0 groceryPercentage of Net Revenues

Total $49.2 (Billion) (www.kraftfoodscompany.com)

This Yea

r

Last Yea

r

Company 2010 Food Sales

2009 Food Sales

2010 Total Company

Sales

2010 Net In-come* (-

loss)

2009 Net In-come* (-

Loss)

1 4 Pepsico Inc. 35,600 22,000 57,838 6,338 5,979

2 1 Nestle (U.S. & Canada)

29,600 28,000 105,000 35,000 10,751

3 3 Kraft Foods Inc.

29,524 23,666 49,207 4,139 3,028

4 2 Tyson Foods Inc. (9/27/08)

27,293 25,903 28,430 765 -551

5 5 Anheuser-Busch InBev

15,296 15,380 36,297 5,762 5,877

6 7 JBS USA 13,342 11,000 32,959 117 65

15

Page 16: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

7 6 General Mills Inc. (5/31/09)

12,005 11,951 14,880 1,798 1,535

8 7 Dean Foods Co.

11,758 11,000 12,123 83 228

9 9 Mars Inc. 10,500 10,000 30,000 NA-Private NA-Private

10 10 Smithfield Foods Inc. (5/11/11)

10,264 9,326 12,203 521 -101

11 11 MillerCoors 8,818 8,852 8,818 1,057 859

12 12 Kellogg Co. 8,402 8,510 12,397 1,247 1,208

13 13 Coca-Cola Co.

8,273 8,191 35,119 11,809 6,824

14 14 ConAgra Foods Inc. (5/29/11)

8,002 7,940 12,303 819 723

15 19 Hormel Foods Corp.

7,221 6,534 7,221 396 343

16 20 Cargill Inc. (5/31/11)

7,000 6,000 108,000 2,600 3,334

17 17 Dole Food Co. Inc.

6,893 6,779 6,893 -30 84

18 15 Pilgrim's Pride Corp.

6,882 7,088 6,882 87 -152

19 16 Sara Lee Corp. (7/3/10)

6,819 7,059 10,793 527 380

20 18 Unilever North Amer-ica

6,688 6,540 59,311 6,161 5,243

21 21 Saputo Inc. (3/31/11)

6,025 5,695 6,025 451 376

22 22 Campbell Soup Co. (9/29/10)

5,675 5,630 7,676 844 736

23 24 Hershey Co. 5,671 5,299 5,671 510 436

24 23 Dr Pepper Snapple Group

5,636 5,531 5,636 528 555

16

Page 17: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

25 25 Maple Leaf Foods

4,968 5,222 4,968 26 52

26 27 J.M. Smucker Co. (4/3/11)

4,826 4,605 4,826 479 494

27 26 H.J. Heinz Co. (4/27/11)

4,679 4,622 10,707 1,006 882

28 29 Ralcorp Holdings

4,049 3,892 4,049 209 290

29 28 Perdue Farms (3/31/11)

3,900 3,900 4,600 NA-Private NA-rivate

30 30 Grupo Bimbo 3,864 3,823 7,197 341 457

31 31 Del Monte Foods (5/1/11)

3,666 3,740 3,666 661 244

32 34 Land O’Lakes Inc.(B2)

3,455 3,208 11,146 178 209

33 33 Brown-For-man Corp.

3,404 3,226 3,404 572 449

34 36 Agropur Co-operative (10/30/10)

3,345 2,954 3,345 40 33

35 32 Chiquita 3,22 7 3,470 3,227 57 90

36 35 Procter & Gamble Co.

3,135 3,068 78,938 326 (food only)

269 (food only)

37 39 Fortune Brands Inc.

2,666 2,470 7,142 488 243

38 38 Flowers Foods Inc.

2,574 2,601 2,574 137 130

39 49 McCain Foods (6/30/10)

2,555 1,998 6,000 NA-Private NA- Private

40 37 Hostess Brands

2,500 2,700 2,500 NA-Private NA-Private

41 55 Pinnacle Foods

2,437 1,643 2,437 22 303

17

Page 18: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

42 47 Borden Dairy (3)

2,400 2,100 2,400 NA NA

43 50 Parmalat Canada

2,382 1,887 2,382 NA NA

44 40 Keystone Foods

2,300 2,300 6,400 NA-Private NA- Private

45 42 Rich Prod-ucts Corp.

2,250 2,200 2,950 NA-Private NA- Private

46 42 Foster Farms 2,200 2,200 2,200 NA- Private NA-Private

47 42 H.P. Hood Inc.

