You are on page 1of 19

TABLE OF CONTENTS Introduction Part I. The Nestl Corporate Environmental Strategy i. ii. iii.

Components of the Nestl environmental strategy 2 Evaluation of strengths and liabilities 3 Successful implementation? 5 2

Part II. The Nestl Corporate Strategy iv. v. vi. Components of the Nestl environmental strategy 6 Evaluation of strengths and liabilities 8 Successful implementation? 8

Part III. Analysis of Strategic Approach vii. viii. ix. Corporate and environmental strategy consistencies 9 ESM 210 Community Survey 9 Recommended strategic changes 10

Part IV. Appendices x. Tables and Figures 11

x.

Bibliography 14

Introduction Nestl is an international corporation that produces a variety of products including food, beverages, and pharmaceuticals that amount to over 8,000 in all (Tomlinson 2000). The company was founded in 1867 in Vevey, Switzerland and has facilities worldwide. In fact, Nestl is the worlds largest food company with 479 factories and over 200,000 employees worldwide. Nestl is committed to providing people around the world with the best food and increasing their quality of life. The current CEO of Nestl, Peter Brabeck, has been with the company since 1968. The primary corporate objective of the Nestl Group is to create values for the internal and external market environments that will be sustainable in the long-term. The environmental management responsibility adopted by Nestl incorporates an integrated approach through the supply chain process for preserving the environment (i.e. minimizing waste products, raw materials produced from sustainable methods, etc.), a focus on the preservation of water resources, and systematic management that describes targets and performance measures for the future.

The Nestl Corporate Environmental Strategy Components of the Nestl Corporate Environmental Strategy Nestl has adopted an environmental business strategy that incorporates initiatives to address environmental policy and compliance, recognition of business opportunity, and response to public perception and expectations. Nestls commitment to the environment, portrayed through this environmental management strategy, focuses on three main areas of the companys operations:

Integrated approach throughout the supply chain Water as a key priority Systematic management of environmental performance

Within these core areas, Nestl has encouraged more responsible environmental performance with continuous improvement in research and development to support long-term growth and competitiveness through innovation and renovation (EPR 2000).

From production operations to distribution and consumer purchasing, Nestl has developed an integrated approach for considering the environment throughout the supply chain process. According to the Environmental Progress Report Highlights (2000), Nestl states the objective in company factories is to maximize eco-efficiency, or to maximize the production of goods while minimizing the consumption of resources. The environmental performance of manufacturing processes is measured through worldwide factory surveys and environmental performance indicators (EPIs) that are verified against action plans, and are used to assess the progress toward ecoefficient objectives. Nestl also claims the support of sustainable agricultural practices, as it does not own or operate farms where raw materials are obtained, and boasts a monetary overall investment for the protection of the environment (Figure 1) that amounted to more than 3% of total capital expenditure from 1997 to 1999(NESTEC 2001). In addition to manufacturing efficiency, Nestl has increased its focus on the packaging process to favor source reduction, reuse, recycling and energy recovery to minimize the impact of waste on the environment. The companys Environmental Progress Report Highlights (2001) asserts that the packaging reduction results have been significant, and that this progress is due to clear objectives and the implementation of a systematic approach. Neither in this report nor the extended Nestl 200 Environmental Progress Report, however, are these objectives elaborated upon. Nestl also participates actively in various national packaging waste recovery schemes established in the European Union, and claims to use recyclable packaging materials wherever possible (NESTEC 2001). The conservation of water resources is also an important component of the Nestl environmental management strategy. Through innovative manufacturing practices and conservation programs to help drive initiatives for water reuse and reduction, Nestl has supported the long-term, sustainable use of water. Figure 2 has been adapted from the Environmental Progress Report (2000), and illustrates the amount of freshwater use worldwide by Nestl is relatively small compared with other sources of consumption. Perhaps the most vivid display of Nestls environmental business strategy is its Nestl Environmental Management System (NEMS), established in 1996 to provide a mandatory framework for environmental management at all levels of organization. This multistep approach has led to more structured management throughout the company, and attempts to meet policies and guidelines, establish objectives and programs, develop training and communication, and complete operational surveys and audits on a regular basis (Figure 3). 4

