Ferrero to acquire Kellogg’s cookies, snacks businesses
The Ferrero Group announced it will acquire the cookie, fruit and fruit-flavored snack, ice cream cone and pie crust businesses from the Kellogg Co. for US$1.3 billion. The acquisition of iconic brands including Keebler®, Famous Amos®, Mother’s®, Murray sugar-free cookies, as well as Little Brownie Bakers®, supplier of cookies to the Girl Scouts, allows Ferrero to diversify its portfolio and capitalize on new growth opportunities in the world’s largest cookies market. The deal also includes Kellogg fruit snacks business, including Stretch Island® and Fruity Snacks along with Keebler’s® ice cream cones and pie crust products.
Stacy’s Pita Chips launches accelerator for female food entrepreneurs
Padma Lakshmi and Stacy’s Pita Chips launched the 3rd annual Stacy’s Rise Program to help women entrepreneurs grow their food businesses through funding, mentorship and community. Five finalists each will receive $20,000, and the winner will get an additional $100,000 in investment funds. For the third consecutive year, Stacy’s will raise awareness for female empowerment and equality during Women’s History Month through original, limited-edition artwork on Stacy’s Pita Chip bags. This third collection—designed by female artists—depicts the six key stages of a female entrepreneur’s journey—inspiration, courage, grit, nourishment, success and community.
Cargill invests in Israeli cell-based meat startup Aleph Farms
Cargill invested in Aleph Farms, an Israeli cell-based meat startup, which has raised $12 million in early stage financing. The partnership connects new frontiers in cell-based technology with insights in the global food system and supply chains to meet future customer and consumer needs. Aleph Farms grows meat directly from beef cells using a 3D tissue engineering platform. In December 2018, it achieved a world-first by demonstrating it could grow a steak directly from bovine cells.
Impossible Foods raises $300 million in latest funding round
Impossible Foods raised $300 million in its latest funding round, bringing its total funding to approximately $750 million. The company has inked deals with major restaurant chains including White Castle, Ruby Tuesday’s, Qdoba, Red Robin and Burger King to supply its plant-based burgers to hungry consumers in the United States and Europe. Its main rival, Beyond Meat, on May 2 launched its IPO at $25 per share. Within four days, shares nearly tripled, putting the company’s worth at $4.4 billion.
Sweet Green Fields, Tate & Lyle introduce new natural flavor ingredient
Sweet Green Fields and Tate & Lyle introduced ZOLESSE™, a Non-GMO Project Verified glycosylated stevia extract that labels as natural flavor, enabling manufacturers to keep a short ingredients list. It is available in the U.S., Mexico, Brazil, Philippines, Indonesia and anywhere that FEMA GRAS flavors are accepted.