Courtesy of Benzinga
Global food behemoth Nestle (OTC: NSRGY) is “scrambling to meet demand” to keep the world fed, but doesn’t want to take much credit, as “this is our main purpose at this hour,” CEO Mark Schneider said Wednesday during a “Mad Money” interview with Jim Cramer.
Nestle’s Premium Food Products
Cramer credits Nestle with success across multiple “premiumization” categories, including vegan, sustainable and organic. Schneider said these are trends playing out within the food category and will remain despite the coronavirus pandemic.
It’s a “worthwhile endeavor” to continue focusing on these initiatives, as they are a driver of profit, the CEO said.
Candy Makes Everyone Happy
Cramer said one of the few items keeping his family happy during this difficult time in New York City is their shared love of candy. Schneider agreed and said snacking and comfort food are “just as important as essential nutrients.”
Everyone at Nestle, including those working at factories and distribution centers, are motivated to make sure the world can enjoy their snacks, he said.
Nestle’s Plastic Bottle Update
Sustainable packaging remains a key focus, at Nestle as it needs to be included across all product lines, the CEO said.
Some of the solutions the company is exploring include biodegradable and reusable. The company is “making good progress” toward its 2025 goals, and this year’s goal of eliminating plastic straws is still a focus, Schneider said.
“All business initiatives are working well.”