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November 24, 2020

Food safety

Gluten-free dessert bar maker expanding

FoodBusinessNews
SHELBY TOWNSHIP, MICH. — Ethel’s Baking Co., a maker of gluten-free dessert bars, has opened a 19,000-square-foot production facility in Shelby Township. The new plant will allow the company to accommodate product expansion, including the launch of single-serve packages and clear multiple bar packs in grocery retailers nationwide. Ethel’s dessert......

Elliott, Aryzta confirm takeover talks

FoodBusinessNews
LONDON — Elliott Advisors (UK) Ltd., an affiliate of Elliott Management Corp., on Nov. 23 confirmed that it made an offer to acquire all of the outstanding shares of Schlieren, Switzerland-based Aryzta AG for 0.80 Swiss francs per share (88¢ per share), or approximately 794 million Swiss francs ($872 million).......

Two Mondelez biscuit plants being considered for closure

FoodBusinessNews
CHICAGO — Mondelez International earlier this month said it is considering closing two biscuit manufacturing plants on the East Coast as part of a broader plan to evolve its US biscuit manufacturing footprint. The plants being considered for closure are located in Fair Lawn, NJ, and Atlanta. According to Mondelez,......

Credit Suisse lowers Kellogg outlook to ‘neutral’

FoodBusinessNews
NEW YORK — Credit Suisse in a Nov. 23 research note downgraded Battle Creek, Mich.-based Kellogg Co. to “neutral” from “outperform,” while also lowering the company’s 2021 earnings-per-share estimate to $3.95 from $4.10. In issuing its revised outlook, Credit Suisse research analyst Robert Moskow said the credit agency now expects......

Adjusted Post Holdings earnings drop 50% in year

FoodBusinessNews
ST. LOUIS — Weak fourth-quarter sales in the company’s North American ready-to-eat cereal business and a forecast for weaker earnings ahead spooked investors, triggering a decline in the share price of Post Holdings, Inc. For the year ended Sept. 30, adjusted net earnings at Post Holdings were down 50% from......

Danone targets cost savings of $1.19 billion

FoodBusinessNews
PARIS — Danone SA expects a “local first” program will assist the company in generating cost savings of €1 billion ($1.19 billion) by 2023, the Paris-based company said Nov. 23. The cost reductions include eliminating 1,500 to 2,000 job positions. Company executives spoke about moving to local control in an......

E-commerce keys Walmart’s quarterly growth

FoodBusinessNews
BENTONVILLE, ARK. — Driven overwhelmingly by growth in its e-commerce business, comparable sales in the US business of Walmart Inc. rose 6.4% in the company’s third quarter. While Walmart’s online business continued to operate at a loss, C. Douglas McMillon, president and chief executive officer, said the e-commerce business is......

Ten trends emerging in the aftermath of COVID-19

FoodBusinessNews
BOULDER, COLO. — Words like “handcrafted” and “homemade” in the not-so-distant past signaled quality. Amid a pandemic, such terms may ring unappealing to consumers as contactless experiences become the norm. “The last thing I want to think of right now is a grandma in her trattoria in Italy fondling my......

Declining fear of fat fuels growth for brands

FoodBusinessNews
LONDON — Younger consumers are losing their fear of fat, according to a report from New Nutrition Business. The five-year study found younger consumers are more open to the idea that fat is not bad, with a higher number of younger consumers seeking to eat more healthy fats than older......

Functional beverage maker secures $14.5 million investment

FoodBusinessNews
MINNEAPOLIS — So Good So You, a maker of premium refrigerated health shots, has closed a $14.5 million funding round led by Prelude Growth Partners. So Good So You plans to use the new capital to expand its national reach in-store and through e-commerce and to support new product development.......

AAK to build plant-based foods center

FoodBusinessNews
KARLSHAMN, SWEDEN — AAK AB has unveiled plans to establish a Plant-based Foods Global Center of Excellence on the company’s premises in Zaandijk, The Netherlands. The three-story center will include two pilot plants, an analytical laboratory, a customer experience kitchen and a sensory suite. “The long-term outlook for plant-based foods......

COVID cuts into Tootsie Roll candy channels

FoodBusinessNews
CHICAGO — The closing of certain channels where its products are sold led to lower earnings and sales at Tootsie Roll Industries, Inc. in the third quarter. Net income in the third quarter ended Sept. 30 totaled $24.67 million, equal to 37¢ per share on the common stock, down 17%......

Mondelez report finds snacking a ‘lifeline’ during COVID-19

FoodBusinessNews
CHICAGO — COVID-19 figured heavily into the findings from the second annual State of Snacking report released Nov. 11 by Chicago-based Mondelez International, Inc. Forty-six percent of respondents said they were snacking more during the pandemic than before it, which compared with 42% who said the same and 12% who......

Comfort and health drive WGSN’s trends forecast

FoodBusinessNews
NEW YORK — From plant-based sweets to low- or no-alcohol beverages, next year’s biggest food and beverage trends will toe the line between comfort and health, according to research from WGSN, an Ascential-owned trend forecasting company. “We have a lot of exciting trends coming next year, but they’re not totally......

Comfort and health drive 2021 trends forecast

FoodBusinessNews
NEW YORK — From plant-based sweets to low- or no-alcohol beverages, next year’s biggest food and beverage trends will toe the line between comfort and health, according to research from WGSN, an Ascential-owned trend forecasting company. “We have a lot of exciting trends coming next year, but they’re not totally......

Bunge to sell California rice mill

FoodBusinessNews
ST. LOUIS — Farmers’ Rice Cooperative, a grower-owned rice marketing cooperative with corporate offices located in Sacramento, Calif., has reached an agreement to acquire the Woodland, Calif., rice mill of Bunge Ltd. Financial terms of the transaction were not disclosed. The completion of the sale is subject to customary closing......

SunOpta to divest global ingredients business

FoodBusinessNews
MINNEAPOLIS — Amsterdam Commodities nv (Acomo) has reached an agreement to acquire the global ingredients business and related assets of SunOpta Inc. for €330 million ($389.65 million). The transaction is expected to close by January 2021. The acquisition will include SunOpta processing facilities located in Amsterdam; Silistra, Bulgaria; Addis Ababa,......

Main Street invests, partners with artisan baker

FoodBusinessNews
AKRON, OHIO — Main Street Gourmet, a custom wholesale baking company serving in-store bakery and foodservice customers, has announced it is partnering with Biscotti Brothers, a Greensburg, Pa.-based artisanal wholesale baking company serving primarily in-store bakery customers. Financial terms of the transaction were not disclosed. “Both Main Street Gourmet and......

Tyson Foods ramping up operations overseas

FoodBusinessNews
SPRINGDALE, ARK. — Capitalizing on growing global demand for its products, Tyson Foods, Inc. announced on Nov. 10 its plans to invest in new processing facilities and expand existing plants in Thailand, China and The Netherlands. Referencing recent overseas acquisitions and joint ventures, the company said its international presence has......

Mondelez invests in Israel food tech startup

FoodBusinessNews
CHICAGO — Mondelez International Inc. on Nov. 10 announced a seed investment in Torr FoodTech, an early stage company based in Israel that has developed proprietary technology Mondelez said “brings real, simple ingredients together to offer multi-textural, sensorial experiences.” Terms of the deal were not disclosed, but Mondelez said it......

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