Fonterra records a net loss after tax of US$196m in 2018 annual results

NEW ZEALAND – Fonterra, a New Zealand multinational dairy co-operative, has announced a Net Loss After Tax of US$196 million in its FY18 annual results, with a plan to improve its business performance and the outlook for FY19. According to the company, the normalised EBIT was US$902 million, down 22%, the Co-operative’s gearing ratio was…

Africa’s Most Prestigious Food Industry Awards Ceremony is finally here!

KENYA -  The 2018 edition of the Africa Food Industry Excellence Awards - Africa's most prestigious food, beverage and milling industry awards -  has finally arrived. Hon. Peter Munya, who is the Cabinet Secretary of the Ministry of Industry, Trade & Co-operatives in Kenya will be the Chief Guest at the Awards ceremony. During the event, winners of the…

Royal Wessanen completes the acquisition of yogurt company Abbot Kinney

EUROPE – Wessanen, a multinational food company with a focus on organic, and the owners of Abbot Kinney's have signed and completed the acquisition of Abbot Kinney's by Wessanen. Abbot Kinney's is a young and very dynamic innovation leader in organic almond and coconut based yoghurt alternatives and ice-cream. Founded in 2014, Abbot Kinney's already…

Cooperatives to increase efficiency in dairy production and quality

TANZANIA - Tanzania Dairy Board (TDB) has said that dairy cooperatives are important in implementing dairy development programmes to increase milk productivity and quality, reports Daily News. TDB Acting Registrar, Mr Jeremiah Temu said there are financiers who will provide grants for increasing investment in dairy sector and in particular the establishment of small scale…

FrieslandCampina to invest US$26m in local milk production in Nigeria

NIGERIA - Royal FrieslandCampina, the Dutch multinational dairy cooperative will invest US$26.69 million (23 Euros) in local milk production as part of its Dairy Development Programme (DDP) in Nigeria. Speaking during a visit to the Vice President of Nigeria, Prof. Yemi Osinbajo, and the company’s global CEO also highlighted the company’s commitment to support the country’s…

Japan scraps ban on liquid baby formula with new standards for manufacturers

JAPAN - Japan’s milk industry has welcomed its government’s decision to revise an ordinance that prohibited the production and sale of liquid baby formula, reversing the ban that had permitted powdered product only. According to justfood, the ministry of health, labour and welfare has announced new standards for ready-made liquid baby formula that can be…

American bone broth brand Kettle & Fire announces US$8m in Series A investment

USA - Kettle & Fire, the country’s leading shelf-stable bone broth brand, today announced an US$8 million Series A investment led by CAVU Venture Partners. According to the company, CAVU Ventures co-founder and managing partner Clayton Christopher will join the company’s board. The funding will be used to fuel multi-channel growth and product innovation. Kettle…

Cigarettes-to-cookie maker ITC to launch milk-based beverages

ASIA- ITC Limited, Kolkata based Fast-Moving Consumer Goods (FMCG) company is looking to launch ready-to-drink, milk based beverages set to compete other products in the soft-drinks and other beverage categories. According to ET Retail, the new product range, Sunfeast Wonderz will be launched first in the southern states of Tamil Nadu, Karnataka, Telangana and Andhra…