Fyffes has acquired Canadian mushroom producer Highline Produce for CAD$145 million (€97.7 million).
The fruit importer will acquire 100 per cent of the equity in Highline and refinance its existing debt.
Fyffes is funding the purchase through new and existing bank debt. The fruit company’s shares were up 6 per cent in Dublin trading, following the news.
Fyffes saw earnings before interest, tax and write-offs rise 14.2 per cent to €45.8 million last year. Total revenue, including the group’s share of its joint ventures, amounted to €1.22 billion in 2015, an increase of 12.1 per cent.
By Pamela Newenham
Source: Irish Times
The company expects to eliminate 1.2 billion tons carbon dioxide equivalent of methane emissions by the end of the decade. The company says that it already reduced its methane emissions by around 14% between 2018 and 2020.
The “first-of-its-kind” pilot project will develop and demonstrate an affordable modular bioprocessing system to produce biodegradable bioplastics from food waste diverted from landfills. The three-year grant will test the scalability and feasibility of the conversion on a national and global scale.
Arkeon is allying with specialty mineral giant ICL to support the scaling of its fermentation bioprocess that converts CO2 into the 20 proteinogenic essential amino acids needed in human nutrition. The process, hailed as carbon negative, is based on the use of archaea, a group of microorganisms that naturally feeds off the greenhouse gas.
