Olam reports lower financial results with 36.4% fall to US$94m in Q2 results

SINGAPORE – Olam International, a leading and the third largest agri-business in the world, has reported lower financial results against its strong performance in previous corresponding period. The company has reported that its Profit After Tax and Minority Interests (PATMI) is down 36.4% to US$94 million, with the operational PATMI down 40.6% to US$91.4 million.…

Food safety agency starts framing GM food regulations after trace ingredients found

INDIA - The Food Safety and Standards Authority of India (FSSAI) said it has started framing regulations for genetically modified (GM) food after trace in trace ingredients were found present in products. According to FSSAI, the regulations covers procedures for safety assessment and approval of foods such as imported items that are genetically modified based…

Agrana Nile Fruits inaugurates new production line in the Middle East and N. Africa

EGYPT - Agrana Nile Fruits, a food & beverages producer specialized in production of minced fruit without additives, has inaugurated a new production line for tailor-made beverage compounds, specifically targeting markets in the Middle East and North Africa. According to FoodingredientsFirst, the joint project with Austria Juice, a sister company of the Agrana Group, is…

Tongaat Hulett shareholders reject remuneration policy as CFO steps down

SOUTH AFRICA - The complementary sugarcane and maize feedstocks company, Tongaat Hulett’s shareholders have voted against a non-binding advisory resolution endorsing the company’s remuneration policy at its Annual General Meeting. Meanwhile, CFO Murray Munro who joined the group in 2003 has stepped down due to health reasons but will remain as an employee of the…

Perdue Farms subsidiary acquires Cargill’s closed elevator in the US

USA - Perdue AgriBusiness, the grain subsidiary of the Salisbury based Perdue Farms has acquired a shuttered Cargill grain elevator in Vincennes, Indiana, U.S, set to reopen for the 2018 harvest. The companies said while the sale is finalized, the elevator will be operated as a leased facility and at the moment, Perdue is undertaking…

Land O’Lakes SUSTAIN acquires software company Agren

USA - Land O’Lakes SUSTAIN has announced that Land O’Lakes, Inc., a member-owned agricultural cooperative, has acquired substantially all assets of Agren, Inc., an Iowa-based software company. According to the company, Agren’s soil health and conservation planning software is already helping Land O’Lakes lead the way on innovative conservation stewardship. The Agren business and tools…

Bunge’s Agribusiness president Brian Thomsen to retire

USA - The American agribusiness and food company, Bunge Ltd has announced that Brian Thomsen, president Agribusiness unit, is retiring and plans to remain with the company through the end of the year for a smooth transition. Thomsen joined the company in 2004, and has led Bunge’s Agribusiness segment since May 2014, having previously served…

Kenyan University launches a US$3.98m food laboratory in a food fortification drive

KENYA - Jomo Kenyatta University of Science and Technology (JKUAT) has launched a food laboratory worth about US$3.98 million, to be used as a centre for monitoring and analysing the nutritional significance of foods, Business Daily has reported. This is part of the European Union funded food fortification programme in collaboration with the ministry of…

TransCorp to divest its interest in fruit juice concentrate maker Teragro

NIGERIA - Transnational Corporation of Nigeria (“TransCorp”), the diversified agribusiness firm is planning to divest its stake in its juice concentrate making subsidiary, Teragro Commodities Limited. Beverage Industry news revealed that the decision to divest its interest in the Benue-based agribusiness arm came following a long-term review of its operations in that business, which revealed a…

Government partners with deans of agriculture to establish incubator centres in varsities

NIGERIA- The Federal ministry of Agriculture in collaboration with the Association of Deans of Agriculture in Nigeria (ADAN) are establishing incubation centres across faculties of agriculture in Nigeria, reports the ANA. According to Chairperson of the Association, Professor Folusho David Abraham, the idea of establishing incubation centers in faculties of agriculture was initiated to provide…