The components of the NEMS aim to facilitate continuous improvement and communication while integrating innovation and renovation strategies throughout Nestls long-term environmental commitment (NESTEC 2001). The NEMS also allows Nestl to perform more compatibly with international standards for environmental management systems, such as ISO 14001. Currently, the number of certified Nestl factories implementing the voluntary ISO 14001 standards is 46. Establishing these frameworks for environmental management has focused Nestls efforts on performance and continuous improvement, thus creating an adaptive ability to change with new environmental issues (NESTEC 2001). Evaluation of Strengths and Liabilities The corporate environmental strategy that Nestl has adopted illustrates the difficulties of global corporations and their struggle to maintain an environmentally responsible image to consumers, environmental organizations, and regulatory agencies. Although Nestl is on the right track toward successful environmental management with the established framework for environmental performance (NEMS), the companys approach to environmental responsibility is flawed. From poor information dissemination to safety concerns over Nestl products, the company has a long way to go to achieve a level of environmental responsibility that is respected by environmentalists and the public. The inadequacies of the Nestl s strategic approach to environmental management arise from the competitive nature of the company as a global leader in food production. Driving this competitive force is the ability of Nestl to maximize profits while at the same time addressing both societal and environmental concerns to establish acceptance and public position. In many cases, conflicts have arisen as a result of trying to satisfy both monetary success and environmental responsibility. Pressure to meet environmental regulations and operational compliance has forced Nestl to develop a systematic process to gauge environmental performance (NEMS), however, the NEMS is more of a superficial outline to company goals than an actively implemented strategy. The shear expanse of Nestl operations also inherently leads to an incomplete environmental management strategy. Nestl claims great achievement with the adoption of the ISO 14001 international standard for environmental performance in many of their factories, however, of a total of 509 facilities worldwide a mere 46 of these are certified. In 5

general, the certification process (including EPIs, auditing, and facility surveys) is inefficient and inaccurate for such a number of reporting facilities. The margin of error is much larger when considering that individual factories are manually reporting measurements of performance based on facility inputs and outputs (i.e. waste water generation, greenhouse gases, energy consumption, etc.) The accurate consolidation of all this environmental performance data is skeptical. Further, as a global food company, Nestl has been criticized for establishing characteristics of bluewashing in its environmental strategy (Corpwatch 2002). This idea stems from the tendency of some global companies to associate themselves with the blue flag of the United Nations in order to connect themselves to United Nations themes such as human rights and environmental protection. In this way, large corporations are able to appear more environmentally responsible to consumers (Corpwatch 2002). This type of disinformation dissemination is consistent through Nestls corporate environmental strategy, and has led to serious conflicts over its products. Many of the controversies over Nestl food products have involved the promotion of infant formulas in developing countries and the companys use of GMO ingredients in products. Nestl violated the World Health Organizations Code of Marketing Breast-milk Substitutes with their promotion of inappropriate distribution of powder infant formulas to women in developing countries. Nestl supplied information to women that promoted artificial feeding and did not educate them on the benefits of natural breastfeeding as the optimal form of infant nutrition. Nestl also distributed free samples of infant formula long enough to support the infants until the mother was not able to lactate. Without money to buy milk, inadequate sterilization methods, and lack of clean water, many newborn babies in these developing countries suffered from severe malnutrition (http://www.corporations.org/corplist.html#food). Nestls position on GMO use in their food products has also attracted recent criticism from environmental groups. Although Nestl recently phased out biotech foods in the UK, the company continues to use genetically modified foodstuffs in all other countries including the United States (Environment News 1999). Nestls states their position in the following words: In those countries where consumers are reluctant to accept the use of GM crops as a source for ingredients, Nestle products do not contain these ingredients, in as far as practically possible (FOE 2000). The environmental group, Friends of the Earth, also reported that following Nestls statement, Nestl was unable to list in which countries this policy operates.

