Pork Exports Trend Lower in June but Remain on Record Pace; Another Tough Month for Beef Exports

June exports of U.S. pork fell below year-ago levels for the first time this year but exports remain on a record pace in 2020, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports were down sharply from a year ago in June, reflecting a lingering impact of a temporary slowdown in beef production combined with restrictions on foodservice and weakening economies in major import markets. June lamb exports trended higher, posting the second largest totals of 2020.

“We expected that the interruptions in red meat production would continue to weigh on June exports, but anticipated more of a rebound from the low May totals – particularly for...

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Papa John’s Announces Second Quarter 2020 Results

Papa John’s International, Inc. announced financial results for the three and six months ended June 28, 2020. The company also provided an update on the business impact of the global coronavirus (COVID-19) pandemic.

“Faced with an unprecedented global challenge but guided by our values and purpose, Papa John’s achieved record sales in the second quarter,” said Rob Lynch, President & CEO. “Across the U.S. and those international markets where delivery-based businesses have remained open, we have safely and successfully met...

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Aug 7 3:38 PM, General News



Pork Exports Trend Lower in June but Remain on Record Pace; Another Tough Month for Beef Exports

June exports of U.S. pork fell below year-ago levels for the first time this year but exports remain on a record pace in 2020, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports were down sharply from a year ago in June, reflecting a lingering impact of a temporary slowdown in beef production combined with restrictions on foodservice and weakening economies in major import markets. June lamb exports trended higher, posting the second largest totals of 2020.

“We expected that the interruptions in red meat production would continue to weigh on June exports, but anticipated more of a rebound from the low May totals – particularly for...

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Aug 7 3:21 PM, General News


Cargill Releases Annual Report

Fiscal 2020 was a year like no other. In such a challenging environment, Cargill has anchored to its purpose and values. The company exists to nourish the world in a safe, responsible and sustainable way. Despite challenges facing the food and ag system and disruptions from the COVID-19 pandemic, Cargill’s FY 2020 annual report, Nourishing the World, demonstrates how the team’s resiliency and agility helped to keep supply chains moving to put food on family tables around the globe.

“The last year taught us that we are capable of so much more than we previously thought. We can move faster, with more agility, navigating a crisis while keeping our people’s wellbeing front and center,” said David MacLennan, Cargill’s chairman and CEO. “We are grateful to our employees, customers and...

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Aug 7 3:10 PM, General News


Domino's Pizza Announces Staff Changes 

Domino's Pizza announced the appointment of Executive Vice President, Supply Chain Services, Stu Levy, as the Company's Chief Financial Officer, succeeding Jeffrey Lawrence, who earlier announced his intention to retire from the Company this year. Levy will report to Domino's Chief Executive Officer Ritch Allison.

At the same time, Domino's announced the promotion of Cindy Headen to Executive Vice President, Supply Chain Services, succeeding Levy. She will join the Company's executive leadership team and will report to CEO Ritch Allison. These changes will be effective August 20, 2020.

"In a relatively short period of time, both Stu and Cindy have made profound positive impacts on our Company," said Allison. "They are strong, capable leaders who are...

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Aug 7 8:24 AM, General News


Restaurant Brands International Reports Second Quarter 2020 Results

Restaurant Brands International reported financial results for the second quarter ended June 30, 2020.

Jose Cil, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, "The COVID-19 pandemic has introduced a host of unprecedented challenges, but our proactive and coordinated response across the globe has helped drive a significant recovery in performance since March. I am so proud of our restaurant owners, our restaurant team members, and...

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Aug 7 8:24 AM, General News


ANALYSIS: Stairs Going Up, Elevator Going Down

While 2020’s chicken market has certainly had its fair share of ups and downs recently, it has also brought with it...

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Aug 7 8:24 AM, Urner Barry


KFC Canada Makes Plant-Based Chicken Sandwich a Permanent Menu Item 

KFC Canada announced that Plant-Based KFC sandwiches will be available permanently coast-to-coast beginning August 10. After an incredibly successful pilot with plant-based partner Lightlife in 2019, vegetarians and flexitarians everywhere can now experience KFC.

"When we tested Plant-Based KFC by Lightlife late last year, we sold over a month's worth of sandwiches in six hours," said Samantha Redman, Chief Marketing Officer, KFC Canada. "Seeing the extraordinary demand for Plant-Based KFC, we worked quickly to bring these menu items to our restaurants across Canada."

