Corporate Operations: Page 62
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Courtesy of International Flavors & Fragrances
IFF sells its Flavor Specialty Ingredients business for $220M
British private equity firm Exponent is buying the business, which the company says generated more than $100 million in revenue during the last 12 months.
By Megan Poinski • Feb. 23, 2023 -
Courtesy of Kellogg
Plant-based meat ‘ripe for consolidation,’ Kellogg exec says
Chris Hood, who heads the CPG’s North American business, said in an interview while “the sector is challenged now,” the company remains upbeat about the category and its MorningStar Farms brand.
By Christopher Doering • Feb. 23, 2023 -
Explore the Trendline➔
Courtesy of Instacart
TrendlineTop 5 stories from Food Dive
The food and beverage industry is changing rapidly and the actions companies take this year are likely to play a major role in defining their future.
By Food Dive staff -
Courtesy of Hostess Brands
Hostess launches new snack brand to invigorate category, shed staid reputation
Kazbars, a candy-bar-inspired innovation, has chocolate cake, cream, crunch and a gooeyness from fudge and caramel. It is the latest in a string of major product launches in recent years for the sweets maker.
By Christopher Doering • Feb. 22, 2023 -
Mark Kolbe via Getty Images
Tyson to acquire Williams Sausage Company
The meat giant’s purchase of the sausage and bacon processor, for an undisclosed sum, comes after a period of M&A inactivity in the meat sector.
By Chris Casey • Feb. 22, 2023 -
Permission granted by Blue Bottle
Nestlé’s Blue Bottle brews up interest in premium coffee through ultra-rare launch
The offering is part of the brand’s Exceedingly Rare program from single origin coffees that are often available in small quantities. The current batch came from about 290 pounds of beans.
By Christopher Doering • Feb. 22, 2023 -
Courtesy of Soylent
Soylent acquired by Starco Brands
The price paid for the plant-based nutritional beverage and snack brand was not disclosed by either company.
By Megan Poinski • Feb. 22, 2023 -
Courtesy of Perfect Day
Precision Fermentation Alliance forms to promote understanding of the technology
The new trade group, formed by nine leading companies in the space, is the latest industry coalition formed to promote an up-and-coming food technology.
By Megan Poinski • Feb. 21, 2023 -
Christopher Doering/Food Dive
Nestlé sells fewer products after raising prices
The world's largest food company said it's planning further price increases as it hasn't been able to offset the impact of inflation.
By Christopher Doering • Feb. 21, 2023 -
Megan Poinski/Food Dive
Miyoko’s Creamery sues its namesake founder over accusations of stealing proprietary information
Miyoko Schinner was terminated from her CEO role last June, but the company did not announce it had parted ways with her until last week.
By Megan Poinski • Feb. 21, 2023 -
Scott Olson via Getty Images
Meat plant sanitation service fined $1.5M for child labor violations
Packers Sanitation Services, Inc. paid the sum after regulators found at least 102 children were working overnight shifts at 13 plants owned by companies like JBS and Cargill, a U.S. Department of Labor briefing said.
By Chris Casey • Feb. 21, 2023 -
Courtesy of Kellogg
ColumnLeftovers: Morningstar Farms fries up Chik’n with Pringles; Reese’s aims to tame animal crackers
Kellogg is harnessing the power of its classic snack for its new plant-based meat offering, and frozen Italian meals brand Michael Angelo’s enters a new category with a line of pasta sauces.
By Chris Casey • Feb. 17, 2023 -
Courtesy of Impossible Foods
Impossible Foods cutting 132 workers in California, state filing shows
The staff reduction, which is occurring as the plant-based meat industry grapples with falling sales, comes four months after the company cut about 6% of its employees.
By Christopher Doering • Feb. 17, 2023 -
Courtesy of International Flavors & Fragrances
Activist investor Third Point takes $240M stake in IFF
While many details surrounding the deal remain unknown, Daniel Loeb’s firm has a history of getting involved with food companies and agitating for change.