2,200 2,200 2,200 NA-Private NA- Private

48 41 Constellation Brands (2/28/11)

2,088 2,001 3,332 58 99

49 54 Molson Coors Co. (Canada only) (12/25/10)

1,938 1,732 3,254 668 723

50 54 Sanderson Farms

1,925 1,790 1,925 135 82

51 63 TreeHouse Foods Inc.

1,817 1,512 1,817 91 81

52 42 Great Lakes Cheese Co.

1,800 2,200 1,800 NA- Private NA-Private

53 51 Schreiber Foods Inc.

1,800 1,800 4,000 NA-Private NA- Private

54 53 Schwan Food Co.

1,750 1,750 3,000 NA-Private NA-Private

55 48 California Dairies Inc.

1,710 2,060 3,000 NA NA

56 60 Associated Milk Produc-ers

1,700 1,400 1,700 NA NA

57 57 Weston Foods

1,624 1,602 32,008 278 (food only)

117 (food only)

58 56 Canada Bread Co.

1,588 1,726 1,588 61 73

18

Page 19: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

59 66 Seaboard Corp.

1,584 1,208 4,386 284 92

60 72 Prairie Farms Dairy Inc.(9/30/10)

1,504 1,345 1,504 NA NA

61 67 The Dannon Co. Inc.

1,360 1,200 1,360 NA NA

62 71 Cott Corp. 1,357 1,174 1,803 58 82

63 58 Michael Foods

1,300 1,543 1,500 NA-Private 69

64 61 Darigold (3/31/11)

1,300 1,300 1,300 NA NA

65 New Advance Pierre Foods LLC

1,300 600 1,300 NA-Private NA

66 59 McCormick & Co. Inc. (11/30/10)

1,223 1,186 3,337 370 300

67 67 American Crystal Sugar Co.

1,204 1,200 1,204 526 536

68 67 American Foods Group LLC (9/30/10)

1,200 1,200 2,100 NA-Private NA- Private

69 67 J. R. Simplot Co. (8/31/10)

1,200 1,200 4,500 NA-Private NA- Private

70 62 Seneca Foods Inc. (3/31/11)

1,195 1,280 1,195 18 48

71 65 Leprino Foods Co.

1,125 1,250 2,150 NA-Private NA- Private

72 74 McKee Foods Corp.

1,100 1,000 1,100 NA-Private NA-Private

73 74 OSI Group 1,100 1,000 4,500 NA-Private NA-Private

74 46 Colgate- Pal-molive Co.

1,025 1,071 15,564 2,203 2,291

75 73 Foremost Farms USA

1,000 900 1,372 25 22

19

Page 20: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

76 74 Hilmar Cheese

1,000 1,100 1,300 NA NA

77 63 Riceland Foods

1,000 1,000 1,300 NA NA

78 74 Wells En-teprises Inc.

1,000 1,000 1,000 NA-Private NA-Private

79 79 Snyder's-Lance Inc.

980 918 980 3 36

80 86 Dairy Farm-ers of Amer-ica (2)

927 705 9,800 44 66

81 96 Imperial Sugar Co. (9/30/10)

908 523 908 137 -24

82 80 Lancaster Colony Corp.(6/30/10)

893 910 1,057 115 89

83 85 Sunkist Growers (10/31/10)

874 729 1,013 789 659

84 82 Gilster-Mary Lee Corp.

850 875 850 NA-Private NA-Private

85 84 Lactalis USA Inc./Sorrento

800 660 800 NA NA

86 90 Agri-Mark 781 655 781 11 15

87 81 The Hain Ce-lestial Group Inc.

724 898 917 27 -25

88 84 Sargento Foods Inc. (6/30/10)

700 750 900 NA-Private NA-Private

89 86 Reser's Fine Foods

700 700 700 NA-Private NA-Private

90 91 J&J Snack Foods Corp. (9/25/10)

697 653 697 48 41

91 88 Malt-O- Meal 690 697 690 NA-Private NA-Private

92 89 National Grape Coop-erative

659 673 659 27 81

20

Page 21: Kraft Foods Assignment #1

KRAFT FOODS BY: AHMOAD WARE

93 New Diamond Foods Inc.

642 536 680 26 24

94 97 CROPP Co-operative/Or-ganic Valley

619 520 619 NA NA

95 93 John B. San-filippo & Son Inc.(6/24/10)

562 554 562 14 7

96 94 Golden State Foods

560 550 4,000 NA-Private NA-Private

97 94 Gorton's Inc. 560 550 560 NA NA

98 New Ruiz Foods 525 500 525 NA-Private NA-Private

99 100 B & G Foods Inc.

513 501 513 32 17

100 99 Goya Foods Inc.

505 505 1,300 NA-Private NA-Private

21