F&B Business briefs – Kraft Heinz, Beyond Meat, Nestlé, Tyson FoodsF&B Business briefs – Kraft Heinz, Beyond Meat, Nestlé, Tyson Foods
Who said hump day must be boring? Each Wednesday INSIDER gives you the 411 on the latest business moves affecting the food and beverage product development space.
May 1, 2019
Kraft Heinz sued for insider trading
Timber Hill, a Connecticut trading firm, has sued Kraft Heinz, its outgoing CEO Bernardo Hees and private-equity firm 3G Capital, alleging insider trading after 3G Capital made $1.2 billion selling “millions of shares months before a $15.4 billion write-down and revelation of a federal investigation sent Kraft Heinz’s stock price plummeting.” The lawsuit was filed in federal court on April 25 and seeks class-action status and Kraft Heinz has thus far declined to comment.
Lawsuit accuses the ‘Big Four’ beef packers of conspiring to fix cattle prices
A group of feedlot operators have accused large-scale beef packers such as JBS and Tyson of conspiring to force ranchers to sell cattle cheaply through various illegal methods. The Big Four meatpackers—Tyson Foods, JBS, Cargill and National Beef—hold an enormous amount of power in the meat industry, and cattle ranchers are finding themselves put out of business because of rampant anti-competitive conduct according to the firm representing the plaintiffs.
Nestle verifies 77% of its supply chain as deforestation-free
Nestlé on April 30 announced that 77 percent of its agricultural commodities are verified as deforestation-free. This is a key milestone in the company’s efforts to achieve its zero-deforestation commitment. In 2010, Nestlé made a no deforestation commitment to ensure that none of its products globally would be associated with deforestation by 2020. The company is using a combination of tools, including certification, supply chain mapping, on-the-ground verification and satellite imagery from the Starling system to achieve its goal.
Tyson Foods sells stake in alternative protein company Beyond Meat
Tyson Foods reportedly sold its stake in Beyond Meat after announcing its endeavor to create “its own plant-based protein products last February,” which led to tense relations between the two company. A large part of the reason Tyson Foods exited the investment was “due to fear of competition between the two companies,” with Beyond Meat also being concerned that “Tyson would interfere with potential mergers or acquisitions."
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