Baking and dairy ingredients specialist Synercore secures US$4.7M from Norfund to fund expansion plans

SOUTH AFRICA – Norfund, the Norwegian investment fund for developing countries, is investing ZAR 80M (US$4.7M) in convertible debt in the expansion plans of Synercore Holdings, a South African food ingredient manufacturer. Established in 2016, Synercore has a specialty in the formulation and manufacture of food ingredients which it sells to fast-moving consumer goods companies, precisely in the dairy and…

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Evonik invests US$27.3M to upgrade German methionine intermediates plant

GERMANY-Evonik, a world leader in specialty chemicals, has invested €25M (US$27.3M) in developing and expanding its methyl mercapto-propionaldehyde (MMP) production plant, an organic compound that is integral in the production of DL-methionine. Evonik, with a presence in more than 100 countries globally, said that the investment in Wesseling, Germany, is in line with its move to strengthen its world-scale global…

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General Mills divests natural tortilla snacks company “Food Should Taste Good” 10 years after its acquisition

USA – General Mills has divested natural tortilla snacks company “Food Should Taste Good” to Real Food from the Ground Up for undisclosed sum. Founded in 2006 by Peter Lescoe, Minnesota-based Food Should Taste Good makes natural tortilla chips from corn, multi-grains, and black bean chips in a variety of flavors. The company also carries non-GMO credentials, producing plant-based snacks…

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UK Capital Markets Authority blocks Jus-Rol by Cerelia over monopoly concerns

UK – French firm Cérélia, a Puff pastry giant, has been denied the green light to purchase Jus-Rol over concerns it may leave UK retailers and shoppers facing “higher prices and lower quality products.” The UK Competition & Markets Authority (CMA) has further directed Cerelia to sell the business which it acquired from General Mills. Inc in January 2022. The…

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Ardent Mills maintains strong quarterly result, reports Conagra Brands

USA-Ardent Mills, one of the largest milling companies in the United States, has maintained an upward trajectory in the second quarter that ended November 27, 2022, according to a Form 10-Q filing by Conagra Brands, Inc. with the Securities and Exchange Commission. Conagra Brands, Inc, one of North America’s leading branded food companies, owns a 44% stake in Ardent Mills. The remaining…

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Cargill expands joint venture with CHS as Uralchem eyes takeover of its assets in Russia

USA – Agribusiness giants CHS and Cargill have announced the intent to expand the scope of their joint venture, TEMCO, by adding the Cargill-owned export grain terminal in Houston, Texas. The Houston terminal has a capacity of six million bushels of storage and is located approximately 40 miles inland from the Gulf of Mexico via Galveston Bay. It can simultaneously hold 350 rail cars…

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Ella Lakes, IITA partner to exploit opportunities in Nigeria’s US$780 million soybean market

NIGERIA- Adani Staple Crop Processing Zone Food Company Limited, a subsidiary of Ella Lakes Plc, has partnered with International Institute for Tropical Agriculture (IITA) in quest to tap into Nigeria’s US$780 million soybean market. Ellah Lakes Plc is a Nigerian agribusiness that is currently specializing in Oil Palm, Cassava, and Soybean cultivation and value chains with operations based in Edo,…

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Novus acquires biotech company Agrivida, to accelerate development of innovative animal nutrition products

USA-Novus International Inc, a global animal health and nutrition company, has acquired biotech company Agrivida Inc to accelerate the deployment of innovative animal health and nutrition solutions. The move comes barely two years after the two players began a commercial partnership to support the sale of the then Agrivida start‐up’s flagship product, GRAINZYME which addresses producer pains through sustainable and…

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Canadian bread maker Backerhaus Veit acquired by private equity firm PNC Riverarch Capital

NORTH AMERICA – Middle-market private equity firm PNC Riverarch Capital has acquired baked foods manufacturer Backerhaus Veit, Ltd from Swander Pace Capital for an undisclosed sum. Founded in 2011 and headquartered in Pittsburgh, North America, PNC Riverarch capital specializes in investing in market-leading companies to maximize their growth potential while preserving their culture and legacy. Based in Mississauga, Backerhaus Veit…

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Zambia intensifies campaign to recruit more farmers into rice production to meet local demand

ZAMBIA- The government of Zambia, under the Market Oriented Rice Development Project (MOReDeP), is on course to meet a target of farmers in the quest for increased rice production. The Market-Oriented Rice Development project (MOReDeP) has kickstarted the recruitment practice in Luapula Province, located in the northern part and among the top 5 rice producers of the country. Luapula Province…

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