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Weekly Recap: 12 Press Releases You Might Have Missed

Retrieved on:

Friday, April 26, 2024

Best, Acer, Kroger, Woman, NASA, Plastic Bank, Partnership, C&S, University, C&S Wholesale Grocers, Albertsons

NEW YORK, April 26, 2024 /PRNewswire/ -- With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help journalists and consumers stay on top of the week's most newsworthy and popular releases, here's a recap of some major stories from the week that shouldn't be missed.

Key Points:

Through this effort, Acer and Plastic Bank will prevent the equivalent of 2.5 million plastic bottles from entering the ocean, tackling the problem of plastic pollution at the source.
The partnership also provides support to under-developed communities by allowing residents to collect plastic and trade it for income, goods, and services to support their livelihood.
The enhanced divestiture package includes a modified and expanded store set and additional non-store assets to further enable C&S to operate competitively following the completion of the proposed merger.
Teams were awarded points based on navigating a half-mile obstacle course, conducting mission-specific task challenges, and completing multiple safety and design reviews with NASA engineers.

AM Best Affirms Credit Ratings of Ping An Property & Casualty Insurance Company of China, Ltd.

Retrieved on:

Friday, March 15, 2024

Insurance, Professional Services, Health, Risk management, Communication, Agriculture, GPW, C&S, ALL, News, Credit, AM Best, P&C, USD

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Ping An Property & Casualty Insurance Company of China, Ltd. (Ping An P&C) (China).

Key Points:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Ping An Property & Casualty Insurance Company of China, Ltd. (Ping An P&C) (China).
In 2022, the company experienced its first underwriting loss in over a decade, due to deterioration of its credit and guarantee line.
For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

FTC Challenges Kroger’s Acquisition of Albertsons

Retrieved on:

Tuesday, April 2, 2024

For thousands of grocery store workers, Kroger’s proposed acquisition of Albertsons would immediately erase aggressive competition for workers, threatening the ability of employees to secure higher wages, better benefits, and improved working conditions.

Key Points:

For thousands of grocery store workers, Kroger’s proposed acquisition of Albertsons would immediately erase aggressive competition for workers, threatening the ability of employees to secure higher wages, better benefits, and improved working conditions.
“This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years.
Kroger’s acquisition of Albertsons would lead to additional grocery price hikes for everyday goods, further exacerbating the financial strain consumers across the country face today,” said Henry Liu, Director of the FTC’s Bureau of Competition.
A bipartisan group of nine attorneys general is joining the FTC’s federal court complaint.
Albertsons also operates thousands of stores across 35 states under regional names including Albertsons, Haggen, Jewel-Osco, Pavilions, Safeway, and Vons.
Harm to Consumers In addition to raising grocery prices, the FTC alleges that Kroger’s acquisition of Albertsons would also diminish their incentive to compete on quality.

TEAMSTERS APPLAUD FTC ACTION TO BLOCK KROGER-ALBERTSONS MERGER

Retrieved on:

Monday, February 26, 2024

Kroger, FTC, C&S, Woman, C&S Wholesale Grocers, International Brotherhood of Teamsters, Albertsons, Corporate America, Retail

WASHINGTON, Feb. 26, 2024 /PRNewswire/ -- The following is a statement from Teamsters General President Sean M. O'Brien and Teamsters Warehouse Division Director Tom Erickson regarding today's announcement by the U.S. Federal Trade Commission (FTC) that it is suing to block the Kroger-Albertsons merger:

Key Points:

WASHINGTON, Feb. 26, 2024 /PRNewswire/ -- The following is a statement from Teamsters General President Sean M. O'Brien and Teamsters Warehouse Division Director Tom Erickson regarding today's announcement by the U.S. Federal Trade Commission (FTC) that it is suing to block the Kroger-Albertsons merger:
"The Teamsters commend the FTC for taking decisive action against the Kroger-Albertsons merger, recognizing the detrimental impact it would have on workers at both companies.
"The choice to work with C&S over the Teamsters exposed the true intentions of this merger.
"The FTC saw the harm this merger would have on workers and consumers nationwide and listened to the concerns shared among elected officials, shareholders, consumer advocates, and the general public.
Founded in 1903, the International Brotherhood of Teamsters represents 1.3 million hardworking people in the U.S., Canada, and Puerto Rico.

Albertsons Companies, Inc. Reports Third Quarter Fiscal 2023 Results

Retrieved on:

Tuesday, January 9, 2024

Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today reported results for the third quarter of fiscal 2023, which ended December 2, 2023.

Key Points:

Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today reported results for the third quarter of fiscal 2023, which ended December 2, 2023.
Net sales and other revenue was $18.6 billion during the 12 weeks ended December 2, 2023 ("third quarter of fiscal 2023") compared to $18.2 billion during the 12 weeks ended December 3, 2022 ("third quarter of fiscal 2022").
Gross margin rate decreased to 28.0% during the third quarter of fiscal 2023 compared to 28.2% during the third quarter of fiscal 2022.
Interest expense, net was $116.3 million during the third quarter of fiscal 2023 compared to $84.3 million during the third quarter of fiscal 2022.