Developed in response to Canada's evolving tastes and preferences for plant-based proteins, Plant-Based KFC is made in Canada by Lightlife, a leading plant-based protein brand whose portfolio of products are available in...

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Aug 7 8:24 AM, General News


Initial Unemployment Claims Decrease in the Week Ending August 1 

According to the U.S. Department of Labor, the figure for initial unemployment claims was 1,186,000 for the week ending August 1. This figure represents a decrease of 249,000 from last week's revised level. The previous week's level was revised up slightly from 1,434,000 to 1,435,000. The 4-week moving average was 1,337,750, a decline of 31,000 from the week prior.

For the week ending July 25, the adjusted insured unemployment rate was 11%, a decrease of 0.6 percentage point from the previous week's unrevised rate. The 4-week moving average was...

 

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Aug 6 9:49 AM, Urner Barry


Merck Animal Health Acquires IdentiGEN 

Merck Animal Health, known as MSD Animal Health outside the United States and Canada, a division of Merck & Co., Inc., Kenilworth, N.J., USA, today announced the completion of its acquisition of IdentiGEN, a leader in DNA-based animal traceability solutions for Livestock and Aquaculture from MML Growth Capital Partners Ireland. Specific terms of the agreement were not disclosed.

IdentiGEN’s technology combines each species’ unique DNA (deoxyribonucleic acid) and data analytics to provide an evidence-based animal traceability solution, called DNA TraceBack, to accurately and precisely trace beef, seafood, pork and poultry that is verifiable from farm-to-table.

Food producers, processors and retailers are looking for accurate and complete animal traceability solutions that provide full accountability, as well as...

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Aug 6 8:32 AM, General News


Aramark Prepared to Welcome College Students Back to Campuses Across the Country

As many college campuses make arrangements to safely open amid COVID-19, Aramark, a leading food and facilities partner with hundreds of colleges and universities across the U.S., is prepared to meet the safety and hygiene standards required in today’s ever-changing environment. This includes introducing a variety of new programs and service offerings to support a safe, enjoyable campus dining experience.

“As with many other aspects of campus life, dining services will look and feel a little different this Fall,” said Jack Donovan, President of Aramark’s Higher Education business. “Knowing health and safety is imperative for returning students and faculty, as well as...

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Aug 6 8:23 AM, General News


Wendy's Reports Second Quarter 2020 Results

The Wendy's Company reported unaudited results for the second quarter ended June 28, 2020 and provided an update on the impact of the COVID-19 pandemic on the Company's business.

"I continue to be extremely proud of, and humbled by, the tireless efforts and dedication from our employees, franchisees and supplier partners across the globe as we successfully manage through COVID-19," President and Chief Executive Officer Todd Penegor said. "Our business and restaurant economic model continue to show incredible resilience as we build momentum with U.S. same-restaurant sales accelerating to high-single digit growth in July, driven by...

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Aug 6 8:22 AM, General News


Beyond Meat Reports Second Quarter 2020 Financial Results

Beyond Meat, Inc. reported financial results for its second quarter ended June 27, 2020.

Beyond Meat President and CEO Ethan Brown commented, "I am proud of our record net revenues and growth during a very challenging period. As the toll of the COVID-19 pandemic took hold across the foodservice industry, we repurposed assets and repacked and rerouted products to meet increased consumer activity in the retail aisles. Throughout the quarter, our brand experienced an enviable combination of consumer trends – increasing household penetration; increasing buying levels per household; and strong repeat purchase rates of nearly...

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Aug 5 8:28 AM, General News


Weis Markets Reports Second Quarter Results

Weis Markets reported its sales increased 23.7 percent to $1.1 billion during the thirteen-week period ended June 27, 2020, compared to the same period in 2019, while second quarter comparable store sales increased 24.1 percent.

The Company's second quarter net income increased 102.5 percent to $41.5 million compared to $20.5 million in 2019, while earnings per share totaled $1.54 compared to $0.76 per share for the same period in 2019. Ecommerce sales increased 243 percent during the same period.

"The coronavirus pandemic has altered most aspects of daily life in our seven-state market area which was impacted by...

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Aug 5 8:24 AM, General News


Smashburger Announces Nationwide Launch of Fan-Favorite Colorado Burger

Smashburger is bringing back a fan-favorite menu item, announcing the return of its hometown burger. Launching today, the Colorado Burger is back by popular demand and available at all Smashburger locations nationwide for a limited time. In celebration of Smashburger's 13th anniversary and the restaurant's Colorado roots, Smashburger will host a single day promotion on Thursday, August 6, offering Smash fans who purchase any double or single Colorado Burger a second one for only 13 cents at participating restaurants.

