The latest meat, dairy, seafood, plant based, retail, foodservice, food equipment, technology and container shipping market and company news.

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Class action lawsuit against Beyond Meat

Uncover the alleged fraud and challenges faced by Beyond Meat in producing plant-based meats at scale. Find out how these issues impacted the company’s stock price and the opportunity for investors to become lead plaintiffs while sales plummet. Click to read the full article and lask yourself, “Is this the beginning of the end for plant based meat?”

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Will cheese & meat imports in UK be blocked?

Industry leaders warn that Britain is facing a blockade on cheese and meat imports due to new post-Brexit border controls on food.

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Meat, Dairy & Seafood Company News

Arla

Arla Foods, the makers of Dano Milk, has received a shipment of 216 Danish Holstein Heifers for its dairy farm in Kaduna, Nigeria. The heifers arrived at the farm on May 9, 2023, and were sourced directly from Arla’s farmer owners in Europe. The Holstein – F riesian breed is known for its higher milk yield compared to local breeds. The heifers were transported to the farm in specialized trucks for their comfort. The Arla Farm, located in Kaduna State, is a modern commercial dairy farm established by Arla Foods to promote productive and sustainable dairy farming in Nigeria. The farm covers a land area of 400 hectares and has the capacity to house 400 milking cows and a total of 1,000 animals. Milk production on the farm is expected to begin in the third quarter of 2023.

Bar S Sigma

Sigma Alimentos has reached an agreement to acquire an 85% majority stake in Los Altos Foods, a producer of Hispanic Cheese and Cream in the United States. Los Altos Foods, known for its authentic Mexican cheese products, has been operating for over 24 years and has built a successful brand. The company operates a plant near Los Angeles, California, employing more than 260 people and generating approximately $100 million in annual revenue. The financial terms of the acquisition were not disclosed. The acquisition aligns with Sigma’s strategy to strengthen its position in the growing market and expand its presence in the U.S., particularly in​ the Hispanic dairy market. The transaction will enhance Sigma’s production capacity on the west coast and allow for better customer and consumer satisfaction.

Law firm Kaplan Fox & Kilsheimer LLP has filed a complaint on behalf of investors who purchased Beyond Meat, Inc. common stock between May 5, 2020 , and October 13, 2022. The complaint alleges that Beyond Meat made false and misleading statements about its ability to produce plant – based meat substitutes at scale. The company faced challenges in manufacturing its products to meet the specifications of its partners, leading to production delays and pricing concerns. The truth began to emerge in October 2021 when Beyond Meat reduced its revenue outlook and announced rising expenses and inventories. Subsequent disclosures and news reports highlighted the company’s scaling problems and damaged relationships with potential partners. Several top executives departed in October 2022. Investors who suffered losses are encouraged to contact Kaplan Fox to learn more about the lead plaintiff process.

BRF

Brazilian poultry and pork processor BRF SA reported a higher – than – expected net loss of 1.024 billion reais ($204.7 million) in the first quarter. The loss was nearly twice as much as analysts had forecasted. The company attributed the loss to an oversupplied global chicken market and high grain prices. Earnings before interest, tax, depreciation, and amortization (EBITDA) came in at 607 million reais, below analysts’ average forecast. BRF’s CEO mentioned negative margins in the export segment as a significant factor contributing to the loss. The company faced challenges in the home market due to consumer debt levels and a decline in export prices. However, BRF expects the outlook to improve in the coming months with a gradual recovery in chicken prices and a decrease in grain prices.

Bumble Bee

Greenpeace East Asia (GPEA) released an investigative report revealing that Bumble Bee Tuna, along with its owner FCF, a Taiwanese tuna trader, sourced tuna from vessels involved in suspected illegal fishing and human rights abuses. This is not the first time Bumble Bee has faced allegations of human rights abuses in its supply chain, with previous reports implicating FCF in such abuses on their tuna fishing vessels. Customs and Border Protection also discovered evidence of forced labor on a fishing vessel supplying to FCF earlier this year. As the United States is a major cons umer of seafood and the largest market for canned tuna, action is needed to address these issues. The call is to urge Bumble Bee Tuna to protect workers in its supply chain and work towards safeguarding our oceans.

