Weekly Roundup: Nestlé Purina PetCare commits to farmer-led sustainability, Amyris executes agreements to resolve CVI Heights debt
15 Nov 2019 --- This week in business news, Nestlé Purina PetCare announced a new commitment to support farmer-led sustainability alongside Land O'Lakes SUSTAIN. Amyris announced that definitive agreements have been entered into providing for the purchase of its existing CVI Heights. Takasago completed construction of a new factory in the GIIC Industrial Park in Indonesia’s West Java Province and Brown Gibbons Lang sold Warnock Food Products to Japanese snack food maker Calbee.
In brief: Sustainability news
Nestlé Purina PetCare has announced a new commitment to support environmental stewardship practices on 50,000 acres of farmland, driving sustainability in its grains supply chain to the scale of more than nine million bushels annually over the next two years. The company will work alongside Land O'Lakes SUSTAIN, the sustainability solutions business of Land O'Lakes, one of America’s largest farmer-owned cooperatives. Using world-class technology – the Truterra Insights Engine, an on-farm conservation management platform – the new initiative will help farmers benchmark their current on-farm stewardship practices and identify areas of improvement. Ultimately this aims to help them protect the air, land and water while keeping farm economics in focus, notes the company.
In brief: Business news
Amyris, a producer of sustainable ingredients for flavors and fragrances markets, has announced that definitive agreements have been entered into providing for the purchase of its existing CVI Heights convertible note by two “accredited investors” (as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933) and subsequent exchange of such note for new unsecured convertible senior notes (the Notes) in the amount of US$66 million in a private exchange. As a result, the CVI Heights debt will be retired, thus curing the prior default of this debt, and Amyris will incur the new Notes as debt. The Notes will mature on September 30, 2022.
Takasago has completed construction of its new factory in the GIIC Industrial Park in Indonesia’s West Java Province.Meanwhile, Takasago has completed construction of its new factory in the GIIC Industrial Park in Indonesia’s West Java Province and held a ceremony there earlier this month. Flavors and fragrances markets in Indonesia, with a population of 260 million, are expected to grow for years to come, says Takasago. While in the past, the company imported and sold products made mostly in Singapore, in order to respond promptly to high local demand, Takasago has built a new Indonesian factory. The new factory will serve as one of a three-base production system in the South and Southeast Asian Region.
Brown Gibbons Lang & Company (BGL) has sold Warnock Food Products (Warnock) to Japanese snack food maker Calbee. Financial details of the transaction have not been disclosed. Founded in 1986 and headquartered in Madera, California, Warnock is a contract manufacturer of high-quality branded and private label snack foods. The company is an established player at the intersection of the growing snacking, better-for-you, and private label food markets, with strong product development capabilities from conception through production. Warnock offers a diversified product portfolio spanning the salty snack category, including organic, vegan, gluten-free, non-GMO, kosher, whole grain and peanut-free snacks.
Tate & Lyle has opened its new and expanded Latin American headquarters in Sao Paulo, Brazil, in the Avenida das Nações Unidas in the southern zone of São Paulo. The headquarters includes a new application center, which is six times larger than Tate & Lyle’s previous center in São Paulo, and among the company’s largest globally. This multimillion-dollar investment reflects the importance and growth potential of the Latin American region for Tate & Lyle. The new application center will help industry manufacturers develop products that meet increasing consumer preferences for healthier, tastier food and beverages. It includes a pilot plant and state-of-the-art experimental kitchen, which enables customers to design and test different recipe formulations across a range of categories including dairy, beverage and bakery.
In brief: Appointments & retirements
KÖE Kombucha, a shelf-stable organic kombucha in a can, announced it is adding two new flavors to its product line and introducing a new lower calorie and lower sugar formula.
Tyson Foods and its board of directors has named independent director Dean Banks, 46, President of the company, effective December 20, 2019. Noel White, 61, currently President and CEO, will continue as CEO. In his new role, Banks will report to White and oversee the company’s business segments. Banks will remain a member of the Tyson Foods board and will be considered a non‐independent director. Banks brings deep leadership experience and a background in entrepreneurship, innovation and technology to Tyson Foods.
In brief: Miscellaneous
US-headquartered Griffith Foods has been short-listed for two awards at the upcoming FiE 2019 exhibition – the F&B Category with its “Vegetable Based Never Fry Coating System” and the Reformulation award for “Extruded snacks using Green Banana Flour.” At the event held in Paris, France (December 3 to 5), the ingredients manufacturer will demo a series of concepts in sodium and sugar reduction, and vegetable coated solutions. Debuting at the event, Griffith Foods’ Vegetable based Never Fry Coating System combines a seasoned batter, premium breading mixture and top glaze that all contain dehydrated vegetables. The frying step is made obsolete by using a unique oven baked hot air treatment to lock in flavors, which improves nutritional profiles, allows for attractive bright colours and reduces costs, notes the company.
KÖE Kombucha, a shelf-stable organic kombucha in a can, announced it is adding two new flavors to its product line and introducing a new lower calorie and lower sugar formula. The recently added brews – Strawberry Lemonade and Lemon Lime – started hitting store shelves this fall. KÖE's new formula has just 35 calories and 8g sugar per 12oz can. It balances fruit-forward flavor with organic sweetness from Stevia and Erythritol. The brand also revamped its product labels to reflect its latest better-for-you recipe, featuring a “packed with probiotics” color band, a “35 calories per can” badge, and the official non-GMO Project Verified logo. All of KÖE’s fruit-forward flavors, including Raspberry Dragonfruit, Mango, Blueberry Ginger, Strawberry Lemonade, and Lemon Lime, will integrate the updated formula. All varieties are USDA Organic, Non-GMO Project verified, vegan, gluten-free, Kosher certified and non-alcoholic. KÖE's can affords the product a longer shelf life, better product integrity, and offers a more sustainable product for consumers.
By Elizabeth Green