A visit to the Nestl website also reveals the companys struggle with environmental information dissemination. The site contains many different attributes of the corporate environmental approach that are accessible with the click of a button. Explanations and descriptions of company environmental activities, however, are clouded in general language and fancy graphics. It seems that information is being hidden somewhere, and this does not make the company look very environmentally responsible. Nestl provides a few reports available for downloading from the site, but the majority that is listed is not accessible to the public. In our attempts to contact Nestl USA in Glendale, California, we requested the most recent corporate US annual report, and received a pamphlet describing recycling tips in the mail. The strengths of the Nestl Corporation lie within their establishment of an Environmental Management System. Efforts to implement environmental objectives may not be currently realized by the company; however, adopting a framework for dealing with environmental performance is admirable. Through the NEMS process, Nestl aims to promote continual innovation and improvement while meeting current environmental regulations. This strategy has not been adequately developed, but encourages more responsible environmental performance in the future. Successful Implementation? Nestl boasts many environmentally sound strategic efforts within the confines of the World Wide Web and various environmental reports; however, the achievement of most of these objectives rests within the superficial framework of the NEMS (Figure 3) and generalized statements regarding a focus on improvement in all aspects of sustainability (Nestec 2001). Nestl by no means deserves acclaim for impressive implementation of environmental management strategies. Not even for the 49 factories that are currently certified as ISO 14001 facilities. Incorporating environmental issues into the strategic planning process and achieving successful implementation requires that firms do more than merely comply with existing laws and requirements. Although the ISO 14001 standard is a voluntary action adopted by corporations, Nestl is showcasing the certification processes of ISO and NEMS as validities for successful implementation across all aspects of company environmental objectives. Aside from the adoption of the NEMS as a corporate management tool for the company, Nestl has only achieved skeptical consumers and potentially excessive expenditures in the long-term that may result from implementation lags.

The Nestl Corporate Strategy Components of the Nestl Corporate Strategy Nestls corporate strategy, first published in 1998, is based on a few basic principles. Most of the principles existed when the company was formed back in 1867 (NCBP 2002). The principles contain an objective, which is to create sustainable value in their products for the long-term. The basic principles include a preference for long-term business development over short-term profit, recognition of consumer interest, concern for maintaining responsible conduct through legislation or additional measures, awareness that employees and management are vital to Nestls success, and respect for cultural diversity and acceptance of local laws and legislation. The major issues covered in the Nestl Corporate Business Principles report are: National Legislation and International Recommendations Consumers Infant Health and Nutrition Human Rights Human Resources and the Workplace Child Labor Business Partners Protection of the Environment The Nestl Water Policy Agricultural Raw materials Compliance The strategy of a company can be defined as the long-term objectives and the actions taken to effectively implement those objectives (Grant 2002). A major part of corporate strategy, which defines the industry or market a company competes in, is the evaluation of the industry attractiveness to determine its profitability. Porters five forces model is a useful tool in evaluating the profitability of an industry. The forces include the intensity of competition among existing competitors, the relative bargaining power of suppliers and buyers, the threat of substitutes, and barriers to entry into the industry (Grant 2002). Nestls corporate strategy can be more clearly evaluated once it has been assessed in terms of Porters five forces. The degree of competition among existing competitors within the food products industry is quite intense, although variation is determined by the 8

product sector. Nestl is still outperforming Unilever and P&G, two of its major competitors in the packaged-foods industry. Supplier power is relatively low since Nestl has contracts for specific raw materials and products with its suppliers. Those crucial suppliers that have a contractual relationship with Nestl are audited to ensure compliance with Nestl Corporate Business Principles (NCBP 2002). Similarly, Nestl has a direct procurement system with farms for agricultural raw materials. Nestls close relationship with its farmers ensures that Nestls policies for safety and quality are met. The bargaining power of buyers, on the other hand, is quite high. Consumers of food products tend to be fairly price sensitive, so that customers influence pricing. The degree of competition from substitutes for Nestl products varies depending on the product sector. Nestl chocolates, arguably the most well know line of products, face competition from substitutes such as carob products, non-chocolate candies, and other sweet snacks (i.e. cookies, ice cream, and baked goods). Barriers to entry are high in the food products industry. Some of the barriers that potential competitors would have to overcome include high capital requirements, economies of scale, cost advantages of existing firms, produce differentiation, access to distribution channels, government policies, and potential retaliation by existing firms (Grant 2002). Diversification is the process by which a company expands its product base across different product markets (Grant 2002). Historically, Nestl has maintained a relatively narrow range of products, with food and beverages occupying their main business focus. In the early 1970s however, Nestl began exploring the possibilities of diversifying its product base. Around this time, the company took an interest in LOreal as strategic participation and currently owns 26.3% (Tomlinson 2000). In 1977, Nestl truly began to diversify by acquiring Alcon Laboratories Inc., a leader in pharmaceuticals for eye care (http://www.nestlefaq.com/). Alcon Laboratories Inc. is averaging about $2.4 billion in sales compared with about $275 million when it was acquired. More recent acquisitions include Spillers Petfood and Nestl Philippines Inc. in 1998 and Ralston Purina in 2001. One of the companys only divestments was Findus brand frozen foods with 15 plants divested in Europe. The most common motivations for diversification include growth, profitability and risk reduction. In the case of Nestl, growth and profitability are the main drivers of diversification strategy. Nestls approaches for increasing growth are geographic expansion, 9