DMK Dairy

Chellarams Plc, a Nigerian conglomerate, has formed a joint venture with German dairy company DMK Group to establish a new company called Chellarams DMK Ltd. The new venture aims to manage the production, marketing, sales, and distribution of dairy pr oducts in Nigeria to meet the growing demand in the country. The partnership builds upon an existing distribution agreement between the two companies that started 25 years ago. Chellarams DMK Ltd will offer a product portfolio that includes popular brands such as Oldenburger, Real Milk, and Regal Milk, catering to the Nigerian consumer market. The company plans to invest in expanding its distribution network and establishing a strong presence across various sales channels.

Retail & Food Service Company News

Burger King

Burger King has opened a new outlet in Lekki Phase 1, Lagos, Nigeria, as part of its expansion plans and commitment to meeting the demand for high – quality fast food in the city. The strategic location was chosen based on factors such as footfall, consumer behavior, and social demographics. The decision to expand in Lagos was influenced by the city’s large population and its status as Africa’s cultural, financial, and entertainment capital. Burger King aims to bring its popular flame – grilled burgers and Whopper experience closer to every neighborhood in Lagos. The company emphasizes its commitment to quality, international standards, and the welfare of its staff. Special deals, social media campaigns, and partnerships with brands like Coca – Cola and food aggregators have been introduced to enhance the customer experience and increase footfall. Customers can conveniently plac e orders through the Burger King Nigeria app and website. As Burger King expands its presence in Lagos, it continues to prioritize quality, innovation, and customer satisfaction.

Chick – fil – A

The oldest Chick – fil – A restaurant, located inside Greenbriar Mall in Atlanta, is closing it s doors. The historic location, which opened in 1967, plans to serve its final fried chicken sandwich on Saturday. Customers, both locals and out – of – towners, expressed surprise and sadness upon learning about the closure. The reasons behind the decision to close the restaurant are unknown, as Chick – fil – A did not provide a response to inquiries. Chick – fil – A originated from Truett Cathy’s Dwarf House restaurant and expanded through shopping mall food courts before opening its first standalone location in 1986 . The chain now has nearly 3,000 locations across the United States and overseas. The Greenbriar Mall Chick – fil – A holds significance in the company’s history, and a plaque commemorating its legacy greets customers. As the closure approached, some customers took selfies with the plaque, displaying exaggerated expressions of sadness.

CPF Global Food Solutions

CPF Global Food Solution Public Company Limited (CPFGS), a subsidiary of Charoen Pokphand Foods (CPF), is planning to go public. The initial public offering​ (IPO) will involve the issuance of 500 million shares of CPFGS, with CPF and C.P. Merchandising Com pany Limited retaining a 70% shareholding. CPFGS, which focuses on the distribution of fresh and processed food products in Thailand, formed a joint venture with Uoriki Co., a leading fish retailer in Japan, in May 2022. The JV aims to import premium fish products from Japan to Thailand and plans to open its first retail outlet in August 2023. The venture aims to operate 20 retail stores by 2024, offering a range of seafood products to Thai consumers. The partnership between CPF and Uoriki combines CPF’s distribution expertise with Uoriki’s experience in the fresh fish and seafood market.

CTI Foods

CTI Foods, a custom food – service manufacturer based in Saginaw, Texas, has chosen Centric PLM® (Product Lifecycle Management) to drive efficiency and standardize workflows across its multiple locations. CTI Foods serves the restaurant and industrial ingredient industries with proteins, so ups, sauces, and dressings. With Centric PLM, CTI Foods aims to have one source of truth for product development and streamline operations. The software’s functionality and user interface, including drag – and – drop features and easy data visualization, appealed to CTI Foods. The company plans to use Centric PLM for various aspects of its business, including product development, quality, regulatory compliance, specifications, project management, and finance. The implementation of Centric PLM is expected to enhance efficiency and collaboration in CTI Foods’ product development process.

