Soft drinks giant Coca-Cola records 11% drop in revenues as global beverage industry takes a hit from Covid-19

US – The Coca-Cola Company, one of the largest beverage manufacturers in the world, has recorded an 11% decline in net revenue for the full-year ending December 2020, following ‘incremental pressure’ amid the pandemic during Q4. The company full-year net revenues stood at US$33 billion as at 31st December while net revenue for the fourth quarter dropped by 5% to reach of US$8.997 billion. Coca-Cola says that while volumes broadly remained resilient particularly in at-home channels, it experienced incremental pressure in December and into the early part of this year…

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Diversey acquires SaneChem to expand presence in global food and beverage industry

POLAND – Hygiene and cleaning solutions company Diversey has announced the acquisition of SaneChem, a Polish-based supplier of specialist hygiene solutions for the Food and Beverage (F&B) industry. The acquisition will cement Diversey’s market-leading position in the domestic Polish market while reinforcing the company’s growth plans for Eastern Europe in its core F&B sectors of Brewing, Beverage, Processed Food, Dairy, Agriculture and Pharmaceuticals. Phil Wieland, CEO, Diversey said:  “Diversey’s acquisition of SaneChem is a significant moment for both companies. There is considerable synergy between us that reflects more than just…

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Burger King India reports 28% decline in Q3 revenues as US unit launches loyalty program

INDIA – A few months after its listing at the BSE, fast food chain restaurant Burger King India has given its first quarterly earnings announcement, reporting a profit dip and a rise in losses. According to the results, Burger King’s net revenues for third quarter of 2020 plunged 28% to Rs 163.19 crore (about US$22.38 million) even as losses rose to Rs 29.02 crore for the quarter ended December from the Rs 21.72 crore in the previous quarter. The company’s same-store sales, a key metric in judging the revenue performance…

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Speciality chemical supplier Azelis opens smoke flavors production facility in Denmark

DENMARK — European speciality chemical supplier Azelis has opened an extraction and distillation plant in Denmark to produce smoke flavors. This new facility located in Copenhagen, Denmark,  is one of the few units in the world producing highly concentrated smoke flavors for a range of food applications, including blends and sauces. The new plant consists of distillation columns, storage, blending, a laboratory and office facilities covering a surface of 6,500 m². Smoke flavorings are widely applied in the flavor and food blender industry for an extensive range of flavors and…

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Heineken full year profits dip 35.6% prompting 8,000 job cuts globally

NETHERLANDS –Dutch multinational brewing company, Heineken has reported a full-year operating profit of €2.42 billion (about US$2.93 billion), representing an organic decrease of 35.6% . As the pandemic took its toll on the company’s global business ,the Dutch brewer said that sales in all regions declined causing its 2020 net revenue fall by 11.9% to €19.72 billion (about US$23.91 billion. Loss in operating profit was in particular driven by performance in Europe – due to on-trade closures – Mexico, South Africa and Indonesia. Operations in Mexico were suspended throughout most…

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