Weekly Roundup: DSM shareholders approve Firmenich merger, Smart Protein Fund launched
27 Jan 2023 --- This week in industry news, Milltrust Ventures and Earth First Food Ventures launched the Smart Protein Fund to target alternative protein technology. In vanillin developments, Camlin Fine Sciences (CFS) introduced its Adorr vanillin range, and Solvay launched the first International Sustainability and Carbon Certification (ISCC) PLUS certified mass balance vanillin.
In brief: Business moves
DSM held an Extraordinary General Meeting of Shareholders (EGM) where shareholders approved the proposed merger between DSM and Firmenich and voted in favor of all related resolutions as set out in the notice of the EGM. Following the Offering Circular, the Acceptance Threshold for the Exchange Offer is automatically adjusted from 95% to 80% of DSM’s aggregate issued and outstanding ordinary share capital. DSM and Firmenich continue to work to satisfy all the conditions of the Exchange Offer as set out in the Offering Circular. The Acceptance Period, which was set to expire on 31 January 2023, is extended.
Milltrust Ventures, the venture investment arm of Milltrust International, has launched the Smart Protein Fund in partnership with Earth First Food Ventures (EFFV), a specialist food tech venture capital platform with a presence in Switzerland, the US, India, Brazil and Greece. The Smart Protein Fund will seek to disrupt the food industry by channeling climate capital toward scaling Smart Proteincompanies for a cleaner, healthier end-product produced locally for local consumption. The fund will invest in key alternative protein companies focused on plant-based proteins, cultivated meat, fermentation technologies, and the infrastructure that will help scale the growing industry.
Tate & Lyle’s Q3 trading update is consistent with the first half of the financial year. Revenue growth benefited from strategic mix management, the pricing through input cost inflation and acquisitions. The company saw continued revenue growth in North America despite supply chain disruption. Both the regions of Europe and Asia, Middle East, Africa and Latin America delivered solid double-digit revenue growth reflecting good commercial performance and mix management, according to the company.
Kezad Group has signed an agreement with Emerging World FZC to establish a manufacturing plant to cater to local and regional markets. PRAN’s AED 110 million (US$29.9 million) facility, being developed in multiple phases, will spread across more than 42,000 square meters in Kezad with direct access to AD Ports Group’s flagship Khalifa Port. It will enable Emerging World FZC to locally produce and export its products to free trade markets throughout the Middle East and North Africa region.
Barry Callebaut has revealed that Moody’s Investors Service (Moody’s) changed the group’s long-term issuer rating outlook to “positive” from outlook “stable.” The outlook on all senior unsecured long-term ratings assigned to the bonds issued by Barry Callebaut Services NV has also been changed to “positive” from “stable.” At the same time, Moody’s affirmed the “Baa3” ratings.
Bartek Ingredients is strengthening its position as the world’s largest malic and food-grade fumaric acid producer with the groundbreaking of its US$175 million malic and fumaric production facility. The company held a ceremony with Canadian government officials and local community leaders to celebrate the official commencement of the construction project.
The 2 Sisters Poultry site in Llangefni, Wales, is ceasing operations, putting the site at risk of closure. Following a recent review of its UK poultry division, the company needs to make operational changes to help it overcome the continuing challenges facing the food manufacturing sector. The cost to produce at the Llangefni factory is higher, and it would require significant investment to bring it up to the standards of our other factories. The company believes its products can be made more efficiently elsewhere across its estate.
In brief: Sustainability efforts
Kellogg’s InGrained, a five-year partnership with Lower Mississippi River Basin rice farmers to help reduce their climate impact, is reporting early positive results. During the program’s pilot year, InGrained helped farmers implement climate-smart irrigation practices that reduced more than 1,600 metric tons of greenhouse gasses.
Truterra, the sustainability business of Land O’Lakes, has launched Truterra sustainability services, a comprehensive suite of agronomic and financial resources designed to meet farmers where they are at every stage of their sustainability journey. This launch is part of Truterra’s broader effort to work with more farmers to encourage the adoption of regenerative farming practices by working to remove one of the biggest barriers to practice change and develop new offerings that best fit farmers’ needs and support their transitions to more sustainable practices.
In brief: Vanillin developments
CFS has introduced its Adorr vanillin range, which is being manufactured at a CFS facility in Dahej, India. Through efficient technology and mostly locally sourced raw materials, CFS can ensure steady supplies to its customers. Adorr, developed using the most acceptable Catechol route, adheres to the industry’s norms and principles of needed safety, environmental care and sustainability. The brand would also introduce specialty, customized products within the vanillin range for ease of various applications.
Solvay says the production of Rhovanil vanillin at SaintFons in France has been accredited to comply with the mass balance accounting regime of the ISCC PLUS system. Solvay’s Rhovanil is primarily used in food and flavor applications and widely used in home and personal care fragrances. Obtained late last year, the ISCC PLUS certification confirms the controlled use and traceability of renewable feedstock in the company’s vanillin, which helps brand owners meet the growing demand for more sustainable and circular ingredients as they strive to minimize their environmental impact and carbon footprint.
In brief: Plant-based highlights
Ingredients specialist Loryma has developed halal-certified, wheat-based binding ingredients which give sliced and minced meat rotisserie skewers the desired cut strength and stability. The special binders consisting mainly of wheat starch and wheat protein minimize weight loss due to excellent freeze-thaw stability, thus promising a high-performance alternative to soy-based binding systems. The wheat starch gives the binders a high water-binding capacity, and the wheat protein – also known as gluten – optimizes and stabilizes the texture. In addition, the binding components are sensory-neutral, so they don’t affect the typical meat flavor.
Kansas Protein Foods has unveiled its Imagic Plant-Based Chicken Products, which are flavored and ready-to-eat textured vegetable protein made from soy flour. The products have been formulated to resemble chunks of cooked chicken in flavor, aroma, texture and color and are suited for a wide range of applications and food systems.
Osage Food Products has introduced SolvProÔ Vegan Plant Protein Blends, a line of optimized plant protein blends that combine different plant proteins and deliver targeted nutritional and functional properties for various end-use applications. The SolvProÔ product line currently has six SKUs, each providing a protein digestibility corrected amino acid score (PDCAAS) of 1.0 and offering different functionalities and benefits. Several new systems are powered by EverProÒ, a barley protein that dissolves almost instantly into beverages.
By Elizabeth Green
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