As one of Smashburger's most beloved premium burger offerings, the Colorado Burger is made with Certified Angus Beef, and is topped with...

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Aug 5 8:24 AM, General News


U.S. Restaurant Chain Customer Transaction Declines Remain Relatively Flat

U.S. major restaurant chain customer transactions were down 11% in the week ending July 26 versus year ago, reports The NPD Group. This is a modest improvement from the 12% decline versus year ago in the prior week, and a continuation of the relatively flat pattern seen over the last several weeks, according to NPD’s CREST Performance Alerts, which provides a rapid weekly view of chain-specific transactions and share trends for 75 quick service, fast casual, midscale, and casual dining chains representing 53% of the commercial restaurant traffic in U.S.

Customer transactions at major quick service restaurant chains were down 11% in the week ending July 26 compared to a year ago and were flat from the prior week, week ending July 19. Full service restaurants improved slightly with customer transactions down...

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Aug 5 8:23 AM, General News


Jack in the Box Announces Departure of CFO

Jack in the Box announced that Lance Tucker, Executive Vice President and Chief Financial Officer, has provided his intent to resign and will be leaving the company effective within the next six weeks. The company has initiated a search for a new Chief Financial Officer. While the company searches to identify a successor, the senior members of the company’s finance department will assume Tucker’s responsibilities on an interim basis.

Dawn Hooper, the company’s controller, has been appointed to principal financial officer effective on Tucker’s last day. Hooper has been with Jack in the Box Inc. for almost 20 years, with her tenure in leadership positions within finance. She, in conjunction with Sean Bogue, the company’s treasurer, will ensure...

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Aug 5 8:23 AM, General News


Ruth's Hospitality Group Provides Business Update and Financial Results for Q2 2020

Ruth’s Hospitality Group, Inc. provided a business update on the impact of the COVID-19 pandemic and reported unaudited financial results for its second quarter ended June 28, 2020.

COVID-19 Business Update:

During the second quarter of 2020, the COVID-19 pandemic continued to impact overall sales and traffic. As previously reported, Company-operated Ruth’s Chris dining rooms were closed in all domestic U.S. locations during April, and the Company transitioned its services to take-out and delivery operations in...

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Aug 5 8:22 AM, General News


Under HEALS Act, Over Half of Restaurants Ineligible for PPP Loans

The National Restaurant Association is looking to change a threshold in the Senate HEALS Act which will currently make 55% of restaurants ineligible for another Paycheck Protection Program (PPP) loan.

Via a letter to Congressional leadership, the Association noted that small businesses with less than 300 employees will need to show 50% in quarterly gross receipts to apply for another round of PPP loans. At that level, over half of restaurants will be ineligible for the loans.

In order to get more restaurants the assistance they need, the Association...

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Aug 4 11:17 AM, General News


National Retail Federation: Economic Recovery May Not Be a Steady Climb 

According to the National Retail Federation’s Chief Economist Jack Kleinhenz, it is difficult to determine how steady the economic recovery will be following the COVID-19 pandemic.

“Optimism about the economy and retail spending is being tested daily with the spread of the coronavirus,” Kleinhenz said. “Big questions are looming, and we are all grappling to discern what incoming data is telling us about the health of the economy and consumers. Depending on the data selected, the answers are not entirely clear.”

Kleinhenz commented in the NRF’s August edition of its Monthly Economic Review...

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Aug 4 10:45 AM, General News


Aramark Reports Third Quarter Earnings

Aramark reported third quarter fiscal 2020 results.

“I am encouraged by how well the Company continues to navigate the complexities and challenges of the current environment. Our balance sheet and new business pipeline remain strong, and we have taken strategic actions to fortify Aramark for the future," said John Zillmer, Aramark’s Chief Executive Officer. “I am also proud of how our team members have remained focused on serving our client partners and communities in the face of significant adversity.”

Third Quarter Results

Consolidated Revenue was $2.2 billion in the quarter, down 46.3% year-over-year from the impact of COVID-19 that more than offset modest underlying growth in the overall business. Revenue improved sequentially through each fiscal month with April reflecting...

