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Current Position:Home » News » Condiments & Ingredients » Topic

Weekly Roundup: Kellogg raises revenue forecast, Solvay’s natural vanillin receives GRAS approval

Zoom in font  Zoom out font Published: 2018-08-06  Views: 9
Core Tip: This week, in business results, Bunge sustained a loss of US$21 million in the second quarter and Kellogg and raised its revenue forecast for the year.
 This week, in business results, Bunge sustained a loss of US$21 million in the second quarter and Kellogg and raised its revenue forecast for the year. In the same week, the company announced the launch of its joyböl brand in the UK, targeting millennials with an all-in-one packaged smoothie bowl. Essentia Protein Solutions has been reaccredited to the highest grade AA by the BRC (British Retail Consortium) Global Standard for Food Safety at its Tipton, UK manufacturing site. Dairygold has won eight prestigious awards at the recent International Cheese Awards which was held in Nantwich, England and Grupo Lala, has named Mauricio Leyva as its new Chief Executive.
 
In brief: Business 
Bunge sustained a loss of US$21 million in the second quarter, which compared with net income of US$72 million, equal to 51c per share on the common stock, in the same period a year ago. A strong quarter from the company’s milling unit was not enough to offset weakness in grains and edible oils at Bunge in the second quarter ending June 30. Sales were US$12,147 million, up 4.3 percent from US$11,645 million.
 
Kellogg has released its second-quarter sales and raised its revenue forecast for the year. The company's profits topped Wall Street analysts’ estimates but struggle to ignite growth in its US cereal and snacks businesses damped investor enthusiasm. The shares fell as much as percent 3.8 percent to US$66.79, the most significant intraday decline in three months. The maker of Raisin Bran cereal and Eggo waffles has invested in Latin America and Africa in recent years and is getting a boost from those operations, even as challenges remain in the domestic market. Kellogg said it now sees more potential for its frozen foods in the US, including Eggo waffles and Morningstar Farms vegetarian burgers. The frozen-food industry has rebounded somewhat this year after years of declines.

In brief: Product launches
In the same week, Kellogg is launching its joyböl brand in the UK this month, targeting millennials with an all-in-one packaged smoothie bowl. joyböl contains a mix of grains, nuts, seeds and fruit in an easy to use on-the-go pot. Recognizing the value in targeting millennials – representing 14 percent of the UK population – a small group of food developers has developed the joyböl brand at Kellogg’s. A spokesperson for joyböl says: “joyböl is launching into an environment where our target audience of urban millennials is set to be worth 75 percent of all packaged food growth by 2025. This, combined with the ‘deskfasting’ habit already representing 12 percent of breakfast occasions, sets joyböl up to take advantage of both the trend and the long-term behavior of busy, on-the-go consumers.” Initially targeting the convenience and travel sector, the brand will be launched convenience stores in the UK this month, with gradual distribution into British supermarkets later this year.

In brief: Recognition & awards
Following its launch at IFT 2018, Solvay’s natural vanillin, Rhovanil US NAT, has received GRAS approval from the Flavor and Extract Manufacturers Association of the United States (FEMA). Rhovanil US NAT is the latest addition to Solvay’s unrivaled portfolio of natural vanillin solutions, developed to meet rising consumer demands for true-to-nature products in the US market or countries where US regulation applies. Its new GRAS status (FEMA 3107; CAS 121-33-5) means that Rhovanil US NAT vanillin is recognized as a safe flavor ingredient in a wide range of food categories and applications including chocolate, confectionery, bakery and beverages.

Essentia Protein Solutions has been reaccredited to the highest grade AA by the BRC (British Retail Consortium) Global Standard for Food Safety at its Tipton, West Midlands, UK manufacturing site and it has renewed its BQAP (British Quality Assured Pork) accreditation. It is the 23rd consecutive year Essentia has achieved the BRC standard in the dried foods and ingredients, and raw prepared products (meat and vegetarian) product categories. It is also the 11th year running for successfully renewing its BQAP status for its natural Drinde range of functional proteins.

Dairygold has won eight prestigious awards at the recent International Cheese Awards which was held in Nantwich, UK. More than 5,000 cheeses from 27 different countries competed for prizes at the awards event which has been running since 1897 and showcased the very best cheese from across the globe. Dairygold proved one of the world’s leading cheese makers scooping 3 Gold Awards for its American Style Soft Cheese, Irish White Extra Mature Cheddar and Imokilly Full Fat Soft Cheese. A Silver award was presented to Dairygold for its Irish White Mature Cheddar in recognition of top quality and flavor.

In brief: Appointments & retirements

Greencore Group has announced the appointment of Anton Vincent as CEO of Greencore USA, a subsidiary of UK-listed Greencore Group plc. Anton joined the group on 9 July 2018 and reports into Greencore Group CEO, Patrick Coveney. He joins Greencore from General Mills, where he most recently was the President of their US$3 billion US Snacks division.

Nestlé Waters North America (NWNA) has named Yumi Clevenger-Lee as Vice President and Chief Marketing Officer, effective August 1, 2018. She will serve as a member of the NWNA Executive Team and will report to President and Chief Executive Officer, Fernando Mercé.

Land O’Lakes has appointed former PepsiCo and Pepsi Bottling Company executive Beth Ford as its new CEO and President, effective from 1 August 2018. Ford has held several senior positions at Land O’Lakes since joining the company in 2011, and most recently served as the company’s COO, Land O’Lakes businesses, where she oversaw the operations of the Dairy Foods, WinField United and Purina Animal Nutrition business units.

Mexican dairy company, Grupo Lala, has named Mauricio Leyva as its new Chief Executive. Leyva was previously President of Middle Americas for the Anheuser-Busch InBev. He will start his new role on Sept. 1, replacing Scot Rank as the firm’s top executive.

In brief: Other highlights

Nestlé has celebrated the grand opening of its new US headquarters in Arlington, Virginia through a ribbon-cutting ceremony and culinary festival – the Nestlé Good Life Fest. The new location in the Rosslyn neighborhood is home to Nestlé USA's corporate functions, its Beverage, Baking & Global Foods divisions, as well as its eBusiness team and Center for Marketing Excellence. Gerber Products Company, Nestlé USA's sister company, will relocate to the same building next year, bringing the total number of Nestlé employees there to around 900.

Source: www.foodingredientsfirst.com
 
 
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