Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio, which includes brands like Pop-Tarts, Rice Krispies Treats, and Eggo waffles, will comprise the main business, while the North America cereal unit (Frosted Flakes, Froot Loops, etc.) and the plant-based business (MorningStar Farms) will be spun off. The company is also considering a sale of the plant-based business.
By Krista Garver
Source: foodindustryexecutive.com
Campbell Soup has completed the acquisition of Sovos Brands for $23 per share in an all-cash transaction. The deal represents a total enterprise value of approximately $2.7 billion. As previously reported by FoodBev, the two companies announced the acquisition in August 2022.
Chocolate manufacturers have raised prices for consumers due to three consecutive years of low cocoa harvests in the two countries responsible for nearly 60% of the world’s cocoa production, with a fourth poor harvest anticipated, causing cocoa prices to more than double over the past year.
The hub, which will focus on producing sweet proteins via precision fermentation, is part of a deal signed between Novel Foods, Glatt Group, BioEngineering and CB Consultancy during the inaugural Healthy Innovation Conference held recently in Dubai.