innovation and renovation and channel growth (Nestl 2002). In terms of geographic expansion, the management of Nestls businesses in the food industry takes place in three geographic zones: Europe, the Americas, and Asia, Oceania and Africa (AOA). The business activities in water and pharmaceutical products are managed on a global scale. Nestl has a variety of brands representing the different product sectors in which it operates. Nestls six strategic brands include Nestl, Nestcaf, Nestea, Buttoni, Maggi, and Friskies. The most successful brand is Nestcaf. The company is more concerned with the priority and strategic brands than with the total number if brands. Some of the benefits received from having these brands are the loyalty of the consumer base and the ability to command a price premium. The different product sectors in which Nestl operates are beverages, confectionary, diary, ice cream, nutrition, pharmaceuticals, water, and food services. In 1997, Nestl established a four-pillar strategy to improve all aspects of business, from the supply chain to consumers (Nestl Investor Relations 2002). The four pillars include innovation and renovation, consumer communication, product availability, and operational efficiency. Innovation and renovation is mainly implemented through marketing and research and development. Within this strategic pillar, synergies are created so that inventions are applied across diverse product lines. The strategy to maintain consumer communication focuses on building brand loyalty. Product availability, which is motivated by maximizing sales, is realized by ensuring the distribution of the best products for consumers. Finally, in order to achieve operational efficiency, Nestl implemented a manufacturing efficiency program entitled MH 97 that was successfully completed in 2001. Under this program, Nestl saved a total of CHF 4 billion. Target 2004 was subsequently created to continue these cost savings. Another program aimed at increasing internal operational efficiency is GLOBE. This program is intended to enhance performance and efficiency in all geographic areas where Nestl operates in order to better compete and perform in the market. GLOBE will aim to standardize information systems and all master data thereby streamlining internal organization. Preliminary training began in 2001 and will continue in all countries through 2005. Furthermore, GLOBEs mission is to utilize the flexibility in the size of the company as strength rather than a liability (Nestl Investor Relations 2002). Evaluation of Strengths and Liabilities

10

One of Nestls strengths lies in ability to diversify while still maintaining a line of products and strategic brands that support the company. Although Nestl owns Alcon and LOreal, synergies do exist among the different product lines so that innovations in eye care or health care can be transferred over and applied to food and beverages. Nestl is able to maintain a focused product line in those sectors in which it has already invested. In the U.S., for example, Nestl stood on the sidelines while Unilever bought Bestfoods and Phillip Morris bid for Nabisco (Tomlinson 2000). This was strategic decision on the part of the CEO and Nestl in general since another acquisition would only counteract the companys efforts to re4duce overcapacity. As mentioned earlier, Nestl would like to turn its large size into a strength and eliminate liabilities associated with overcapacity. As a result, Nestl is using its current array of brands and products as a strength against uncontrolled growth and overcapacity accumulation. Successful Implementation? The degree of success Nestl has achieved varies among the components of its corporate strategy. Overall, Nestls success can be seen by the profits made on an annual basis. According to Fortune, Nestl is ranked 39 out of the top 50 most admired companies (Fortune 2002a). According to the Global 500: The Worlds Largest Corporations, Nestl ranks 59th with $48 billion in revenues and $3 billion in profit (Fortune 2002b). In the first half of 2000, Nestls profit reached $1.6 billion, increasing more than 30% (Tomlinson 2000). One of the major areas in which Nestl has not been so successful is in reducing its overcapacity. Although GLOBE is targeted to improve the company from the inside, this program is only in the preliminary phase. With almost 500 facilities in nearly 80 countries worldwide, Nestl has not been able to cut back overcapacity and reduce inefficiency (Nestl 2002). The company has had difficulty in doing this, particularly in Europe where employees have formed unions making cutbacks to the labor forces a difficult task. At the Perrier plant in France, for example, strong labor unions have formed strikes when Nestl has tried to cut employees. As a result, restructuring in order to downsize and increase efficiency has been a nightmare for Nestl. Analysis of Strategic Approach Corporate and Environmental Strategy Consistencies Although Nestl may hold a diversified, competitive edge above other international food companies, its adoption and implementation of a 11