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Aug 4 9:19 AM, General News


US Foods Reports Second Quarter Fiscal 2020 Earnings

US Foods Holding Corp. announced results for the second quarter of fiscal 2020. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from Smart Stores Holding Corp. (“Smart Foodservice”), which was acquired on April 24, 2020 and the Food Group of Companies (the "Food Group"), which was acquired on Sept. 13, 2019.

Second Quarter Fiscal 2020 Highlights

  • Total case volume decreased 28.0%; total organic case volume decreased 40.2%
  • Net sales decreased 29.2% to $4.6 billion
  • Gross profit decreased 41.2% to $671 million
  • Net loss available to common shareholders was...
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Aug 4 9:11 AM, General News


Beyond Meat Expands Club Store Distribution with BJ's Wholesale and Sam's Club

Beyond Meat is working to increase accessibility to plant-based meat through the development of new sales channels, including club and convenience stores. The company, which offers an 8-pack of its flagship Beyond Burger, first broke into the club channel last year at Costco. This summer, Beyond Meat added partnerships with BJ’s Wholesale and Sam’s Club, unlocking partnerships with three major club stores.

“Having entered all national conventional retailers in the US, we looked for where the white space existed and club stores were the next logical step towards increasing accessibility to plant-based meat among mainstream consumers,” said Chuck Muth, Chief Growth Officer, Beyond Meat. “By offering the Beyond Burger in a larger format, we’re able to provide value to consumers and a more accessible entry point for...

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Aug 4 8:25 AM, General News


Shake Shack Announces Second Quarter 2020 Financial Results

Shake Shack Inc. reported its financial results for the second quarter ended June 24, 2020, a period that included 13 weeks.

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “Throughout this difficult time, I remain incredibly proud of our team. They've continued to show up, to support each other, our guests, our communities and our suppliers. They’ve had an unwavering commitment to excellence and hospitality in the face of an incredibly challenging operating environment. We owe them a debt of gratitude, and...

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Aug 4 8:24 AM, General News


7-Eleven Transforms Its U.S. Store Network Through Acquisition of Speedway

7‑Eleven announced it has entered into an agreement to acquire Speedway, a leading convenience store chain, from Marathon Petroleum Corp. As part of the agreement, 7‑Eleven will acquire approximately 3,900 Speedway stores located in 35 states, for $21 billion in cash.

"This acquisition is the largest in our company's history and will allow us to continue to grow and diversify our presence in the U.S., particularly in the Midwest and East Coast," said Joe DePinto, President and Chief Executive Officer of 7‑Eleven. "By adding these quality locations to our portfolio, 7‑Eleven will have the opportunity to bring...

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Aug 4 8:24 AM, General News


After Steep Declines, U.S. Foodservice Industry Set to Rebound to Pre-Pandemic Levels by 2023

The latest research from Mintel shows that after several years of growth, the foodservice industry is expected to decline by up to 30% from 2019-2020, following nationwide dine-in bans/restrictions, restaurant closures, job losses, and lowered consumer confidence.

Looking ahead though, Mintel predicts total market sales to rebound to pre-pandemic levels by 2023, with limited-service restaurants (LSRs) including fast food and fast casual restaurants, bouncing back more quickly and representing a notably larger share of the market.

While sales declines will be felt across both LSRs and full service restaurants (FSRs), the majority of these declines will be driven by the FSR segment which has been hit the hardest by...

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Aug 4 8:23 AM, General News


CHART: Industry Expectations for Weekly Cattle Slaughter

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Aug 3 3:33 PM, Urner Barry


Impossible Foods Debuts at Walmart 

Impossible Foods’ flagship product will begin rolling out at Walmart.

The Impossible Burger has started hitting Walmart shelves and will soon be stocked in nearly 2,100 Walmart Supercenter and Walmart Neighborhood Market locations. Customers can find Impossible Burger in the fresh meat section of the store in convenient, versatile 12-ounce packages. Impossible Burger is also available through Walmart Grocery Pickup & Delivery.

With the addition of Walmart locations, Impossible Burger will be available in more than 8,000 brick-and-mortar grocery stores across all 50 states -- a more than 50X increase...

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Aug 3 8:56 AM, General News


Wawa Launches New Plant-Based Protein Breakfast Options

Wawa announced the addition of a new plant-based Sizzli Breakfast Sandwich made with Beyond Breakfast Sausage from Beyond Meat. The new Sizzli sandwich featuring Beyond Breakfast Sausage is now available in all 650 stores in its Mid-Atlantic Operating area of PA, NJ, DE, MD, VA and Washington, D.C., and will be available in all 220 stores in Florida starting on Monday, August 10.

