Leading Italian dairy and milk group Granarolo has acquired a 60 per cent stake in organic food and vegetable producer Conbio.
The deal enables Granarolo to further increase its strength in the vegetable products market, which grew 240 per cent over the past five years, going from €130 million in 2010 to €318 million in 2015. The market is expected to continue to grow, reaching as much as €600 million by 2020.
Last year, Granarolo launched the “100% Vegetale” range, which achieved a turnover of over €14 million.
Conbio is the fourth largest Italian company in the vegetable-based food market for refrigerated goods, with turnover of almost €12 million in 2015.
The company is a leader in Italy in R&D, with products like spreading creams, burgers, seitan, tofu and tempeh based foods, “ragù” (bolognese sauce), soups and ready-made dishes, all entirely vegetable-based and organic.
Source: European Supermarket Magazine
Local industry stakeholders under Food Drink Ireland (FDI) have called for targeted support measures in the sector that will help businesses stay buoyant during the transitional period.
Diageo has announced that the company’s CFO Kathryn Mikells will leave the business later this year and will be replaced by Lavanya Chandrashekar.
Schlosberg – who has resigned his positions as president, CFO, COO and secretary of Monster Beverage – will serve as co-CEO alongside Rodney C. Sacks.