DOCSLIB.ORG

4.1. What Are Adhesives?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
4.1. What Are Adhesives? INDEPENDENT RESEARCH Henkel 9th November 2017 Strong grip in a challenging environment HPC Fair Value EUR139 (price EUR120.90) BUY Coverage initiated Finalised on 8th November In a slowing Food and HPC sector, Henkel's very resilient growth Bloomberg HEN3 GY profile stemming from a combination of defensive HPC businesses and Reuters HNKG.F cyclical adhesive activities provides the group refuge stock status. This 12-month High / Low (EUR) 128.9 / 106.4 Market capitalisation (EURm) 21,540 resilience coupled with strict cost control and a very solid balance sheet Enterprise Value (BG estimates EURm) 23,798 prompt us to initiate coverage of the preferred share with a Buy Avg. 6m daily volume ('000 preferred 453.8 recommendation and a FV of EUR139. shares) Preferred shares’ free Float 100 A long-term growth profile. Henkel's dual HPC/adhesives profile 3y EPS CAGR 8.4% ensures the group a (3-4% organic growth) Gearing (12/16) 0% long-term resilience Dividend yields (12/17e) 1.47% irrespective of the economic cycle in a universe where numerous Food- HPC groups have seen their organic performance more than halved since YE December 12/16 12/17e 12/18e 12/19e 2012. Revenue (EURm) 18,714 20,083 21,073 22,167 EBIT(EURm) 3,172 3,475 3,761 4,017 Adhesives as a growth engine. Adhesives should continue to drive the Basic EPS (EUR) 4.74 5.13 5.53 5.93 Diluted EPS (EUR) 5.36 5.88 6.38 6.84 group's growth in coming years and offset the temporary weakness in HPC EV/Sales 1.27x 1.19x 1.09x 0.99x activities. Henkel's organic growth is set to run at 3.2 % in 2017, in the EV/EBITDA 7.1x 6.5x 5.7x 5.0x middle of the guidance range provided by the group (2-4%) and despite EV/EBIT 7.5x 6.8x 6.1x 5.4x P/E 22.5x 20.6x 18.9x 17.7x anaemic growth in the Beauty division for which we are not ruling out a ROCE 16.7 13.8 14.0 14.5 sales warning at the Q3 publication on 14th November. Share price on November 7th The group's "margin story" is not over yet. Underlying EBIT 133.5 128.5 margin should continue to widen by more than 30bp a year on 123.5 average to reach an historical level of 18.3% in 2020, driven by ongoing 118.5 113.5 cost-saving programmes, a positive mix coming from the robust 108.5 103.5 Adhesives division as well as lesser dilution from the integration of Sun 98.5 Products. Despite the integration of bolt-on acquisitions, Henkel's debt 93.5 88.5 ratio is expected to be low, thereby paving the way for sizeable 06/05/16 06/08/16 06/11/16 06/02/17 06/05/17 06/08/17 06/11/17 HENKEL PREF. (XET) SXX EUROPE 600 potential acquisitions as of 2018 (>EUR13bn). Buy, Fair Value of EUR139. Henkel's 2018e P/E stands at 19x, vs 23x for HPC and 22x for adhesives. The combination of a DCF calculation and an SOTP valuation points to a Fair Value of EUR139 per preferred share, implying upside of 15%. We initiate the stock with a Buy recommendation. The forthcoming earnings publication on 14th November could provide an attractive entry point. Analyst: Research Associate: Virginie Roumage, CFA Clément Genelot 33(0) 1.56.68.75.22 33(0) 1.56.68.75.60 [email protected] [email protected] r r Henkel Simplified Profit & Loss Account (EURm) 2014 2015 2016 2017e 2018e 2019e Revenues 16,428 18,089 18,714 20,083 21,073 22,167 Change (%) 0.4% 10.1% 3.5% 7.3% 4.9% 5.2% LFL CHANGE 3.4% 3.0% 3.1% 3.2% 3.5% 3.6% EBITDA 2,660 3,105 3,345 3,662 4,035 4,335 Adjusted EBIT 2,588 2,923 3,172 3,475 3,761 4,017 Change (%) 2.9% 12.9% 8.5% 9.5% 8.2% 6.8% Financial results (49.0) (42.0) (33.0) (33.8) (23.6) (13.7) Pre-Tax profits 2,195 2,603 2,742 3,006 3,241 3,475 Tax (533) (635) (649) (752) (810) (869) Minority interests 33.6 49.0 41.0 33.7 36.7 39.3 Group share net profit 1,628 1,921 2,053 2,224 2,397 2,570 Group share restated net profit 1,896 2,112 2,323 2,547 2,766 2,963 Change (%) 7.5% 11.4% 10.0% 9.6% 8.6% 7.1% Cash Flow Statement (EURm) Operating cash flows 2,225 2,384 2,837 3,005 3,337 3,544 Change in working capital (311) 0.0 13.0 (29.9) (34.7) (38.3) Capex, net (518) (590) (523) (763) (801) (842) Financial investments, net (1.0) (25.0) (6.0) (33.8) (23.6) (13.7) Dividends (548) (597) (666) (732) (793) (861) Other (1,436) (680) (1,224) (1,442) (276) (1,713) Net debt 153 (335) 2,301 2,258 1,326 296 Free Cash flow 1,333 1,690 2,205 2,105 2,425 2,591 Balance Sheet (EURm) Tangible fixed assets 2,461 2,661 2,887 3,903 4,430 4,917 Intangibles assets 10,590 11,682 15,543 15,998 16,202 16,410 Cash & equivalents 1,228 1,176 1,389 2,559 2,531 2,731 current assets 6,811 6,917 8,213 9,780 10,108 10,701 Total assets 20,961 22,323 27,917 31,030 32,142 33,490 Company description