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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.'
The Florida Attorney General's office has launched an investigation into potassium bromate, with the first civil subpoena directed at General Mills and its Pillsbury brand. The probe will involve product documents, safety studies, and executive knowledge, and may expand to other related companies.
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.
About 45 days into his tenure, Conagra Brands' new CEO John Brase announced a series of 'bold actions,' including halving the dividend, increasing investment in brands and supply chain, and conducting a comprehensive review of approximately 5,500 SKUs and the brand portfolio. The company expects organic net sales to decline by 1% to 3% in fiscal 2027.
Donald Prater, Acting Deputy Commissioner for Foods at the FDA, acknowledged on Tuesday that crafting the long-awaited official definition of ultra-processed foods is 'quite challenging,' but he emphasized it remains a 'priority' for the agency. In a keynote address at the IFT First meeting in Chicago, Prater noted that the relevant science is still evolving and that multiple definitions exist, with the FDA evaluating different proposals to find a reasonable approach. Previously, Health and Human Services Secretary Robert F. Kennedy Jr. had pushed the FDA to release a proposed definition by April, but that has not yet happened.
General Mills Chief Operating Officer Dana McNabb revealed during the earnings call on July 1 that the company is planning a thorough overhaul of its aging supply chain to meet the demands of faster innovation and packaging flexibility. This reform is part of the company's plan to achieve cumulative cost savings of $3 billion by 2030, with approximately $1 billion expected to come from process improvements and technology applications.
PepsiCo Chief Financial Officer Steve Schmitt said on Thursday's earnings call that the tariff refunds the company has applied for are expected to contribute approximately 1 percentage point to earnings per share growth this year, providing necessary support as the company navigates rising costs and shifts in consumer spending patterns. The company reported second-quarter net revenue of $24.2 billion, up 6.4% year over year, and core earnings per share of $2.20, up 4% year over year.