Newsletter Headlines: Saputo to Close Six US Plants; Danone Advances Precision Fermentation; Maruha Nichiro Acquires Kibun Foods Stake; High Liner Foods Surpasses Moving Average.
Tyson Foods CFO Suspended After Arrest
Tyson Foods CFO John R. Tyson suspended after DWI arrest. Curt Calaway named interim CFO amid legal troubles.Read now!
Meat, Seafood & Dairy Protein Company News
Cargill Workers in Calgary Back Strike Action Over Pay Dispute
Cargill meat plant workers in Calgary, represented by UFCW 401, unanimously support a strike if a satisfactory pay deal isn’t reached. The next negotiation talks are scheduled for June 20-21, with hopes for a resolution amidst ongoing affordability concerns.
SALIC and Minerva Acquire Australian Lamb Company for $258 Million
Saudi Arabia’s SALIC and Brazil’s Minerva Foods acquired the Australian Lamb Company for $258 million through their joint venture. The acquisition boosts Minerva’s market share to 15% in Australia and aligns with SALIC’s strategy to enhance food security through global investments.
Hormel Foods Launches Plant-Based Brand Happy Little Plants™
Hormel Foods unveiled its new plant-based brand, Happy Little Plants™, at the Barclays Global Consumer Staples Conference. This launch marks Hormel’s venture into plant-forward protein products, featuring a ground protein alternative with 20 grams of non-GMO soy protein, targeting the evolving consumer demand for flexible food choices.
Pilgrim’s Pride Excels in Performance but Faces Volatility Risks
Pilgrim’s Pride, a leading poultry producer, excels in operational performance but remains vulnerable to market volatility. With 27% of its sales from prepared products, the company’s limited brand power and exposure to fluctuating input costs and prices pose significant challenges.
Perdue Farms Grants $20,000 to Blue Ridge Area Food Bank for School Markets
Perdue Farms awarded a $20,000 grant to Blue Ridge Area Food Bank to support Good Food School Markets at Harrisonburg and Broadway High Schools. These markets provide fresh produce and shelf-stable foods to students and families in need, addressing child hunger in the Blue Ridge area.
Premium Brands Faces Seafood Supply Challenges Amid Market Shifts
Premium Brands Holdings foresees ongoing challenges in its seafood segment due to lobster supply issues and a subdued consumer environment in Canada. The company’s wholesale unit is pressured by a shift to private labels, though it anticipates improved conditions later in 2024 and continues to focus on strategic growth.
High Liner Foods Surpasses 200-Day Moving Average
High Liner Foods (TSE ) traded above its 200-day moving average, reaching a high of C$13.75 before closing at C$13.40. Recent analyst actions include price target increases from BMO Capital Markets, Cormark, and Royal Bank of Canada, reflecting a positive outlook for the stock.
Kyokuyo Expands Overseas Business with Acquisition of Northseafood Holding
Japanese seafood company Kyokuyo has purchased a stake in Netherlands-based Northseafood Holding, furthering its global expansion efforts. The acquisition is part of Kyokuyo’s “Gear Up Kyokuyo 2027” business plan, aiming to leverage NSF’s seafood processing capabilities and expand its European presence.
Maruha Nichiro Acquires Minority Stake in Kibun Foods, Expanding Business Alliance
Maruha Nichiro, a major seafood processor, has purchased a 9.9% stake in Kibun Foods, known for its Japanese delicacies and fish paste-based products. The alliance aims to enhance both companies’ food businesses, with a focus on domestic and international market expansion and new product development.
Former Mowi CEO Urges Salmon Farmers to Adopt New Methods to Reduce Mortality Rates
Alf-Helge Aarskog, former CEO of Mowi, advises the salmon farming industry to embrace new production methods to tackle sea lice and reduce rising mortality rates. He suggests shifting to land-based operations and using submersible cages and closed containment systems at sea.
SalMar ASA Boosts Certificate Loan to NOK 880 Million to Enhance Financial Position
SalMar ASA, a prominent salmon producer in Norway and Iceland, has raised its certificate loan by NOK 230 million, bringing the total to NOK 880 million. This move is aimed at fortifying the company’s financial standing. SalMar remains a key player in the industry, with interests in offshore farming and ownership of Scottish Seafarms Ltd.
Saputo to Close Six US Plants, Focus on Cheese Network Transformation
Canadian dairy firm Saputo Inc. plans to shut six US facilities as part of its strategy to revamp its cheese network. Despite market challenges, the company’s fiscal 2024 revenues reached $4.545 billion, with optimism for fiscal 2025.
Saputo Plant Closure Plan
Saputo Inc. plans to close six US facilities, part of its strategy to transform its cheese network. The company aims to strengthen innovation, develop new products, and expand volume with key customers. Despite market challenges, Saputo’s fiscal 2024 revenues reached $4.545 billion, with an optimistic outlook for fiscal 2025.
Danone Collaborates with Michelin and Others to Boost Precision Fermentation
Danone, the renowned dairy company, has embarked on a joint project with Michelin, Crédit Agricole, and DMC Biotechnologies to advance precision fermentation for the development of healthier products. This initiative, known as the Biotech Open Platform, aims to scale up precision fermentation, a process crucial for creating bio-sourced materials and ingredients to drive innovation and address decarbonization challenges.