Business News

UK signs up to Dairy Declaration of Rotterdam

20 Oct 2017 --- The UK dairy industry has endorsed a declaration to promote the sustainability of dairy systems around the world. The Dairy Declaration of Rotterdam, a unique partnership between the International Dairy Federation (IDF) and the Food and Agricultural Organization of the United Nations (FAO) signals a recognition of the dairy sector’s commitment towards feeding the world with safe, nutritious and sustainable products.

Olam CEO appointed as WBCSD Chair from 2018

20 Oct 2017 --- The World Business Council for Sustainable Development has announced that Sunny Verghese, Co-Founder and Group Chief Executive Officer of Olam International, has been appointed as the new Chair of WBCSD. Verghese’s term begins on January 1, 2018 for a duration of two years.

Firmenich commits to 100 percent sustainable juice

20 Oct 2017 --- Firmenich has signed the Sustainable Juice Covenant, joining forces with leading European beverage and food companies to commit to creating 100 percent sustainable juice and puree by 2030. Under the coordination of IDH: the Sustainable Trade Initiative, Firmenich, Döhler, FrieslandCampina Riedel, Refresco and Verbruggen Juice Trading Sustainable Products b.v., have agreed to target 100 percent verified sustainable sourcing for their juices within the next decade.

EDA criticizes traffic light labeling plans for ignoring “good” nutrition

19 Oct 2017 --- The European Dairy Association (EDA) has slammed the new traffic lights labeling system claiming that it falls short in certain areas relating to nutrition, dietary recommendations and what to limit in people’s diets. While the EDA believes and supports the fact that consumers should be fully informed on the nutritional properties of foods – which is one of the legal requirement of the Food Information to Consumers Regulation (EU) No 1169/2011 – it says that new Evolved Nutrition Labelling Initiative (ENL) proposals don’t go far enough and is an inadequate system for milk and dairy products. 

 

Frutarom confirms eighth purchase of 2017: Acquires 60 percent of Mighty Co.

19 Oct 2017 --- Frutarom is continuing its momentum of acquisitions with an eighth purchase this year, by acquiring 60 percent of the shares of the Thai flavors company The Mighty CO. LTD. (including the activity of Maharaj Food Co. Ltd. and Mighty International Co. Ltd.) for approximately THB 393 million (approx. US$12 million) and at a valuation of THB 655 million (approx. US$20 million). 

Nestle reports slight decline in nine-month sales for 2017

19 Oct 2017 --- Total reported sales for Nestlé decreased by 0.4 percent to CHF 65.3 billion (US$66.6 billion), reduced by net divestments of 2.6 percent (mainly due to the creation of the Froneri joint venture) and negative foreign exchange effects of 0.4 percent. Organic growth was 0.8 percent in developed markets and 5.1 percent in emerging markets.

“Leading European fund” Capagro Innovation completes final funding round

19 Oct 2017 --- Capagro Innovation has successfully completed its final funding round – a second funding round worth €66 million (US$77.8 million) – leading the company to state that it has become one of the leading European funds specialized in innovation in agriculture and food. This follows the reopening in January 2017 of the subscription period for its venture capital vehicle, Capagro Innovation.

Fortissimo Capital invests US$4 million in tech seed breeding company Equinom

19 Oct 2017 --- Israeli-based private equity fund Fortissimo Capital has invested US$4 million in Equinom, an Israeli-based technology seed-breeding company focused on the development of specialized crops for the food industry. This has been announced as the first installment of Fortissimo's investment as part of the third funding round of Equinom.

Emerging markets drive sales growth by 6.3 percent in Q3 for Unilever

19 Oct 2017 --- Unilever has announced its results for the third quarter of 2017, which show emerging markets driving growth and good progress against the strategic objectives the company set out for 2020. Turnover increased by 3.1 percent in the first nine months, including a negative currency impact of 0.6 percent. Turnover decreased by 1.6 percent, including a negative currency impact of 5.1 percent. Underlying sales growth was 2.6 percent, with price up 2.4 percent and volume up 0.2 percent and emerging markets underlying sales growth was 6.3 percent in Q3, with volume up 1.8 percent. 