successful environmental strategy has yet to take the lead in the corporate green competition. As a prominent corporation in the global market, Nestl has failed to create a convincing link between the companys business and environmental strategies. Although both strategies exhibit a common organizational structure (i.e. NEMS) that incorporates aspects of conservation, innovation, and profitability, many of the claims Nestl makes regarding its environmental management strategy are inconsistent with the components and objectives of the corporate strategy. The most noticeable inconsistencies exist between the efforts to maintain Nestl s competitive edge and environmental claims to reduce waste and conserve water resources. In order to be competitive, Nestl had to actually increase packaging to provide more single-serving food products that became more popular as lifestyle changes have resulted in shifts in food habits (NESTEC 2001). This modification of the corporate strategy initiated to appeal to single consumers may increase profitability, but also sharply contrasts with the integrated environmental approach through the supply chain, one of Nestls core areas of focus for an environmental management strategy. In addition to conflicting claims made concerning the environmental soundness of the companys supply chain management, Nestl also claims conservation of water resources that conflict with the diversification corporate strategy. A result of Nestls expansion of operations to include related firms within the food and beverage industry was the establishment of the Perrier Vittel water bottling company. By endorsing the extraction of water resources for bottling, Nestl is contradicting vivid claims to support the sustainable use of water. Currently, Perrier facilities are drilling wells and extracting water from the Great Lakes Basin in North America. The Great Lakes Basin is one of the last available fresh water resources in the world. Nestl claims to recognize that the responsible management of worldwide water resources is an absolute necessity, however, in light of profitability their claims apparently dont hold water. ESM 210 Community Survey We created an electronic survey for the ESM 210 class regarding consumers feelings toward Nestl. We wanted to gauge consumers desire for Nestl to become more environmentally friendly in both its products and practices. The Nestl Survey consisted of 10 multiplechoice questions that targeted willingness-to-pay, brand loyalty, information/awareness, and differentiation strategy.

12

In order to determine willingness-to-pay, we asked how much more consumers would be willing to pay if Nestl used a) non-GMO raw materials/ingredients in their products, b) organic food ingredients in their products, and c) recycled packaging materials for their products. To assess brand loyalty, we asked a) what consumers favorite chocolate candy manufacturer is and b) whether consumers purchase from a variety of manufacturers or from one. We also asked whether consumers own pets and whether they purchase pet care from Nestl. Information availability was assessed by asking consumers if they were aware of some of Nestls main brands other than chocolate. Finally, we evaluated the consumers feelings on Nestls potential for environmental differentiation by asking whether they thought Nestl would be successful if it used environmental differentiation as a strategy. We were able to retrieve 14 surveys from a class of about 40. Of the 14 participants, exactly 50% were male and 50% female. The results quantifying the willingness-to-pay for non-GMO raw materials, organic ingredients and recycled packaging by males and females are shown in Figures 4 and 5. Similarly, the consumers demand for Nestl products as well as those of their competitors is shown in Figure 6. We found that only 43% of consumers surveyed were aware of other Nestl brands other than Nestl chocolate and confectionary products. None of our survey participants that owned pets bought Nestl pet care or pet food. Finally, 86% said they would buy Nestl products knowing they were environmentally friendly. Recommended Strategic Changes Nestle provides a variety of food products that we use in our every day lives. Therefore, it important to assess how the company could improve its environmental strategy to benefit consumers and simultaneously maintain a competitive advantage. One of our recommendations regarding Nestls current advertising policies is that the company use marketing to promote responsible environmental practices or products they may have or may develop in the future. Although Nestl does not support green claims asserting the benefits are often questionable (Nestec Ltd. 2001), it is clear from our survey that consumers do benefit from greenness as 86% would be willing to pay for it. Therefore, we recommend that Nestl develop and advertise greenness by using non-GMO ingredients, using organic ingredients, and using recycled packaging as assessed in the Nestl Survey.

