Business News

No Need to Restate Earnings Says Hain Celestial

23 Jun 2017 --- Following a long investigation, Hain Celestial has completed its accounting review and audit and did not need to make any material changes to any of its previously reported financial statements - and it is up to date with all its reporting obligations with the Securities and Exchange Commission (SEC).

Carbery CEO to Retire

23 Jun 2017 --- CEO of the Carbery Group Dan MacSweeney has announced his retirement after 25 years with the Ireland-based company.

Barry Callebaut Couples Sustainability with Renewed Banking Credit Facility

23 Jun 2017 --- Barry Callebaut has successfully amended and extended its revolving credit facility. For the first time in Switzerland, the applicable credit margin is linked to the sustainability performance of Barry Callebaut, reported by Sustainalytics. The most recent Sustainalytics performance of Barry Callebaut increased from 67 to 72. This score is an outstanding achievement that makes Barry Callebaut an Outperformer in its industry sector. ING is the Sustainability Coordinator of the facility, as part of a syndicate of 13 banks.

Nestle Supports Start Ups to Search for Sustainable Healthy Food Products

22 Jun 2017 --- Nestlé USA is expanding its commitment to innovation in the food industry through a new partnership with Rabobank and RocketSpace to support startups for the Terra Food and Agtech Accelerator program. Nestlé will join forces with Terra and other corporate collaborators to select and coach the most innovative and disruptive startups in the food and agricultural industry.

UK Diageo to Buy Clooney’s Premium Tequila Label in US$1 Billion Deal

22 Jun 2017 --- Diageo has entered into a definitive agreement to acquire Casamigos, the fastest growing super-premium tequila brand in the US, co-founded by Hollywood actor George Clooney.

Tereos Reports Increased Revenues, Sweetened by International Sugar Activities

22 Jun 2017 --- Tereos have reported an improvement in all of its business and profitability indicators, following two years of sharp declines in sugar prices at the European and world-wide level. 

EU Project Promotes Cultivation of Pulses in Europe

21 Jun 2017 --- Fewer imports, less fertilizer, more sustainability - there are good reasons for expanding the cultivation of pulses in Europe. Up to the present, the valuable protein-rich plants are cultivated in very few areas. The EU project TRUE with partners from 10 countries wants to change that. 

“Business as Usual” Says Moy Park Despite JBS Sell Off

21 Jun 2017 --- The Brazilian owners of Irish poultry giant Moy Park have put the company up for sale in a bid to drive down debt in the wake of the meat and corruption scandal which has cost the world’s largest meat processor dearly. 

Strong Sugar and Starch Segments Support EBITA Increase for AGRANA

21 Jun 2017 --- Good prices of ethanol in the starch segment plus a strong sugar segment contributed to improved first quarter results for international food company Agrana which has just published its earnings before tax for March 1 to May 31.
Over the first quarter, AGRANA’s EBIT increased  from €47.0 million in Q1 2016/17 to €69.8 million. Revenues during the three months also rose slightly, from €665.5 million to €684.2 million.

Tate & Lyle Expands Clean Label Production Amid Koog Plant Anniversary

20 Jun 2017 --- This year marks the 150-year anniversary of Tate & Lyle’s oldest starch production facility, known as “Koog,” located along the Dutch River Zaan. Continuously looking to make the next steps toward meeting market demands for specialty food ingredients, Tate & Lyle is currently expanding Koog with an eye on further ramping up production of its clean label solutions, and these added facilities are slated to be completed before the end of the year. 

The Fallout from Amazon Whole Foods Market Acquisition

20 Jun 2017 --- Shares in supermarkets on both sides of the Atlantic dipped as news of Amazon’s planned deal with Whole Foods Market spread late last week - and now the industry is heaving with speculation about what the move means for the traditional bricks and mortar retail space.

Possible Sale Rumors Surround Continental Foods

20 Jun 2017 --- Speculation is mounting about the fate of Continental Foods following reports that private equity fund CVC Capital Partners has selected advisers to sell the food firm in a deal that could be worth around €1 billion.

Nestle USA Acquires Minority Interest in Freshly, Enters Fast-Growing Prepared Meals Business

20 Jun 2017 --- Nestlé USA has acquired a minority interest in Freshly, a leading provider of Direct-to-Consumer (DTC) healthy prepared meals, which currently supplies consumers in 28 states with weekly shipments of meals. 

Aryzta AG Names New Interim CEO of American Business

20 Jun 2017 --- The Swiss-Irish Food Group Aryzta has announced the Board has appointed Keith Cooper, a Senior Managing Director at FTI Consulting as CEO of its Americas business on an interim basis.

IFST Collaborate to Support Food Science Teachers Across the UK

20 Jun 2017 --- Teachers across the UK involved in teaching the food science and technology curriculum at secondary school level can take advantage of a new resource that aims to enhance their subject and bring it to life using real-world examples. 

US: FTC Approves Final Order with ChemChina and Syngenta

19 Jun 2017 --- Following a public comment period, the US government’s Federal Trade Commission (FTC)  has approved a final order settling charges that the proposed merger of China National Chemical Corporation (ChemChina) and Swiss global agricultural company Syngenta AG would harm competition in the American markets for the herbicide paraquat, the insecticide abamectin, and the fungicide chlorothalonil.

Barilla Shells Out Millions in Pasta Production Expansion

19 Jun 2017 --- Italian food company Barilla has plans to spend approximately €50 million (US$56 million) on an upgrade of the world’s largest dry pasta manufacturing facility in Italy.

Merieux NutriSciences Introduces Scientific Advisory Council

19 Jun 2017 --- Mérieux NutriSciences, a global food safety and quality partner offering testing, labeling, auditing, consulting, sensory, training, and research services to the food industry, has formally formed a Scientific Advisory Council dedicated to staying on the forefront of science and technology in the food safety, quality, and testing arenas.

Amazon to Acquire Whole Foods Market for $13.7 Billion

16 Jun 2017 --- Amazon and Whole Foods Market, Inc. have entered into a definitive merger agreement under which Amazon will acquire Whole Foods Market for $42 per share in an all-cash transaction valued at approximately $13.7 billion, including Whole Foods Market’s net debt.

DuPont-Dow Merger Gets Nod From US AntiTrust Regulator

16 Jun 2017 --- Dow and DuPont have received antitrust clearance from US Department of Justice for the proposed merger of equals which means the two global chemical companies have cleared another hurdle and allayed the regulators competitive concerns.