Made with simple, plant-based ingredients, like peas and brown rice, without GMOs, soy, gluten or artificially produced ingredients, Beyond Breakfast Sausage is available as part of a Sizzli breakfast sandwich served with egg and cheese on a bagel. Beyond Breakfast Sausage is also available to...

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Aug 3 8:41 AM, General News


Tyson Foods Reports Third Quarter 2020 Results

Tyson Foods, Inc. today reported the following results:

First Nine Months Highlights

  • GAAP EPS of $3.96, down 12% from prior year; Adjusted EPS of $3.83, down 10% from prior year
  • GAAP operating income of $2,102 million; Adjusted operating income of $2,155 million
  • Total Company GAAP operating margin of 6.6% and Adjusted operating margin of 6.8%
  • Generated $2.7 billion of...
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Aug 3 8:31 AM, General News


U.S. Full Service Restaurants Struggle as Visit and Transaction Declines Stay in the Double-Digits

Full service restaurants (FSRs) were still recovering from the Great Recession, which ended over ten years ago, when the COVID pandemic hit along with shelter-at-home orders and mandated dine-in closures. With most of FSR business being on-premises dining, these sit down, table service restaurants were hit hard.

Visits to FSRs were down 47% in the April, May, and June quarter, the height of the mandated dine-in closures, compared to same quarter year ago, reports The NPD Group. Quick service restaurants (QSRs), which already have developed off-premises operations like carry-out and drive-thru, realized...

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Aug 3 8:24 AM, General News


The National Football League Announces Subway Restaurants as Official Sponsor of the NFL

Sandwich lovers and football fans just scored a major touchdown. The National Football League (NFL) announced that Subway restaurants, the world's largest sandwich chain, is now an Official Sponsor of the NFL.

As an official multi-year sponsor of the NFL, Subway will have exclusive marketing rights and activation opportunities at key NFL events and experiences. The brand will also sponsor NFL FLAG, the largest U.S. flag football league and support NFL PLAY 60, which is dedicated to keeping youth active and healthy. Subway will align with key teams, players and partners to bring the sponsorship to life.

The long-term sponsorship kicks off this fall with a new ad campaign featuring NFL talent and personalities and restaurant promotions, allowing Subway fans to...

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Aug 3 8:20 AM, General News


Tyson Foods Names Dean Banks to Succeed Noel White as Chief Executive Officer

Tyson Foods, Inc. today announced that Dean Banks will succeed Noel White as Chief Executive Officer (CEO), while maintaining the role of President, effective October 3, 2020. White, who led Tyson through a period of unprecedented volatility and uncertainty when he assumed the CEO role in 2018, will remain with Tyson in a new role as Executive Vice Chairman of the board of directors.

“The board and I are truly excited about the breadth and depth of capabilities of Dean and the entire executive leadership team, and we look forward to the energy and vision they will bring in leading Tyson Foods into the future,” said John Tyson, Chairman of the Board of Tyson Foods. “It’s clear to the board that Dean’s impressive background in entrepreneurship, technology, and...

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Aug 3 8:20 AM, General News


Domino's Promotes Art D'Elia to EVP and Chief Marketing Officer

Domino's Pizza announced the promotion of Art D'Elia to executive vice president, chief marketing officer.

In this expanded role, D'Elia will run all global marketing initiatives for the brand, leading all U.S. marketing and advertising, and working with the brand's master franchise companies around the world. D'Elia will report to Russell Weiner, chief operating officer and president, Domino's U.S.

D'Elia joined Domino's in 2018 as senior vice president, chief brand and innovation officer, leading the Company's U.S. product development and innovation, national TV advertising, and field marketing efforts. Earlier this year, he gained responsibilities for...

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Aug 3 8:19 AM, General News


Kraft Heinz Reports Second Quarter 2020 Results

The Kraft Heinz Company reported financial results for the second quarter of 2020 that reflected solid net sales growth of 3.8 percent and Organic Net Sales growth of 7.4 percent versus the year-ago period due to strong retail performance across all business segments. Results also included non-cash impairment charges related to goodwill and intangible assets.

“Our response to the ongoing COVID-19 pandemic reflects the hard work and dedication of our remarkable employees around the world,” said Kraft Heinz CEO Miguel Patricio. "We are now starting to realize the benefits of agility and scale, while implementing changes across the Company to further drive agility, both internally and how we go to market. We believe this will be the key to...

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Aug 3 8:19 AM, General News




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