Constellation Brands acquires 38% ownership of cannabis producer Canopy Growth

USA - Constellation Brands, a leading beverage alcohol company, has announced that it has acquired 38% ownership of Canopy Growth Corporation, a leading diversified cannabis company. The companies also announced a significant expansion of their strategic partnership to position Canopy Growth as the global leader in cannabis production, branding, intellectual property and retailing. According to…

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.…

a2 Milk Company extends supply agreement with China State Farm Holding

CHINA - The a2 Milk Company has reaffirmed its decision to extend the supply strategic arrangements with China State Farm Holding Shanghai Co., Ltd. (CSFA Shanghai). According to the company, CSFA Shanghai have been the exclusive import agent and strong partner for the company’s infant nutrition products into mainland China since launch in 2013. The…

Coca-Cola takes minority ownership stake in sport drinks brand Bodyarmor

USA - Coca-Cola is taking a minority ownership stake in Bodyarmor, a fast-growing line of premium sports performance and hydration beverages for an undisclosed sum. The company said that through the strategic relationship, Bodyarmor will remain an independent company and gain access to the expansive Coca-Cola bottling and distribution system. The initial investment, which will…

Champ Malta producer Champion Breweries profits fall 7% on rising costs

NIGERIA - Champion Breweries plc, Akwa Ibom based producer of Champion lager beer and Champ Malta has recorded 6.53% decline in profit to US$223,102.93 for the half year ended June 2018 from US$238,345.99 in 2017. According to Beverage Industry news, the decline was blamed on rising cost of selling and distribution expenses, which rose 95%…

International Breweries reports loss despite strong revenue boost in the first half

NIGERIA - International Breweries Plc, a subsidiary of the world’s largest brewer AB InBev has reported a loss of US$7.76m in the first half of 2018 from US$6.09mn in the first quarter. Revenue grew to US$146.88mn and the quarter was marked by various product launches aimed at expanding its portfolio. The brewer launched its premium…

PepsiCo’s Varun Beverages profit rises 25% with revenue matching estimates

INDIA - Varun Beverages Ltd (VBL), PepsiCo’s largest franchise bottler of soft drinks has reported that its consolidated net profit in the second quarter increased by 24.92% to US$44.14 million while revenue matched estimates, reported Indiainfoline. Profit margin contracted by 150bps year-on-year due to sub-optimal volumes/margins in acquired sub-territories. Also, during the quarter company had…

Frutarom shareholders approve transaction with IFF by a majority of 94.6%

USA - International Flavors & Fragrances Inc. (IFF) and Frutarom Industries Ltd. Have announced that Frutarom shareholders voted to approve the proposed combination of Frutarom and IFF at the special general meeting of Frutarom shareholders. According to Frutarom, of the votes cast at the special general meeting, 94.6% percent were in favor of the proposed…

Monster Beverages reports net sales rise 12% to surpass US$1b threshold

USA – Monster Beverages, an American beverage company that manufactures energy drinks, has reported a net sales increase of 12% to exceed US$1 billion threshold in its quarterly sales results. According to the company, the net sales for the 2018 second quarter increased 12% to US$1.02 billion from US$907.1 million in the same period last…

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…