L & ST Debt 1,744 884 3,725 4,852 3,892 3,062 Henkel operates globally with a well- Shareholders' funds 11,644 13,811 15,183 16,579 18,168 19,854 balanced and diversified portfolio. The Total Liabilities 9,317 8,512 12,734 14,451 13,974 13,636 Capital employed (BG Calculation) 14,423 15,832 20,052 21,642 22,458 23,248 company holds leading Ratios positions with its three business units Adjused operating margin 15.75 16.16 16.95 17.30 17.85 18.12 in both industrial and consumer Adjusted tax rate 24.00 25.00 24.70 25.00 25.00 25.00 businesses thanks to strong Adjusted net margin 11.54 11.68 12.41 12.68 13.13 13.37 brands, innovations and technologies. ROE (after tax) 16.48 15.46 15.44 15.50 15.35 15.05 ROCE (after tax) 19.91 15.56 16.71 13.84 14.05 14.53 Henkel Adhesive Technologies is the Net debt/EBITDA 0.06 (0.11) 0.69 0.62 0.33 0.07 global leader in the Gearing 0.15 0.06 0.25 0.29 0.21 0.15 adhesives market across all industry Pay out ratio - preferred share 29.75 29.97 30.09 30.07 30.06 30.05 segments worldwide. In its Laundry & Total number of shares, diluted (‘000) 434,278 434,278 434,278 434,278 434,278 434,278 Home Care and Beauty Data per Share (EUR) Care businesses, Henkel holds strong EPS - Preferred share 3.76 4.43 4.74 5.13 5.53 5.93 Restated EPS - Preferred share 4.38 4.87 5.36 5.88 6.38 6.84 positions in many markets and % change 7.5% 11.3% 10.0% 9.6% 8.6% 7.1% categories around the world. BVPS - total shares 26.50 31.46 34.64 37.84 41.49 45.35 Operating cash flows 5.12 5.49 6.53 6.92 7.69 8.16 FCF - total shares 3.07 3.89 5.08 4.85 5.58 5.97 Net dividend per Ordinary share 1.29 1.45 1.60 1.76 1.91 2.04 Net dividend per preferred share 1.31 1.47 1.62 1.78 1.93 2.06 Source: Company Data; Bryan, Garnier & Co ests. 2 Henkel Table of contents 1. Investment Case ...........................................................................................................................................4 2. Henkel in short.............................................................................................................................................5 3. A resilient growth profile ...........................................................................................................................9 4. Adhesives driving growth ........................................................................................................................ 12 4.1. What are adhesives? .......................................................................................................... 12 4.2. Henkel is well placed to capture growth in the sector ................................................ 13 4.3. Ramp-up in adhesives driven by… ................................................................................ 17 4.3.1. … a recovery in general industry … .............................................................................. 18 4.3.2. … technological trends in automotive and … ............................................................. 19 4.3.3. … more complex and efficient consumer electronics where assembly is key ........ 23 4.4. Back to unseen organic growth levels for six years ..................................................... 26 5. HPC: better trend from 2018 ................................................................................................................. 28 5.1. A sector eaten away by competitive intensity in mature countries........................... 28 5.1.1. Consolidation of retailers and price war in Europe .................................................... 28 5.1.2. The shadow of a price war is hanging over the US ..................................................... 30 5.2. Laundry & Home Care up 2.8% in 2017 ...................................................................... 31 5.2.1. A division primarily based on laundry ........................................................................... 31 5.2.2. Deceleration since the start of 2017 ............................................................................... 32 5.2.3. Strong potential in the US thanks to the acquisition of Sun and the "premiumisation" of the portfolio ................................................................................. 33 5.2.4. Acceleration in the Laundry & Home Care division as of 2018 after a difficult 2017 ..................................................................................................................................... 37 5.3. Beauty Care sales up 1.2% in 2017 ................................................................................ 38 5.3.1. Two major challenges to avoid price pressure in Europe .........................................
