Regional markets Europe %XVLQHVVG\QDPLFVLQ(XURSHLQVLJQL¿FDQWO\GLIIHUHG between the various markets. Overall, we maintained our market position while continuing to develop our value-adding solutions across the various applications and channels to market. Our investments in our AAKtion program, and VSHFL¿FDOO\LQRXU*RWR0DUNHWWHDPVKDYHHIIHFWLYHO\ allowed more time in the markets with our customers. Our momentum in Eastern Europe, including Russia, 8NUDLQHDQGWKHVXUURXQGLQJFRXQWULHVLPSURYHGVLJQL¿- cantly – albeit from relatively low levels – as we gained new business with both existing and new customers. Northern and Western Europe remained a highly competitive business HQYLURQPHQWZKHUHGLIIHUHQWLDWLRQWKURXJKFXVWRPHUVSHFL¿F innovations allowed us to strengthen our core for future performance. The Bakery segment has performed below HSHFWDWLRQV+RZHYHUZHUHPDLQFRQ¿GHQWDQGGHWHUPLQHG to enhance performance going forward. Focus on both global and regional strategic accounts resulted in increased share of wallet and in the development of stronger opportunity pipelines. Customer and consumer concerns clearly increased and centered on sustainability and health, including food safety. Both topics dominated the agenda of the food industry and FRQ¿UPHGWKDWRXUFRQWLQXHGLQYHVWPHQWVDQGFRPPLWPHQW to these critically important aspects are paying off. Our supply chain is recognized as robust and fully compliant and continue to be best in class. Our new offerings, whether for our strongholds Chocolate & Confectionery Fats, Infant Nutrition, Bakery and Foodservice, or for our strengthening applications within Dairy and Special Nutrition, are well-received and proof that customer intimacy and innovation through our co-development approach are key to success. 20 Latin America AAK Mexico holds a leading position in all segments of the processed food industry and we have seen growth within all of them. Our focus on co-developed solutions beyond oils has resulted in broader and deeper business relations with our customers and allowed us to differentiate ourselves from our competitors. We are well equipped to serve a very demanding market that requires solutions with better IXQFWLRQDOLW\ORZHUFRVWRIXVHDKHDOWKLHUSUR¿OHDQGWKDW are sustainable. Furthermore, AAK Mexico has, without a doubt, led the industry in eliminating partially hydrogenated oils in food. AAK Colombia is settling in well and is starting to be recognized as a value-adding solutions provider. The launching RI.|QGLWRULWKH¿UVWDQGRQO\SUHPLXPPDUJDULQHEUDQGLQ Colombia, as well as co-developed solutions for all segments, have set new business ground for future sustained growth and positioned AAK Colombia as the only truly innovative vegetable oils company in the country. Our new speciality and semi-speciality factory in Jundiaí, Brazil was inaugurated during the year. To be able to deliver the whole product range a gradual ramp-up will continue during the coming quarters. Despite the tough economic environment in the country the outlook for 2017 and beyond looks rather positive. Operations in Uruguay, which is particularly strong in Chocolate & Confectionery Fats, showed good development during 2016.
AAK Annual Report 2016
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