Meatless Farm introduces eco impact labelling

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Meatless Farm has introduced eco impact labelling to its top selling products to help customers make more environmental choices. Delivered and certified by Foundation Earth, the traffic-light labelling appears on the front of pack of its Plant-Based Mince, Burgers, Chipolata Sausages, Chicken Breasts and Steaks from January 2023. The ratings take into account each product’s carbon emissions, water usage, water pollution and impact on biodiversity. The Plant-Based Mince, Burgers, Chipolata Sausages and Chicken Breasts all received an ‘A’ Eco Impact rating. Morten Toft-Bech, CEO and founder of Meatless Farm, said: “At Meatless Farm we are constantly looking for new ways to encourage consumers to make more sustainable choices to help improve the health of the planet. “As we look to the future, the introduction of eco-labelling is one way we plan to do this. Informing shoppers about the impact their choices have on the environment will encourage them to think more about their carbon footprint and choose products with lower carbon emissions.” Cliona Howie, CEO of Foundation Earth, said: “We are excited to welcome Meatless Farm as one of our pioneer brands using eco labelling as a tool for eco impact transparency. “It’s important that people have robust and credible information to help inform their purchases as they look to make more sustainable shopping choices, and eco-labelling is a clear and obvious way to do this.”

Asda changes yoghurts range to reduce food waste

Asda has announced a major change to over half of its own-brand yoghurts by removing Use By dates and replacing them with Best Before dates to help customers combat food waste in the home. The change follows data from climate action NGO WRAP which says that half of all yoghurt wasted in UK households is in unopened packs. The report also showed that 70 per cent of all the yoghurt wasted in the home is due to the product ‘not being used in time’, with the date label cited as the reason. The Asda Technical Manager, Microbiologist and Product Manager have been conducting robust food safety and quality evaluations to confirm that existing recipes in those 28 lines, which sell around 455,000 a week, make it safe for those products to change to ‘Best Before’ labelling. Over the next few weeks customers will notice the label change on products such as Asda natural yoghurt, Greek Yoghurt and Extra Special Strawberry and Hazelnut. Paul Gillow, vice president – Fresh & Frozen Foods at Asda, said: “We are always looking at ways we can help customers reduce food waste in the home, and with research from WRAP saying 54,000 tonnes of edible yoghurt is thrown away unnecessarily each year we are hopeful this change will both make a big difference to the environment and save customers money at the same time.” Catherine David, director of Collaboration & Change, WRAP, said: “WRAP is thrilled to see our partner Asda make these changes on yoghurts – which will help reduce food waste in our homes. Wasting food feeds climate change and costs us money – with the average family spending £700 year on good food which ends up in the bin. Our research shows applying the appropriate date label to products like yoghurts can help reduce the amount of good food that is thrown in the bin.” The change follows Asda’s removal of Best Before dates on almost 250 of its fresh fruit and vegetables products late last year including citrus fruits, potatoes, cauliflowers and carrots. Globally, food waste is a significant contributor to climate change, accounting for 8% of total greenhouse gas emissions (GHG). In the UK alone, food waste is responsible for an estimated 36 million tonnes of GHG emissions every year, according to WRAP.

Molson Coors transitions Fort Worth brewery to 100% renewable electricity

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Molson Coors Beverage Company is moving its Fort Worth brewery to wind-powered, 100% renewable electricity this month, putting it closer to meeting its 2025 sustainability goals and ultimately its target of net-zero emissions by 2050. The company has signed a long-term agreement with EDF Energy Services to receive approximately 72,000 megawatts of power generated by the King Creek Wind Farm in north-central Texas, which went online late last year. Fort Worth becomes Molson Coors’ first brewery in North America to be powered by 100% renewable electricity. The company’s UK business switched to 100% wind power in 2021. “We work hard to make sure our brewery is efficient and a good steward of the environment. This project helps us achieve both,” says Jim Crawford, the brewery’s general manager. “We’re seeing more and more wind-energy projects across Texas, and it’s exciting that our brewery is supplied by one of them.” The deal with EDF Energy Services ensures the brewery will have a reliable source of power – even when the wind isn’t blowing. The brewery’s power will be delivered via the local power grid with no change in service. Rachel Schneider, Molson Coors’ vice president of sustainability, said: “Fort Worth is our fifth-largest brewery, and it represents about 6% of our total direct emissions. Getting Fort Worth to 100% market-based renewables for electricity will have a measurable impact for us as a company.”