Load more

Recommended publications
  • Conversion Report (PDF, 958
    This document is an English translation of the original German language document. The translation is exclusively for convenience purposes. Only the original German language document is authorative and binding. Fresenius SE Change of the Legal Form into a Partnership Limited by Shares Conversion Report of the Management Board Convenience Translation Important Notice: This conversion report is neither an offer to sell voting ordinary bearer shares or non-voting preference bearer shares, nor an invitation to make the Company an offer to buy voting ordinary bearer shares or non-voting preference bearer shares. Such an offer requires special publication as the case may be, and, in so far as required by national law, a separate prospectus. This conversion report is not an offer to sell securities in the United States of America (USA). Securities may be sold or offered for purchase in the USA only with prior registration or without prior registration only on the basis of an exception provided. This conversion report is neither an offer to sell voting ordinary limited partner shares nor an invitation to make the Company an offer to buy voting ordinary limited partner shares. Such an offer requires special publication as the case may be, and, in so far as required by national law, a separate prospectus. This conversion report is not an offer to sell securities in the USA. Securities may be sold or offered for purchase in the USA only with prior registration or without prior registration only on the basis of an exception provided. This document does not constitute an offer document or an offer of transferable securities to the public in the United Kingdom to which section 85 of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”) applies and should not be considered as a recommen- dation that any person should subscribe for or purchase any securities as part of the Transaction.
    [Show full text]
  • Assortment Planning
    3DEXPERIENCE for CPG & RETAIL September 2013 1 Our Legacy 2 Our new strategy ‘Social Industry Experiences’ Why Experiences? Consumers buy Experiences An Experience is Bigger Than a Product 3 CPG & RETAIL Segments 4 TOP 5 Cosmetics: Top Markets & Leaders Top 10 Countries of A balanced global market representative of most CPG segments Leaders (HQ) RUSSIA UK France Germany UNITED STATES Spain Italy CHINA JAPAN BRASIL Leaders : L’Oréal, P&G, Unilever, Estée Lauder, Shiseido, Avon, Kao, Beiersdorf, Johnson & Johnson, Chanel 5 Consumer Packaged Goods - Challenges 6 Consumer Packaged Goods : Innovation (Forbes 2013 ranking) 1 Salesforce.com 26 Fanuc 51 Smith & Nephew 76 Roper Industries 2 Alexion Pharmaceuticals 27 Diageo 52 Mondelēz International 77 ASML Holding 3 VMware 28 Hershey 53 Infosys 78 Assa Abloy 4 Regeneron Pharmaceuticals 29 Danone 54 Kellogg 79 Apple 5 ARM Holdings 30 Procter & Gamble 55 Ultrapar Participacoes 80 Air Products & Chemicals 6 Baidu 31 Dassault Systemes 56 Intuit 81 Tenaris 7 Amazon.com 32 Colgate-Palmolive 57 Technip 82 Precision Castparts 8 Intuitive Surgical 33 Ecolab 58 PepsiCo 83 Rockwell Automation 9 Rakuten 34 Monsanto 59 Schlumberger 84 Nintendo 10 Natura Cosmeticos 35 Reckitt Benckiser Group 60 Fresenius Medical Care 85 Cameron International 11 Henan Shuanghui 36 Keyence 61 SMC Corp 86 Secom 12 Coloplast 37 Kone 62 Valeant Pharmaceuticals Intl 87 Schindler Holding 13 Cerner 38 Yahoo Japan 63 Unilever NV 88 Campbell Soup 14 Unicharm 39 BRF-Brasil Foods 64 China Oilfield Services 89 Kubota 15 Estee Lauder Cos
    [Show full text]
  • Offizielle Mitteilung Der Schweizer Boerse
