Embattled sugar processor Tongaat Hulett to resume trading on local bourse

SOUTH AFRICA – Tongaat Hulett’s shares could be back for investors to trade on the JSE next month, as the company is due to release its financial statements for the six-months ended September 30. The embattled sugar producer asked the JSE to suspend its shares from the main bourse in June 2019 after it uncovered accounting irregularities that resulted in inflated assets and profits. Its shares were also suspended on the London Stock Exchange. The company asked the JSE in December to postpone lifting the suspension, saying it needed more…

Read More

Dangote Farms invests US$7.6m to boost tomato production in Nigeria

NIGERIA – In a bid to make Nigeria self-sufficient in tomato production, Dangote Tomatoes Processing Limited, has inaugurated a N2.8 billion greenhouse nursery in Kano to supply tomato seedlings to Nigerian farmers. Speaking on the project, Managing Director, Dangote Tomatoes Processing Limited Sani Dangote said the nursery is designed to use the automated Pat Moose planting technology, the first of its kind in Nigeria. He disclosed that the plant has the capacity to process 350 million tonnes of hybrid tomato seedlings per season enabling the planting of 12,000 hectares of…

Read More

Nigeria’s Agri-mechanisation programme to begin in second quarter

NIGERIA – As the Federal Government of Nigeria plans to embark its agricultural mechanisation initiative in the next three months, the government of Turkey is planning to invest US$15m in the country’s agricultural sector to further the initiative. Minister of Agriculture and Rural Development, Sabo Nanono, explained that the mechanisation policy would involve a full technology package transfer to cover all stages from agricultural production to industrial processing, packaging and marketing. “The programme will be private sector-driven and government will only create a conducive environment and offer assistance where necessary,”…

Read More

Flour Mills grows profit before tax for Q3 to US$10.2m

NIGERIA – Flour Mills of Nigeria Plc, a diversified Nigerian agribusiness company has reported a 23% increase in profit before tax to N3.7 billion (US$10.2m) in the third quarter for the year 2019/20. The group’s revenue in Q3 2019/20 was N152.7 billion (US$422.4m), compared to N130.9 billion (US$362.1m) in Q3 2018/19 which was 17 per cent YoY growth. For the nine months ended 31st December 2019, Group revenue was N423.5 billion (US$1.17b), representing a six per cent increase compared to same period last year, according to the group in a…

Read More

Organic Valley adds two new positions to improve supply chain and marketing operations

USA – America’s largest cooperative of organic farmers, Organic Valley has named Ty Brannen and Staci Kring to newly created positions on the cooperative’s executive leadership team its leadership team. Ty Brannen, a seasoned profession in the consumer packaged goods industry joins Organic Valley as the new executive vice president of supply chain while Staci Kring was appointed as chief revenue officer. The farmer-owned cooperative said that Brannen and Kring will focus on improving the cooperative’s supply chain and marketing and sales operations.  “Ty and Staci bring us proven leadership…

Read More

Danish packaging firm Hartmann expands with acquisition of Mohan Fibre in India

DENMARK – Brødrene Hartmann, a Danish manufacturer of moulded fibre packaging has entered into an agreement to acquire Mohan Fibre Products India’s leading manufacturer of egg and fruit packaging. Based in Punjab, Mohan Fibre manufactures and distributes moulded-fibre packaging to egg and apple producers in northern states of Himachal Pradesh, Punjab and Haryana. The acquisition marks Hartmann’s entry into the market and gives the company a solid platform in the attractive Indian market, which is characterised by a favourable demographic development and increasing egg and fruit production. Hartmann believes that…

Read More

Agro-industrial group Sodrugestvo secures US$90m for regional expansion

EUROPE – Luxembourg-headquartered agricultural commodity processor and trader Sodrugestvo Group has secured US$90 million in financing from the European Bank for Reconstruction and Development (EBRD) to support it regional expansion. Founded in 1994, Sodrugestvo Group owns some of the largest soybean processing complex in Europe and ranks among the top 20 soybean processors in the world. The company has more than 30 subsidiaries located in some 20 countries, including in Belarus, Brazil, Paraguay, Poland, Russia, Serbia, Turkey and Ukraine through which it manufactures proteins and oils and distributes agricultural commodities…

Read More

Ardent Mills appoints Angie Goldberg as its first Chief Growth Officer

USA – Ardent Mills, the premier flour-milling and ingredient company has named Angie Goldberg to the newly created position of Chief Growth Officer (CGO). Ardent Mills created the position to help the company focus on innovation, transformation and change to sustain meaningful value for customers, vendors and team members. As a key strategic addition to the leadership team, Ardent noted that Angie will be a driver of delivering consistent value to customers all part of the Organization’s plan for long-term, diverse and sustainable growth. “Angie brings deep knowledge of the…

Read More

Lakeview Capital acquires The Mochi Ice Cream Company

USA – An investment fund managed by Michigan-based Lakeview Capital has closed its acquisition of The Mochi Ice Cream Company, makers of My/Mo Mochi Ice Cream and mochi ice cream in North America. My/Mo Mochi Ice Cream is headquartered in Los Angeles, California and was owned by Century Park Capital Partners – prior to Lakeview’s acquisition. Century Park acquired majority control of The Mochi Ice Cream Company in 2015 at a time when the company’s mochi ice cream was primarily sold in niche ethnic grocery stores and certain foodservice channels.…

Read More

Constellation Brands takes minority stake in Press Premium Alcohol Seltzer

USA – Constellation Brands, through its investment initiative, Focus on Female Founders program has acquired a minority stake in Wisconsin-based Press Premium Alcohol Seltzer. Focus on Female Founders is a program initiated by the company’s corporate venture capital group, Constellation Brands Ventures (CBV), that has committed to supporting the advancement of women within the alcoholic beverage industry. Through the program, Constellation seeks to make meaningful investments in female-founded and female-led businesses doing disruptive and innovative work across beverage alcohol and adjacent categories. As an independent, woman-led and co-owned brand made…

Read More