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A new factory in Europe is in store for Panasonic (NYSE:PC) as its plans for the facility project the production of millions of washers and refrigerators annually. A company executive commented that the new plant should help PC with growing demand in Russia and other regional markets, and also combat rivals such as Whirlpool (NYSE:WHR) and LG Electronics (LGEAF.PK).
Food police in China once again have Wal-Mart (NYSE:WMT) in the cross-hairs, as the retailer gets hit (this time) with allegations that it has violated food safety regs by selling sesame oil with dangerous levels of cadmium. Industry observers are dubious as to the seriousness of Beijing’s Food Safety Administration, noting that this is Food Safety Week in China, which typically necessitates that the government excite the public with salacious headlines.
Nike (NYSE:NKE) begins to divest Cole Haan and Umbro, and Goldman Sachs is conducting the bidding war, say sources. Prices of the potential sale are being guessed at, with Cole Haan possibly going at between $400 million, and $500 million; the value of Umbro is so far not estimated.
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