    Bekanntmachung auf KeyInvest Änderung der Valorennummer und ISIN der Unilever N.V. Change of the Valor number and ISIN of Unilever N.V. Im Zusammenhang mit der Änderung der Valorennummer und ISIN der Unilever N.V. (Bloomberg Code: UNA NA) wurden die Bedingungen der unten genannten Produkte der UBS AG, per 1. Juli 2019 angepasst. Die detaillierten Informationen befinden sich in der entsprechenden Produktedokumentation (Termsheets). With regard to the change of the Valor number and ISIN of Unilever N.V. (Bloomberg Code: UNA NA) UBS AG will adjust the terms of the following products as of 1st July 2019. Detailed information can be found in the respective product documentation (Termsheets). ISIN Name CH0391674139 6.25% p.a. EUR Kick-In GOAL linked to worst of Henkel / Unilever / Beiersdorf / BASF CH0400505621 6.50% p.a. CHF Kick-In GOAL linked to worst of Unilever / Nestlé / Anheuser-Busch / Danone CH0420778752 5.00% p.a. EUR Kick-In GOAL linked to worst of Carrefour / Danone / Nestlé / Unilever CH0410512831 5.50% p.a. EUR Kick-In GOAL linked to worst of Nestlé / Unilever / Danone / Kellogg CH0426877814 5.50% p.a. CHF Kick-In GOAL linked to worst of Barry Callebaut / Mondelez / Danone / Unilever CH0434742570 5.50% p.a. EUR Kick-In GOAL linked to worst of Beiersdorf / Henkel / LOréal / Unilever CH0456067161 8.00% p.a. EUR Callable Kick-In GOAL linked to worst of adidas / LOréal / Unilever / Carrefour CH0468335655 6.00% p.a. EUR Callable Kick-In GOAL linked to worst of Mondelez / Danone / Unilever CH0472609830 8.00% p.a. EUR Kick-In GOAL linked to worst of Carrefour / Danone / Unilever CH0477599200 8.50% p.a.
    [Show full text]
  • Managing Political Risk in Global Business: Beiersdorf 1914-1990
    Managing Political Risk in Global Business: Beiersdorf 1914-1990 Geoffrey Jones Christina Lubinski Working Paper 12-003 July 22, 2011 Copyright © 2011 by Geoffrey Jones and Christina Lubinski Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Managing Political Risk in Global Business: Beiersdorf 1914-1990 Geoffrey Jones Christina Lubinski 1 Abstract This working paper examines corporate strategies of political risk management during the twentieth century. It focuses especially on Beiersdorf, a German-based pharmaceutical and skin care company. During World War 1 the expropriation of its brands and trademarks revealed its vulnerability to political risk. Following the advent of the Nazi regime in 1933, the largely Jewish owned and managed company, faced a uniquely challenging combination of home and host country political risk. The paper reviews the firm's responses to these adverse circumstances, challenging the prevailing literature which interprets so-called "cloaking" activities as one element of businesses’ cooperation with the Nazis. The paper departs from previous literature in assessing the outcomes of the company’s strategies after 1945. It examines the challenges and costs faced by the company in recovering the ownership of its brands. While the management of distance became much easier over the course of the twentieth century because of communications
    [Show full text]
  • Research Aktuell Vom 05.05.2020
    5. Mai 2020 Marktdaten im Überblick ...................................................................................................................... 2 Unternehmenskommentare .................................................................................................................. 3 Airbus ............................................................................................................................................... 3 Altria Group ....................................................................................................................................... 5 Beiersdorf ......................................................................................................................................... 7 Microsoft ......................................................................................................................................... 13 MTU Aero Engines ............................................................................................................................ 15 Roche Holding (Genussschein) ......................................................................................................... 21 Safran ............................................................................................................................................. 23 Rechtliche Hinweise ........................................................................................................................... 25 DAILY Marktdaten im Überblick 04.05.2020 01.05.2020 Änderung Deutschland DAX