By Megan Poinski • Feb. 16, 2023 -
Permission granted by Kraft Heinz
Kraft Heinz to launch IHOP coffee in April
The offering, part of a multi-year agreement with the restaurant chain, will allow the CPG to tap into its current expertise in the beverage category with its Maxwell House brand.
By Megan Poinski • Feb. 16, 2023 -
Retrieved from BodyArmor.
Coca-Cola struggles to integrate $5.6B purchase of BodyArmor
The purchase of the sports drink, the largest in the company’s history, led to more “disruption in the short-term” than expected, CEO James Quincey said, but he remains optimistic about the brand’s future.
By Christopher Doering • Feb. 15, 2023 -
Brandon Bell via Getty Images
Food inflation to remain volatile despite recent improvements, trade group says
While prices in January increased 11.3% compared to the same month a year earlier, the annual rate was the lowest since April, according to the government — a sign the surge in grocery costs could be moderating.
By Chris Casey • Feb. 14, 2023 -
Courtesy of Frito-Lay
OpinionWhy brands need to pay attention to this year’s ‘Snack Bowl’
Brands are starting to place a heavier focus off the big screen and onto social media platforms, writes Joe Charnitski, director of customer experience management best practices at Sprinklr.
By Joe Charnitski • Feb. 14, 2023 -
Courtesy of TreeHouse Foods
TreeHouse Foods looking to M&A to improve manufacturing capacity
While demand has increased for private label items, the company has not been able to fully capitalize on it because of pervasive supply chain issues.
By Megan Poinski • Feb. 14, 2023 -
Getty Images
How chocolate makers inspire devotion from consumers on Valentine’s Day
Shoppers spent about $4 billion on candies for loved ones in 2022, and that is projected to increase in 2023. Here’s how Godiva and Ferrero work to make sure people pick up their confections.
By Megan Poinski • Feb. 14, 2023 -
Courtesy of Eat Just
How Just Egg delivers as the market scrambles
The plant-based substitute has seen record velocities and increased demand in recent months, but leaders say it hasn’t changed the company’s mission.
By Megan Poinski • Feb. 13, 2023 -
Courtesy of Tofurky
Tofurky bought by Morinaga Nutritional Foods for undisclosed amount
The plant-based meat pioneer has worked with the division of the Japanese dairy giant for 17 years, and the acquisition will help strengthen its supply chain and bolster future expansions.
By Megan Poinski • Feb. 10, 2023 -
Courtesy of Kellogg
Kellogg will not split off its plant-based brands
The CPG giant — which saw sales increase 12% in its last quarter — is holding on to MorningStar Farms and only breaking off its cereal brands, CEO Steve Cahillane said on the earnings call.
By Chris Casey • Feb. 10, 2023 -
Christopher Doering/Food Dive
As CPG needs shift, Ingredion accelerates change within
From hiring workers with expertise in snacking or alternative sweeteners to bulking up its portfolio, the ingredients provider is quickly adapting to an ever-growing list of demands from its customers and shoppers.
By Christopher Doering • Feb. 9, 2023 -
Courtesy of Post Holdings
Post enters pet food category through $1.2B deal with J.M. Smucker
The deal, which includes Rachael Ray Nutrish and Kibbles ‘n Bits, gives the Pebbles cereal and Peter Pan peanut butter producer a prominent presence in a category dominated by Mars, Nestlé and General Mills.
By Christopher Doering • Feb. 9, 2023 -
Courtesy of Kellogg
Kerry accepts $19.2M fine for 2018 salmonella outbreak in Honey Smacks
The food and ingredients company pleaded guilty to knowingly manufacturing the Kellogg cereal in an unsanitary facility. The company’s former director of quality assurance will be sentenced next week on related charges.
By Megan Poinski • Feb. 9, 2023
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