Weekly Roundup: Givaudan completes squeeze out and delisting of Naturex, Barry Callebaut finalizes expansions in US and Canada

14 Sep 2018 --- This week, following the completion of the second tender offer for the shares of Naturex, Givaudan now holds 9,436,645 of Naturex shares, representing 98.06 percent of the capital. Barry Callebaut has finalized its capability and capacity expansions in its US and Canada factories. According to the company, the investments in Canada and the US will support Barry Callebaut customers across North America. Azelis’ CSR performance has been recognized with an EcoVadis Gold rating and the Ruby chocolate revolution continues with an innovation from Baci Perugina. In the UK, Tesco launched the first zero alcohol stout as the demand for low and no alcohol beverages soars.

In brief: Business
Givaudan has completed the squeeze-out and delisting of Naturex. In accordance with the initial tender offer, Givaudan confirms its intention to implement a squeeze-out procedure along with the delisting of Naturex shares from the Euronext Paris stock exchange. The squeeze-out will be implemented on 18 September 2018, as indicated by the French markets regulator, Autorité des Marchés Financiers. As a result of the squeeze-out, Naturex shares will then be delisted from the Euronext Paris stock exchange. Last week we reported that the total acquisition was almost complete.

In North America, Swiss chocolate manufacturer Barry Callebaut has completed expansions at three of its sites in the US and Canada following an investment of around US$30 million. The facilities are located in St. Hyacinthe, Quebec; Chatham, Ontario; and St. Albans, Vermont. Recent investments in the St. Hyacinthe facility include both an additional liquid chocolate line as well as improved capabilities for the production of dairy-free chocolates. In the Chatham factory, the company has introduced additional liquid storage capacity to expand the variety of products available to customers. At the St. Albans location, the company has developed the building footprint and enhanced its capabilities for making colored and flavored compounds, among other investments.

In brief: Sustainability
Mondelēz International has once again been named to the Dow Jones Sustainability Index (DJSI) for both the North America and World indices. The DJSI is a globally recognized independent benchmark that conducts comprehensive assessments of a company's economic, environmental and social performance with a strong focus on long-term value creation for shareholders. The company's overall score was in the 92nd percentile of its industry. Mondelēz also achieved perfect scores of 100 in water-related risks and health and nutrition, with score increases in human rights, operational eco-efficiency, talent attraction and retention, and corporate citizenship and philanthropy.

Azelis has announced that the corporate social responsibility (CSR) performance of the group has been recognized with the EcoVadis Gold rating, achieving a position in the top 1 percent distributors assessed by the organization and obtaining an Advanced score for its CSR engagement. EcoVadis is an independent rating agency which provides Supplier Sustainability Ratings for global supply chains using a CSR assessment methodology that covers 180 purchasing categories, 150 countries, and 21 CSR indicators.

In brief: Innovation launches
Baci Perugina has become the latest sweet treat to be wrapped in Ruby chocolate, following the introduction of KitKat Ruby earlier this year. The pink Baci Perugina Limited Edition is made with chocolate derived from Ruby cocoa beans, which has an intense berry-fruitiness taste without the addition of any flavor or color. Ruby chocolate was created by Swiss chocolatier Barry Callebaut last year. Although it is almost 100 years old, Baci Perugina continues to innovate. The traditional recipe with its soft gianduia filling and a crispy hazelnut in its center now comes in a pink chocolate coating, creating a product with a unique taste. The new Baci Perugina Limited Edition is the latest innovation Nestlé’s drive to set trends and use innovation to bring new, exciting products to people everywhere.

From this week, Britain’s growing number of low and no alcohol beer and cider drinkers will have far more choice. Among 11 beers and ciders have been launched by Tesco, earlier in the week, including the UK’s first ever no alcohol stout, as well as zero alcohol versions of the country’s fastest-growing beer, Estrella Damm. Also being launched by the supermarket will be Raspberry Blitz, the UK’s first ever zero sour alcohol beer, brewed by craft beer giants BrewDog. In the last year, Tesco has seen demand for low and no alcohol beers grow by more than 30 percent. Last year Tesco sold more than 24 million bottles of no and low alcohol beer and this year it expects sales to increase even further by 30 percent.

In brief: Appointments & retirements
Campbell Soup has appointed Craig Slavtcheff, 51, as Vice President and Head of Research and Development (R&D). Slavtcheff will lead Campbell’s entire R&D organization, including strategy, innovation and product development for the company’s divisions, as well as its science and technology, regulatory, nutrition, and culinary teams. He will report to Campbell’s Chief Operating Officer, Luca Mignini.

Jan-Erik Hansson, 55, has been appointed to the Arla Foods amba board of directors. Hansson is replacing Åke Hantoft, who retired recently, as a Swedish representative on the board. The appointment was made during a regional board meeting in Stockholm on 11 September 2018. Hansson had earlier been elected in Milko (the dairy company Arla merged with 2011) and in Arla (the Hälsinge district, now included in Södra Norrland).

Also this week, ADM announced that Clint Piper has been named as the new president of Golden Peanut and Tree Nuts. Piper joined ADM in 2007 and has served in multiple leadership roles, including commercial management positions in Valdosta, Georgia, and Kershaw, South Carolina.

Bell Flavors & Fragrances has hired Ron Stark as Bell’s new President and Chief Operating Officer. Stark holds a Master of Business Administration degree from Xavier University School of Business Administration. Stark has also held executive level positions at Tyson Hudson Foods and The Coca-Cola Company. For the last 12 years, Ron has worked with Givaudan Flavors as V.P. of North America Sales in the Cincinnati, Ohio area.

Finally, Fonterra has welcomed Brett Henshaw to the Co-operative as Managing Director, Fonterra Brands, New Zealand (FBNZ). Henshaw is currently Managing Director of The Griffin’s Food Company and he will take up his role with Fonterra in the first week of December 2018. Henshaw has previously held brand positions with Unilever. He was appointed Chief Marketing Officer for The Griffin’s Food Company in 2015 and became Managing Director in 2016.

By Elizabeth Green

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