    [Show full text]
  • Petition of the Procter & Gamble Company for Approval of Proposed Divestiture
    PUBLIC RECORD VERSION UNITED STATES OF AMERICA BEFÖRE FEDERAL TRADE COMMISSION COMMISSIONERS: Deborah Platt Majoras, Chairman Pamela Jones Harbour Jon Leibowitz Wiliam E. Kovacic J. Thomas Rosch ) In the Matter of ) ) THEa corporation;PROCTER & GAMBLE COMPANY, ) ) ) Docket No. C-4151 and ) File No. 051-0115 ) THE GILLETTE COMPANY, ) a corporation., ) ) ) PETITION OF THE PROCTER & GAMBLE COMPANY FOR APPROVAL OF PROPOSED DIVESTITURE Pursuant to Section 2.41(f) of the Federal Trade Commission ("Commission" or "FTC") Rules of Practice and Procedure, 16 CF.R. § 2.41(f) (2005), and Paragraph II.A. of the final Decision and Order approved by the Commission in the above-captioned matter, The Procter & Gamble Company ("P&G") hereby fies this Petition for Approval of Proposed Divestitue ("Petition") requesting the Commission's approval of the divestitue of the APDO business, including Right Guard, Soft & Dri, Dry Idea, Natrel Plus, and Balance ("the APDO Assets") of The Gilette Company ("Gilette"), to The Dial Corporation ("Dial"), a subsidiar of Henkel KGaA ("Henkel"). .~ PUBLIC RECORD VERSION I. INTRODUCTION On September 23,2005, P&G and the Commission entered into an Agreement Containing Consent Orders, including an initial Decision and Order and an Order to Maintain Assets. On October 1,2005, pursuant to an Agreement and Plan of Merger between P&G and Gilette dated Januar 27, 2005, P&G completed its acquisition of Gilette. After a period of public comment, on December 15, 2005, the Commission issued its final Decision and Order , ("Order") (with minor changes) and Order to Maintain Assets (without changes) (collectively, the "Consent Agreement"). At the same time it reissued its Complaint (also without changes).
    [Show full text]
  • Notice of the Annual Stockholders' Meeting
    OF THE OF on April 27, 2012 NOTICE MEETING OF BAYER AG MEETING OF BAYER ANNUAL STOCKHOLDERS’ STOCKHOLDERS’ ANNUAL Please fill out in block letters Please Surname affix stamp First Name Street and house number Postal code Bayer AG c /o Finger Marketing Services Country Postfach 100538 41405 Neuss E-mail Germany Phone 2 CONTENTS NOTICE OF THE ANNUAL STOCKHOLDERS’ MEETING 2012 NOTICE OF THE ANNUAL STOCKHOLDERS’ MEETING 2012 KEY DATA 23 Contents Key data 2010 2011 Change AGENDA € million € million % Sales 35,088 36,528 + 4.1 1. Presentation of the adopted annual fi nancial 3 EBIT 1 2,730 4,149 + 52.0 statements and the approved consolidated fi nancial EBIT before special items 2 4,452 5,025 + 12.9 statements, the combined management report, the re- EBITDA 3 6,286 6,918 + 10.1 port of the Supervisory Board, the explanatory report by EBITDA before special items 2 7,101 7,613 + 7.2 the Board of Management on takeover-related disclosu- EBITDA margin before special items 4 20.2% 20.8% res, and the proposal by the Board of Management on the Income before income taxes 1,721 3,363 + 95.4 one-time delivery delivery regular one-time delivery delivery regular appropriation of distributable profi t for the fi scal year as an app and on the internet Net income 1,301 2,470 + 89.9 2011, as well as the resolution on the appropriation of Earnings per share (€) 5 1.57 2.99 + 90.4 distributable profi t. Core earnings per share (€) 6 4.19 4.83 + 15.3 2.
