The media stories Monday morning suggested that Brambles had been hit by the loss of a major customer in the US, leading some to think it was the huge Wal-Mart deal with its Chep pallet business.
But once the story was read, it turned out to be ConAgra, the big US food and commodity group.
Still, the ConAgra loss seemed a big deal, so there were fears of a loss in earnings for Brambles.
Far from it said Brambles in a statement first up yesterday morning.
Yes, it was going to lose ConAgra, but no it wouldn’t have any impact on 2010 earnings because ConAgra represented "less than one per cent of Brambles’ total annual sales revenue".
Brambles said it expected to transfer the Conagra business to its successor over the course of the 2011 financial year.
The successor is the US group making plastic pallets and nipping at Brambles’ heels
In its statement, Brambles said it had received queries from analysts and media as to the status of its ConAgra business, which involves its CHEP USA operation.
"Brambles confirms that ConAgra advised CHEP Americas late last week of its intention to transfer most of its volumes to an alternative pallet pooler," the company said.
Brambles chief executive officer, Tom Gorman, said the loss was "disappointing".
"We are focused on delivering customer needs and strengthening our product offering in CHEP USA through the Better Everyday program, which remains on track," Mr Gorman said.
"Customer feedback on Better Everyday continues to be positive.
"Since the introduction of the Better Everyday program in October 2009, CHEP USA has won contracts with combined annualised volume greater than that of the contracts it has lost, including the volumes lost to ConAgra.
"CHEP USA remains focused on pursuing profitable growth opportunities."
Brambles shares fell 4.9%, or 32c, to $6.17.