13

In addition to a revised marketing program, it would be in the best corporate interest of Nestl to establish an environmental eco-labeling program to identify and promote environmental responsibility. The ESM 210 consumer survey illustrates this, and Nestl would benefit from taking a more global proactive approach to environmental management as opposed to instating changes in the environmental program in response to criticism and regulation. Through these actions, industry also has the opportunity to "reinvent" itself in the eyes of many who have otherwise been adversaries in the past in reaction to boycotts and publicized safety concerns. Current developments in consumer behavior and lifestyle that may threaten Nestls efforts to be green is the increasing demand for single servings and more convenient food products that require more packaging (Nestec Ltd. 2001). Unfortunately for the environment, Nestls mission is to provide consumers with the products they want in a highly competitive market. This change in consumer demand will require Nestl to look more closely at their corporate strategy if they wish to make their corporate environmental strategy consistent with their corporate strategy. Appendices Tables and Figures Figure 1. (Adapted from NESTEC 2001)

Environm nta Inve e e l stm nts


0.4 0.35 0.3 0.25 0.2 0.15 0.1 0.05 0

Byproducts/waste

Packaging

Energy

Water

Figure 2. Worldwide Freshwater Use

14

Other

Air

15

Figure 3.

Adapted from the Nestl Environmental Progress Report

16

Figure 4.
0.7 0.6 0.5

Ma W le illingne To Pa For ss y Environm ntally Diffe ntia d Ne e re te stle Products

0.4 0.3 0.2 0.1 0 0 0.1 0.3 0.5 0.75

Non-GMO Org anic Re cycle Pa g d cka ing

Figure 5.
0.7 0.6 0.5

Fe a W m le illingne To Pay For ss Environm nta Diffe ntia d Ne e lly re te stle Products

% 0.3
0.2 0.1 0 0 0.1 0.3 0.5 0.75

0.4

Figure 6.
Fa vorite Chocola Ca te ndy Ma nufa cture r Other
7%

Mars 7%

Nestl

28%

29%

Ghiradelli Fa vorite Chocola Ca te ndy Ma nufacture r 29% Hersheys 7% Other Mars 7% 28%

Figures 4-6. Results from community survey

Hersheys

29%
Ghiradelli

17
29%
Nestl

bibliography
Corpwatch: Holding Corporations Accountable. Greenwash Fact Sheet. www.corpwatch.org/press Accessed on May 20, 2002. Corporation checklist. Accessed May 28, 2002. http://www.corporations.org/corplist.html#food Environment News: Giant Companies to Phase Out Biotech Foods. April 28, 1999. Accessed May 25, 2002. http://ens.lycos.com/ens/apr99/1999L-0428-03.html Fortune. 2002a. Global Most Admired Companies: Nestl. Retrieved on May 17, 2002 from www.fortune.com/lists/globaladmired/snap_930.html Fortune. 2002b. Global 500: The Worlds Largest Corporations. Retrieved on May 27, 2002 from http://www.fortune.com/lists/G500/index.html Friends of the Earth (FOE) Campaigns Against Genetic Foods Across Europe. Accessed May 27, 2002. http://ens.lycos.com/ens/mar2000/2000L-03-0802.html Friends of the Earth (FOE) Europe GMO Foods Survey, 7 March 2000. Accessed May 27, 2002. http://www.foe.org/safefood/foeesurvey.html Grant, R. M. 2002. Contemporary Strategy Analysis: Concepts, Techniques, Applications. Fourth Edition. Blackwell Publishers Inc. Malden, MA. 551p. Nestl. Retrieved on May 17, 2002 from www.nestle.com Nestl Corporate Business Principles (NCBP), 2nd Edition. March 2002. 28p. Retrieved on May 15, 2002 from www.nestle.com Nestl Investor Relations. Retrieved on May 20, 2002 from http://www.ir.nestle.com/2_business/2_5_1-frameset.asp?Nav=5 Nestl Environment Progress Report (EPR). 2000. www.nestle.com/all_about/environment/index.html Accessed April 28, 2002. Nestec, Ltd. Environmental Affairs Department, Vevey, Switzerland. 2001. Nestl Environment Progress Report Highlights www.nestle.com/all_about/environment/index.html Accessed April 28, 2002. Stevenson, Philippa. May 9, 2002. Rich Pickings Await Fronterra. The New Zealand Herald. Retrieved on May 17, 2002 from

18

http://www.nzherald.co.nz/storydisplay.cfm? thesection=business&thesubsection=agriculture&storyID=1844216 Tomlinson, Richard. November 13, 2000. Can Nestle Be The Very Best? Fortune. Retrieved on May 28, 2002 from http://www.fortune.com/indext.jhtml? channel=print_article.jhtml&doc_id=00000261

19

You might also like