    [Show full text]
  • Annual General Meeting 2021 Beiersdorf AG, Hamburg April 1, 2021 Speech
    _____________________________________________________________________________________ Annual General Meeting 2021 Beiersdorf AG, Hamburg April 1, 2021 Speech Stefan De Loecker Chairman of the Executive Board – The spoken word applies – _____________________________________________________________________________________ Dear shareholders, Good morning, ladies and gentlemen, and a warm welcome to our 2021 Annual General Meeting. For the second time, our shareholders’ meeting is taking place in an all-virtual format. When we got together for our first online meeting a year ago, we were in the middle of the first lockdown. The COVID- 19 pandemic continues to mean restrictions around the world. Looking back, 2020 asked a lot of us all. And for Beiersdorf, too, it was a challenging year. But it was not a lost year for us. On the contrary: We announced one year ago that we were not only determined to keep impressing consumers with our products, but would also do everything we could to enable Beiersdorf to emerge from the crisis in a stronger position than before. Despite the headwind, that is exactly what we have done. We have even stepped up investment in our future. The coronavirus has clearly demonstrated to us that many changes in our business are happening much faster than we originally anticipated. We have capitalized on this momentum, achieving significant progress in all our strategic focus areas in 2020: First: We responded swiftly to the crisis, demonstrating great agility and shouldering responsibility. Second: We have created additional innovations, very successfully introduced new products in all markets and gained market share in many countries as a result. Third: We significantly increased investment in e-commerce and digital dialogue with customers – boosting our online business in the Consumer Business Segment by 50%.
    [Show full text]
  • Twenty-Five Billion Wash Loads Per Year Companies
    Twenty-Five Billion Wash Loads per Year Companies selling home care detergents - that make for a 4.6% growth market, are often subsidiaries of larger consumer and household product groups. Here is consideration of Henkel AG (HEN3:GR) which sells detergents for around 25 billion wash loads per year. Within the same industry, beauty care is seen growing 2% while adhesive technologies will increase 3.7% helping liquids and powder markets. Henkel AG & Co KGaA headquartered in Germany manufactures soaps, skin care brands, hair dye, perfumes, detergents, dish-washing liquids, glass cleaners, and surface treatments. In addition, the company produces chemical products such as wallpaper adhesives, roofing products, plastic bottles, and corrosion inhibitors – for industrial, commercial, and consumer markets. Henkel shares are trading at 91 euro, up +1.77% to date and in the middle of a two-month range from 115.75 to 72.02 euro. Its market value is 37.11 million. The world’s largest retailer Wal-Mart Stores Inc (WMT) since March 2015 has got a deal for exclusive retail of Henkel’s premium-priced laundry soap brand in the U.S. It has stacked the brand, Persil, on store shelves next to the leading high-end laundry detergent - Tide, manufactured by Procter & Gamble Co (PG) and first introduced in 1946. Henkel’s European brand Schwarzkopf’s Essence shampoo is introduced as well. Henkel most recently hopes to supply more of adhesive technologies specifically designed for electric vehicles as the ones launched at the Federation Internationale De L’Automobile (FIA) Formula E Championship. For the company as a whole, global sales increased 2.4% to 768 million euro in the three months through June, lower than analysts had expected.
    [Show full text]
  • Company Contact Information
    Moola SavingMom.com Company Contact List Company Manufacturer Phone Website Contact Us Email Form Actual Email Address Address 1 Address 2 City/State/Zip 3 Musketeers Dr.Mars, Pepper Inc. Snapple http://www.3musketeers.com/ https://www.3musketeers.com/Contact 7-Up Group 1-800-696-5891 http://www.7up.com/ http://www.econsumeraffairs.com/am_bev/contactus.htm?F1=7up&F2=7up Attn: Consumer Relations P.O. Box 86077 Plano, TX 75086-9077 9Lives Cat Food Big Heart Pet Brands 1-800-252-7022 http://9lives.com/ http://www.bigheartpet.com/Contact/ContactUs.aspx A.1. Sauce Dr.Kraft Pepper Foods Snapple 1-877-535-5666 http://www.kraftrecipes.com/products/a1.aspx http://kraftfoods.custhelp.com/app/contact/sa/1/ Consumer Relations Three Lakes Drive Northfield, IL 