BASF steps up sustainable palm oil commitment by joining FONAP

19 Oct 2017 --- BASF has joined the Forum for Sustainable Palm Oil (FONAP) as a producer of oleo derivatives and claims that becoming an official supporter signals the company’s intent on fostering sustainable oil palm products. 

IFF: Re-Imagine Programs accelerate innovation and tap into unmet consumer opportunities

19 Oct 2017 --- Innovator of sensory experiences, International Flavors & Fragrances Inc. (IFF), has launched Re-Imagine programs to accelerate innovation and increase agility to capture unmet opportunities in the changing food and beverage market. Based on a combination of future trends analysis, consumer insights, and a modernized cross-category development process, the programs guide the company’s research and development efforts to ensure an innovation pipeline that addresses evolving consumer needs and desires.

US$1bn fund to boost sustainable farming launched by Rabobank and UN Environment

18 Oct 2017 --- A new initiative is underway to help farmers transition to sustainable practices to keep pace with increasing demand from consumers and food companies for more supply chain transparency. Rabobank’s program, Kickstart Food, is all about accelerating the transition to a sustainable food supply. One of the first steps in this program will be the launch of a one billion dollar facility to initiate land restoration and forest protection initiatives.

Barry Callebaut: Forever Chocolate shortlisted for Responsible Business Awards 2017

18 Oct 2017 --- Forever Chocolate has been shortlisted in the category Sustainable Business Communication of the Year of the Responsible Business Awards, which, in turn, is great recognition for Barry Callebaut’s Forever Chocolate strategy. 

Ajinomoto buys majority stake in Spanish agro-business

18 Oct 2017 --- Japanese food and chemical corporation Ajinomoto has acquired the majority shares of a Spanish agro-business, expanding its profile in Europe.

Ornua seeks graduates to bring the taste of Irish dairy to the world

18 Oct 2017 --- Ornua, the owner of Ireland’s iconic dairy brand, Kerrygold, is looking for graduates to join their team at the home of Irish dairy. Ornua’s industry-leading graduate programme is open for applications until October 19th, 2017. With opportunities across the business, from Information and Communication Technology to HR and Sales and Marketing to Supply Chain Management and more, Ornua is looking for a new group of graduates to help bring the unique taste of Irish dairy to customers across the globe. 

Hershey eyes Nestle's US confectionery business as potential bidders line up

17 Oct 2017 --- Four months after Nestlé began to explore options for its US confectionery business, including a potential sale, the company is drawing interest from a range of possible buyers including Hershey’s, which is reportedly preparing a bid. According to US media reports, the chocolate giant is expected to compete against other companies and private equity firms and the first-round bids for the Nestlé business are due later this week. 

UCL study urges European Commission to block Bayer Monsanto merger

17 Oct 2017 --- The so-called mega-merger planned between seed giants Bayer and US-based Monsanto should be blocked under EU competition law, according to a major new study from University College London. Released yesterday (October 16), on World Food Day, the authors of the report claim that the European Commission should be obliged to block the merger, which is currently under an in-depth investigation, even on a narrow reading of EU competition law.

Danone reports accelerated sales growth in Q3, driven by demand for infant formula in China

17 Oct 2017 --- The world’s largest yogurt maker, Danone, has reported better-than-expected Q3 sales results with a 4.7 percent increase, driven by the demand for infant formula and water products specifically in China. The performance came above the company-compiled average of analyst estimates for 2.8 percent growth in group sales. The dairy business improved in the US, where the integration of its acquisition of WhiteWave remained on track. The company also reiterated its full-year guidance. 

BASF buys up Bayer’s seeds assets in US$7 billion deal

13 Oct 2017 --- German chemical company BASF has signed an agreement to acquire significant parts of Bayer’s seed and non-selective herbicide businesses as the giant intends to divest as part of its planned acquisition of Monsanto. Bayer is selling some parts of its business to ease the passage of the planned Monsanto-Bayer megadeal which is still under scrutiny from regulators with competition concerns.

Nestle bolsters infant formula position with new high-tech Russian factory

13 Oct 2017 --- The Swiss transnational food and drink company is strengthening its focus on the highly growing infant formula category with another investment in a Russian-based plant which plans to ramp up production and target export markets in neighboring countries.

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