AM Best Affirms Credit Ratings of Hong Leong Insurance (Asia) Limited

Retrieved on:

Friday, January 5, 2024

Banking, Professional Services, Insurance, Finance, Travel, Credit, C&S, AM Best, News, Risk management, ALL, Communication

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Hong Leong Insurance (Asia) Limited (HLIA).

Key Points:

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Hong Leong Insurance (Asia) Limited (HLIA).
A deterioration in the credit profile of HLIA’s parent companies, Hong Leong Financial Group Berhad and Hong Leong Company (Malaysia) Berhad, also may have a negative impact on HLIA’s ratings.
For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Affirms Credit Ratings of China Taiping Insurance (HK) Company Limited

Retrieved on:

Friday, December 8, 2023

Insurance, Professional Services, China Taiping Insurance Holdings, TPG, C&S, ROE, Risk management, HKD, ERM, Credit, Seemabaddha, AM Best, Health, Communication, News, ALL, Property management, Hong Kong, CTPI

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of China Taiping Insurance (HK) Company Limited [CTPI(HK)] (Hong Kong).

Key Points:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of China Taiping Insurance (HK) Company Limited [CTPI(HK)] (Hong Kong).
It also incorporates the rating enhancement that CTPI(HK) receives from its parent, China Taiping Insurance Holdings Company Limited (CTIH).
For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

TEAMSTERS CALL ON FTC TO REJECT KROGER-ALBERTSONS PROPOSED ASSET SALES TO C&S

Retrieved on:

Monday, December 11, 2023

Sale, C&S, NYSE, International Brotherhood of Teamsters, Pension, Risk, Kroger, FTC, Federal Trade Commission, C&S Wholesale Grocers, ACI, Teamster, Albertsons, Grocery store, Pension fund

The Teamsters, representing more than 22,000 members at Kroger and Albertsons nationwide, urge the FTC to reject C&S as a buyer.

Key Points:

The Teamsters, representing more than 22,000 members at Kroger and Albertsons nationwide, urge the FTC to reject C&S as a buyer.
Those promises mean nothing if they sell parts of either company to C&S," said Teamsters General President Sean M. O'Brien.
"The proposed plan by Kroger-Albertsons is unacceptable and we urge the FTC to reject it."
Founded in 1903, the International Brotherhood of Teamsters represents 1.3 million hardworking people in the U.S., Canada, and Puerto Rico.

Albertsons Companies, Inc. Reports Second Quarter Fiscal 2023 Results

Retrieved on:

Tuesday, October 17, 2023

Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today reported results for the second quarter of fiscal 2023, which ended September 9, 2023.

Key Points:

Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today reported results for the second quarter of fiscal 2023, which ended September 9, 2023.
Net sales and other revenue was $18.3 billion during the 12 weeks ended September 9, 2023 ("second quarter of fiscal 2023") compared to $17.9 billion during the 12 weeks ended September 10, 2022 ("second quarter of fiscal 2022").
Gross margin rate decreased to 27.6% during the second quarter of fiscal 2023 compared to 27.9% during the second quarter of fiscal 2022.
Interest expense, net was $111.9 million during the second quarter of fiscal 2023 compared to $89.8 million during the second quarter of fiscal 2022.

C&S WHOLESALE GROCERS ENTERS INTO A DEFINITIVE AGREEMENT TO PURCHASE 413 STORES AVAILABLE FROM THE KROGER AND ALBERTSONS MERGER

Retrieved on:

Friday, September 8, 2023

Centerview Partners, Kroger, Piggly Wiggly Carolina Co., QFC, Oliver Cromwell, Mariano's, Grand Union, Albertsons, FTC, Sullivan & Cromwell, Growth, C&S, C&S Wholesale Grocers, Carrs, Retail

KEENE, N.H., Sept. 8, 2023 /PRNewswire/ -- C&S Wholesale Grocers, LLC, (C&S) an industry leader in wholesale grocery supply and supply chain solutions in the United States, has entered into a definitive agreement to purchase 413 stores, eight distribution centers and two offices that have become available due to The Kroger Co. and Albertsons Companies Inc. merger. C&S will acquire QFC, Mariano's and Carrs brand names and the exclusive licensing rights to the Albertsons brand name in Arizona, California, Colorado and Wyoming. C&S will also add five private labels to their current brand portfolio. 1918 Winter Street Partners, an affiliate of C&S Wholesale Grocers, will operate these stores.

Key Points:

C&S will acquire QFC, Mariano's and Carrs brand names and the exclusive licensing rights to the Albertsons brand name in Arizona, California, Colorado and Wyoming.
1918 Winter Street Partners, an affiliate of C&S Wholesale Grocers, will operate these stores.
"With more than 104 years in the rapidly changing grocery industry, the foundation of C&S's success has been our ability to innovate.
Centerview Partners served as exclusive financial advisor and Sullivan & Cromwell LLP as legal advisor to C&S Wholesale Grocers.