Darden Restaurants

UBS Group AG, a multinational investment bank, has increased its stake in Darden Restaurants, Inc. by purchasing an additional 74,837 shares, raising its position by 29.6% to a total of 327,807 shares. Darden Restaurants is a leading restaurant operator that owns popular chains like Olive Garden and LongHorn Steakhouse. Several equity analysts have expressed bullish views on the stock, with TD Cowen maintaining an “outperform” rating and setting a price target of $165.00.

Jubilant FoodWorks – Dominos Pizza

Jubilant FoodWorks, the parent company of Domino’s Pizza in India, has announced its plans to launch Domino’s on the Open Network for Digital Commerce (ONDC) platform established by the government. The move is aimed at serving customers wherever they are and taking advantage of the lower commissions offered by ONDC compared to other food delivery partners like Swiggy and Zomato. Major restaurant chains, including McDonald’s, Biryani Blues, and Wow! Momo, have already joined or are in the process of joining the ONDC platform.

Feed & Nutrition Company News

Bunge

Bunge and Nutrien Ag Solutions have formed a strategic alliance and commercial agreement to promote sustainable agriculture in North America. The partnership aims to assist US farmers in implementing sustainable farming practices and developing lower carbon products. The focus of the program will initially be on soybeans near Bunge’s crushing facilities in Iowa and Indiana, with potential expansion to other locations and crops in the future. Nutrien Ag Solutions, the retail division of Nutrien Ltd., will support growers in increasing food production sustainably. The goal is to bring sustainable agriculture solutions to shared supply chains and benefit food, feed, and fuel customers and end – consumers.

Cherkizovo

According to research conducted by Agroinvestor, Russia’s largest meat companies have expanded their feed production capacities in 2022 and are expected to continue scaling up in the future. Russia’s feed production reached 34.2 million tons in 2022, a 6% increase compared to the previous year, making Russia the world’s 6th largest feed producer. The top – 25 market players accounted for 62% of the overall feed production, manufacturing 21.1 million tons in 2022. Leading companies like Cherkizovo experienced significant growth, with a 16% increase in production, driven by the expansion of poultry and pork production. Cherkizovo plans to further boost feed production in 2023 through the modernization of acquired agricultural holdings, aiming to reach 3.2 million tons this year.

Cofco

The Korea Feed Association (KFA) has made a purchase of up to 65,000 metric tons of optional – origin corn from Cofco. The corn is scheduled to arrive in October. This acquisition is part of the current buying trend in the market.

Equipment & Technology Company News

Buhler

Buhler Industries Inc. (TSX: BUI), a Canadian agricultural machinery and equipment manufacturer, reported its first – quarter earnings. The company’s revenue for the quarter was $56.0 million, up $0.8 million compared to the same quarter in the previous year. Net income for the quarter was $4.1 million, showing an increase of $3.7 million from the prior year’s first quarter. Buhler Industries continues to face supply chain issues that affect sales growth but maintains a large backlog of orders. Looking ahead, the company expect s increased sales in 2023 as it addresses supply chain challenges. Buhler Industries also plans to recognize the results of facility sales in the second quarter. The complete financial statement can be found on the company’s website. However, the company cautions that forward – looking statements involve risks, uncertainties, and assumptions, and actual results may differ from anticipated performance.

Storage, Transport & Container Shipping Company News

Hapag-Lloyd

Hapag – Lloyd, a global shipping company, has released its Sustainability Report 2022, highlighting its efforts to achieve sustainability goals. The company has established a dedicated decarbonization team and made progress in introducing biofuel and improving the efficiency of its fleet. In 2022, 24 ships were powered by advanced biofuel blends, reducing the environmental impact. Hapag – Lloyd has also initiated a modernization program for its existing fleet, which involves upgrading over 150 vessels in the next five years to enhance efficiency and reduce fuel consumption. The company is actively working on decarbonization measures in its offices worldwide, promoting sustainable practices among employees. Additionally, Hapag – Lloyd demonstrates its corporate citizenship by supporting various aid and relief projects and participating in initiatives for ocean and environmental protection. The Sustainability Report showcases Hapag- Lloyd’s commitment to making a positive impact in the shipping industry’s future.

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