THEE - The Competition Commission - Pioneer implements agreement with
JSE
THEE
THEE - The Competition Commission - Pioneer implements agreement with
Competition Commission to reduce the price of selected bread and flour products
Media Release
14 December 2010
Pioneer implements agreement with Competition Commission to reduce the price of
selected bread and flour products
Pioneer Foods (Pty) Ltd has informed the Competition Commission that it has
begun to implement price reductions on bread and flour as per the settlement
agreement reached on 30 November 2010:
- the price of standard white and brown loaves of bread was reduced by an
average of 30c on 3 December 2010. This price reduction is in addition to
any other promotional discount to retailers.
- the price of flour was reduced by an average of R350 per ton as from 10
December.
Pioneer`s pricing commitment in terms of the settlement agreement amounts to a
reduction of R160 million in its gross profit when benchmarked against a similar
period in the previous year. Pioneer will submit progress reports to the
Competition Commission every second month; and Price Waterhouse Coopers (PWC)
will review and confirm the attainment of the price reduction commitment.
The Commission has engaged with large supermarket chains on passing-on price
reductions to end-consumers. The Commission will also independently monitor the
retail and wholesale prices of flour and bread products.
Ends
For further details contact
Oupa Bodibe, Manager: Advocacy & Stakeholder Relations
012 394 3267/082 563 6960
oupaB@compcom.co.za
For Pioneer Foods (PTY) Ltd contact
Andre Hanekom: Managing Director
(021) 807 5106 / 082 808 3549
Date: 14/12/2010 15:12:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