Aston University partner with Solargen and University of Nairobi to improve crop production by 50%

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Aston University has teamed up with engineering company Solargen Technologies (SGT) and the University of Nairobi through a Knowledge Transfer Partnership (KTP) to develop a smart irrigation (watering) system. The system will use renewable energy to provide year-round watering of land to improve crop production in Kenya. A KTP is a three-way collaboration between a business, an academic partner and a highly qualified researcher, known as a KTP associate. SGT is a leading energy, water and irrigation solution and service provider in Kenya. They work in partnership with non-governmental entities, government, and individuals to serve communities in rural and conflict-affected parts of Eastern Africa through customised solutions that meet their energy, water and food security needs. Kenya’s economy is agriculture-based, but over 80% of its land is dry. Farmers cannot depend on rain-fed agriculture due to unpredictable rainfall and frequent drought, therefore an irrigation system is required. SGT’s current irrigation system is solar powered and requires large batteries and manned operation to maintain efficiency, resulting in high operating and maintenance costs and issues with performance during cloudy days. This KTP will use a hybrid source of solar and wind energy to power ‘smart sensors’ and ‘control systems’ to automatically deliver the right amount of water for a given crop type and maintain the required soil moisture level, resulting in increased crop yields. The Aston University team will be led by Dr Muhammed Imran, senior lecturer in mechanical engineering and an established researcher in the area of renewable energy systems, especially hybrid energy systems. He will be supported by Dr Tabbi Wilberforce Awotwe, lecturer in mechanical engineering and design and an established researcher in the area of sustainable energy systems and optimisation approaches. Dr Imran said: “We are delighted to design the hybrid solar and wind energy system for this smart irrigation system, which will have a positive impact on primary crop production, increase the availability of safe and healthy foods and improve the welfare of farmers and their families in rural Kenya.” They are collaborating with Professor Ayub Gitau and Dr George Kamucha from the University of Nairobi. Professor Gitau is an associate professor and dean for the School of Engineering and a professional agricultural engineer. Dr Kamucha is a senior lecturer and chairman for the Department of Electrical and Information Engineering who has extensive experience in advance control systems as well as advance model predictive control systems. Badr Shariff, Managing Director at Solargen Technologies, said: “The project will bring together Aston University’s expertise in hybrid energy, the University of Nairobi’s expertise in irrigation systems and our expertise in system integration and solar energy to develop a market leading irrigation system with increased reliability and low operating and maintenance costs.”

