In brief: Business
Nestlé has agreed to sell the Gerber Life Insurance Company, to Western & Southern Financial Group for US$1.55 billion in cash. Gerber Life is a recognized and trusted leader in the juvenile and family life insurance market, with statutory capital and surplus of approximately US$285 million (as of June 30, 2018). The business had sales of US$856 million in 2017. The deal allows Western & Southern Financial Group to market insurance products under the Gerber Life brand. The transaction does not include Nestlé’s Gerber Products business, a household brand in baby food and baby care, which Nestlé will continue to develop.
Olam International has announced that its wholly-owned subsidiary, Olam Treasury Pte. Ltd., has secured its second term loan facility aggregating JPY30.0 billion (approximately US$265.0 million) in the Japanese loan market. The facility consists of two tranches: (i) a JPY20.7 billion, three-year tranche, and (ii) a JPY9.3 billion, five-year tranche and is guaranteed by Olam. Proceeds will be applied towards refinancing of existing loans of Olam and its subsidiaries and for general corporate purposes.
In brief: Sustainability
Mondelēz International is sending 15 colleagues to Ghana, the birthplace of Cocoa Life, the company's sustainable cocoa program. As part of the “Joy Ambassadors” skills-exchange program, employees will spend two weeks learning about the challenges and opportunities that farmers face in growing sustainable cocoa. They will share their business expertise to help accelerate the impact of the company’s cocoa sustainability efforts. Now in its fifth year, the program is funded by the Mondelēz International Foundation through a partnership with Voluntary Service Overseas (VSO), the world's leading independent international development organization working through volunteers to tackle poverty in developing countries.
Sustainability has long been an important aspect of corporate governance at Hamburg-based ingredients business Bösch Boden Spies. Now the company intends to systematize and further expand its efforts. To this end, the company has launched an in-house sustainability initiative. This initiative is being managed and driven forward by Sustainability Officer Dorota Kollien, who oversees this area within the company. Kollien, who heads the Quality Management department at Bösch Boden Spies, is currently undergoing training at ZNU to become certified as a sustainability manager. Approximately 60 companies in the German food industry are members of the ZNU sustainability network. Bösch Boden Spies joined the network in May 2018.
In brief: Recognition & awards
This year marks the 20th anniversary of HOLDBAC YM (yeast and mold) Protective Cultures. Since their invention, HOLDBAC YM Protective Cultures have become a brand name synonymous with dairy spoilage prevention around the world and has helped establish DuPont Nutrition & Health as a leader in clean-label food protection solutions. Inherently developed as label-friendly solutions, HOLDBAC YM cultures allows for the formulation of longer shelf-life, fermented dairy products while preserving taste – without using a synthetic preservative like sorbate. What began as a single product in 1998 has since expanded into five generations of cultures that are used in applications from yogurts to much more diverse dairy foods, like cheeses and butter spreads, each allowing DuPont scientists to tailor them to specific customer needs.
In brief: Acquisitions and partnerships
Givaudan has completed the acquisition of Naturex, following the implementation of the squeeze-out procedure and the delisting of Naturex shares from the Euronext Paris stock exchange on 18 September. Gilles Andrier, CEO of Givaudan, says: “This acquisition is another important step in delivering on our 2020 ambition, and we are excited to welcome Naturex employees to Givaudan. Givaudan is the global leader in the space of natural flavors, Naturex further complements our capabilities with its strong portfolio of plant extracts and natural ingredients across the food and beverage, nutrition and health and personal care sectors.”
Roquette is partnering with SKEMA Business School in a new global partnership. Driven by a mutual desire for innovation within their respective territories but also for international expansion, the two partners will jointly develop a series of actions over the next three years. Thanks to SKEMA, Roquette intends to meet its skills development objectives. SKEMA will rely on a group compatible with its DNA, with strong growth ambitions and will implement its unique expertise as a training organization on several continents.
In brief: Appointments & retirements
Firmenich has appointed Emmanuel Butstraen as president of its Flavors Business Unit and member of the company’s executive committee, effective October 15, 2018. Having served most recently as president of Novecare at Solvay, Butstraen joins Firmenich with experience in leading complex science-driven organizations and growth strategies across the US, Europe and Asia. Butstraen succeeds Chris Millington who is leaving the company to pursue new career opportunities, after successfully leading the flavor business unit for four years, where he built a performance and innovation-driven culture to lead in taste and nutrition.
Tyson Foods’ Chief Executive Officer Tom Hayes is stepping down from his role at the company at the end of the month for personal reasons. After less than two years in the role, Hayes said it was a difficult decision to leave: “After careful consideration and discussions with my family and the board, I know it is the right thing to do.” The change comes as Tyson Foods is grappling with a drop in US demand for chicken and declining prices for pork due to tensions between the US and trading partners, according to reports.
Finally, Louis Dreyfus has appointed Jessica Teo as Global Head of Human Resources, effective immediately, reporting to Chief Operating Officer (COO), Andrea Maserati. Teo also becomes a member of the Group’s Senior Leadership Team. Teo joined the company in 2011, serving as Regional Head of HR for Asia up until now, and in parallel as Global HR Business Partner to the Group’s Merchandizing businesses between 2014 and 2017.