60093 A&W Rootbeer Group http://www.rootbeer.com/ http://www.econsumeraffairs.com/am_bev/contactus.htm?F1=rootbeer&F2=A_W Abbott Nutrition (800) 227-5767 http://abbottnutrition.com/ https://abbottnutrition.com/contact-us ACH Food Companies, Inc. 800-247-5251 http://www.achfood.com/ http://www.achfood.com/contact-us.cfm [email protected] 2301 SE Tone’s Drive Ankeny, IA 50021-8888 ACT Chattem, Inc. http://www.actoralcare.com/ http://www.actoralcare.com/contact-us/ Chattem, Inc. P.O. Box 2219 Chattanooga, TN 37409-0219 Advil Colgate-PalmolivePfizer Inc 1-800-882-3845 http://www.advil.com/ http://www.advil.com/faqs PCH Product Information PO Box 1043 Kings Mountain, NC 28086 Ajax Company 1-800-468-6502 http://www.colgate.com/app/PDP/Ajax/US/EN/home.cwsp http://www.colgate.com/app/Colgate/US/Corp/ContactUs.cvsp Aleve Bayer Healthcare LLC 1-800-395-0689 http://www.aleve.com/ http://www.aleve.com/contact/email-us/ Attn: Consumer Relations 100 Bayer Boulevard Whippany, NJ 07981-0915 Alka-Sletzer Bayer Healthcare, LLC 1-800-986-0369 http://www.alkaseltzer.com/as/ http://www.alkaseltzer.com/as/contact.html http://www.alkaseltzer.com/as/emailus.html Attn: Consumer Relations 100 Bayer Boulevard Whippany, NJ 07981-0915 Allegra Chattem, Inc.
    [Show full text]
  • Henkel AG & Co. Kgaa
    Second Supplement dated 14 January 2020 to the Prospectus dated 4 July 2019 as supplemented by the First Supplement dated 18 September 2019 This document constitutes a supplement (the "Second Supplement") within the meaning of Article 46(3) of Regulation (EU) 2017/1129 of the European Parliament and the Council of 14 June 2017 (the "Prospectus Regulation") in connection with Article 13 Luxembourg law relating to prospectuses for securities dated 10 July 2005, as amended, (Loi relative aux prospectus pour valeurs mobilières, the "Luxembourg Law 2005"), which implemented Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the "Prospectus Directive") to the base prospectus of Henkel AG & Co. KGaA in respect of non- equity securities within the meaning of Art. 22 No. 6(4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended, ("Non-Equity Securities") (the "Debt Issuance Programme Prospectus" or the "Prospectus"). This Second Supplement is supplemental to, and must be read in conjunction with the Debt Issuance Programme Prospectus dated 4 July 2019 as supplemented by the first supplement dated 18 September 2019 (the "First Supplement") (the Prospectus together with the First Supplement, the "Supplemented Prospectus"). Henkel AG & Co. KGaA (Düsseldorf, Federal Republic of Germany) as Issuer EUR 6,000,000,000 Debt Issuance Programme (the "Programme") The Issuer has requested the Luxembourg Commission de Surveillance du Secteur Financier (the "Commission") in its capacity as competent
    [Show full text]
  • Data Migration Case Study: Sun Products
    Data Migration Case Study: Sun Products Longbow Advantage Designs and Executes Seamless Data Migration for Five Sun Products U.S. Distribution Centers and Plants The Company U.S. distribution centers and plants, located in Utah, Kentucky, and Tennessee. When Sun Products, based in Wilton, CT, is a the company saw an opportunity to reduce leading provider of laundry and dish its hosting costs by moving to a different detergents, fabric softeners, and other provider, it decided to make the switch. household care products. This meant that the five JDA WMS The company manufactures and markets a applications and all of their associated data number of well-established and nationally had to be migrated from the old hosting advertised brands including All, Wisk, environment to the new one. Snuggle, Surf and Sunlight. Sun Products also produces laundry brands for major retail Sun Products’ top priority was that the data chains across North America. migration be completed on schedule, and without any business disruption beyond a The company has won numerous awards minimal amount of pre-planned down time. for its focus on the health and safety of its employees, and for its initiatives in Looking for a service provider with a environmental sustainability. high level of technical expertise and deep experience in JDA WMS systems, Sun Sun Products has a workforce of 3,400 with Products selected Longbow Advantage to annual revenues in the range of $2 billion lead, design, and execute the data migration USD. project. In September 2016, Sun Products was acquired by German manufacturer Henkel. The Challenges Data migration is a mission critical operation The Situation that carries substantial risk.
    [Show full text]