Finances & Deals
McCormick announced on Thursday that, upon completion of the merger with Unilever's food business, it will reorganize into four commercial divisions, revealed its executive team composition, and plans a secondary listing in London.
International Flavors & Fragrances (IFF) has reached an agreement to sell its functional ingredients and natural color business portfolio to nutrition company SuanNutra, with the transaction amount undisclosed and expected to close by year-end. The business generated approximately $170 million in revenue last year, encompassing plant extracts, vitamins and minerals, food enhancement assets, and natural colors and antioxidants. This marks IFF's second major ingredients divestiture deal within about two months.
Germany's salty snack manufacturer Intersnack Group announced the acquisition of US snack maker Utz Brands at an enterprise value of approximately $2.9 billion, at $14.25 per share in cash. Upon completion of the transaction, Utz will become a private company, with Intersnack and the founding Rice and Lissette families each holding a 50% stake. The transaction is expected to close in the fourth quarter, and former CEO Dylan Lissette will serve as Executive Chairman.
Kraft Heinz and The Walt Disney Company announced a long-term strategic partnership on Tuesday, spanning foodservice, media, and events. The collaboration will integrate marketing campaigns, digital content, and brand opportunities across Disney's North American parks, resorts, cruises, film, and streaming platforms. Initial activations include new Heinz condiment stations in parks, a 'Heinz Flavor Ferry' experience at D23 fan events, and a 360-degree integrated marketing campaign titled 'Together at Last.'
Spangler Candy Company, owner of century-old brands such as Sweethearts and Dum Dums, achieves steady growth in the chocolate-dominated candy market through nostalgia strategies and precise acquisitions, with annual sales increasing by 3% to 5%.
ADM announced a partnership with Every to begin commercial production of Every's animal-free egg white protein OvoPro at its facility in Clinton, Iowa. The product is produced through precision fermentation and offers functionalities such as binding, gelling, foaming, and whipping, with a Protein Digestibility-Corrected Amino Acid Score (PDCAAS) of 1.0. This initiative aims to provide innovative options for food companies, alleviating egg price volatility and supply pressure caused by avian influenza.
Carbon-based butter startup Savor has signed a two-year agreement with baking ingredients supplier AAK to co-develop specialty fat ingredients, with AAK also making an investment. The collaboration aims to provide sustainable and supply-stable fat sources for baking and dairy alternatives, with the new fats significantly reducing land use and carbon emissions compared to traditional products.
BellRing Brands (maker of Premier Protein) has appointed salty snack industry veteran Michael Axelrod as President and CEO, effective July 29. Axelrod will succeed Darcy Davenport, who is retiring but will remain as an advisor. The move aims to tackle growing competition in the protein shake market.
Doritos is activating its official partnership with Formula 1 (F1), which runs through 2030, across more than 50 global markets. The new "The Crunch Prix" global campaign, crafted by Goodby Silverstein & Partners, focuses on fans watching from home. The brand also set up the "Doritos Thrill Zone" at the British Grand Prix and introduced a food truck collaboration with chef Gordon Ramsay. Executives from the PepsiCo-owned brand stated that F1's global calendar and evolving fan demographics offer a unique opportunity for large-scale marketing.
With a 110-year history, Turtles candy is accelerating innovation and marketing under its latest owner Pladis, attempting to attract younger consumers with a premium positioning and new flavors, seeking a larger share in the $55 billion candy market.