Robotics and Automation brings together leading names under one roof

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The fifth annual Robotics and Automation exhibition once again brought many of the leading names in robot development and automated solutions together under one roof to showcase the latest innovative technology and discuss the challenges facing modern industry. At the UK’s largest dedicated robots and automation exhibition, which took place at the Coventry Building Society (CBS) Arena on 01-02 November 2022, visitors saw demonstrations of the latest innovations and were able to speak to experts about their various applications. 40 companies exhibited in Coventry, showcasing technology with applications in a wide range of industries, not least in logistics. Exhibitors ranged from Universal Robots, which produces collaborative robots (cobots), to Visual Components, a developer of 3D manufacturing simulation software. Picking robots, packing systems, plug-and-play products and more were all on show at the event. Over both days, Robotics and Automation 2022 hosted a dedicated conference, which saw 20 speakers present their unique view on a wide range of topics from their position of expertise and experience within a specific field. Exhibitor news highlights Headline news included Lucas Systems drawing crowds by showcasing its AI-powered solutions to improve warehouse processes. Its pallet-matching and path optimisation solutions aim to eliminate unnecessary movement and streamline picking processes. Attendees battled Jennifer, an AI system that Lucas Systems describes as the brain of its robotics operations, to see whether they could manually optimise picking routes more efficiently. This AI technology, combined with path optimisation algorithms, can be used to save valuable time in the picking process, reducing the amount of travel required by warehouse staff in order to carry out tasks. Lucas Systems’ business development manager James Hart said: “A wide range of people from a wide range of industries have come to the stand looking for various different types of solutions, which is excellent. There seems to be a real, broad interest in different solutions.” Also at the event was Rotherham-based IPL, which revealed how one of its product lines, tote boxes for home shopping delivery, has grown in success since its launch. Kevin Youens, Head of UK and European Automation Plastic Container Sales and Product Development at IPL, said: “Ocado uses our tote boxes for its storage and delivery systems and we manufacture for Amazon and several other big companies.” He continued: “It’s a very good industry, which is growing rapidly, and we’ve been in the market with our own product.” This particular offering has a special connection with the exhibition, as Younes explains: “We actually launched it at Robotics and Automation several years ago and, since then, we’ve developed the product range, extended the product range and have had our first major customers.” Of course, several robots were on show at the CBS Arena. A new Cobot Palletising Tool (CPT) was leading the line at Piab’s stand. With fast response times, a multi-zone gripper, and high energy efficiency, Piab expects its latest offering to allow customers to increase efficiency in their palletising operations. As visitors learned, the CPT has both suction cup and foam options in a lightweight unit, reducing EOAT changes and allowing a smaller robot to be used. Colin Nevett, Area Sales Manager at Piab, said: “The show has been good, it’s interesting to see a lot of new companies that we haven’t seen before and getting to engage with them.” He added: “That’s what it’s all about, getting in front of those guys and introducing the Piab world to them and getting across our USPs.” Piab solutions like these are currently being used within the food, packaging, and automotive sectors. Other robots at the show included Universal Robots’ products with machine tending applications and products from Mitsubishi Electric used in assembly, both being examples of how cobots can be used to assist in improving the efficiency of different processes. Robotics & Automation 2023 is moving, both in terms of the venue and the time of year. It will take place on March 28th & 29th at the NEC Birmingham. This step up in venue will produce a similar step up in scale – the larger venue provides room to grow. Also, the event will be co-located with IntraLogisteX, a show focussed on technologies for warehouses and distribution centres. As this year, there will be a wide range of factory and warehouse automation on show, and it will be an ideal opportunity to make sure your business can survive and thrive. Visitors to Robotics & Automation 2023 will discover how the latest technology can be applied to their operations to provide massive improvements in productivity and accuracy. Products include Robots & Robotic Systems, Automated Assembly Machines & Systems, Parts Handling Equipment, Conveyors and materials, Industrial Automation Control and more. There are also live demonstrations of the latest solutions taking place throughout the exhibition, so visitors can get first-hand insight into how they work in practice. Once again, a comprehensive conference programme will allow attendees to hear directly from people implementing projects using the latest technology. Experts from manufacturing businesses and more will share their insights and give real world examples of how they have automated their own, and their customers’, operations. Invest a day or two in your future, and visit the show, which is free to attend for qualifying professionals. To register, visit www.roboticsandautomation.co.uk.

Tesco and suppliers trial new uses for fava beans

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The humble fava bean, or broad bean, could soon be making a comeback in farmer’s fields, and in customers’ shopping baskets, as Tesco and its suppliers trial the use of the ’revolutionary crop’ across a host of different product ranges and ingredients. Fava beans have traditionally been grown across the UK for thousands of years. More recently however, a large proportion of the beans have been exported to the Middle East and used to make staples such as falafel and houmous or used to feed animals across Europe. But with Tesco’s close partnerships with fava bean processor, AB Mauri, and its own brand suppliers, including ready meal producer, Samworth Brothers, the nutritious beans are set to appear in a host of products in the near future, increasing UK demand in the process. The UK climate allows the fava bean to grow up and down the country, with approximately 740,000 tonnes harvested in the UK each year on around 170,000 hectares of land. It is believed that by introducing fava beans into a traditional five-year crop rotation on farms there could be a fivefold increase in the amount produced – with a potential three million tonnes grown per year. Tesco has been working with AB Mauri to encourage farmers to diversify and increase their production of the legume. It is already being grown from Cornwall, through to Herefordshire, up to Cumbria and as far north as Fife and the east coast of Scotland. At a time when fertiliser costs have increased rapidly, the humble fava bean thrives without the need for additional chemical-based fertilisers. It also has the added benefit of repairing the soil that it’s grown in, increasing soil fertility and organic content, helping to lock in carbon in the process. Fava are incredibly versatile and can be used to make gluten-free flour, plant-based products like falafels, houmous, desserts, and can be added to ready meals for a protein hit. Tesco’s development chefs have also been working with Samworth Brothers to develop exciting and nutritious recipes using this protein-rich bean. Fava counts as one of your five-a-day and is a nutritious, more sustainable, locally produced alternative to soy or pea protein, which are used in many alternative proteins. Tesco and its farmers are also trialling the use of fava beans in pig feed, as an alternative to South American soy. Andrew Dinsdale, UK head of sales at AB Mauri, which specialises in the buying and processing of fava beans, said: “There is a huge opportunity to add fava beans to a number of products and ingredients – as a plant-based alternative to animal protein, but also in other areas such as bakery or ‘Food To Go’ options. “Given fava beans enjoy ideal growing conditions here in the UK, the potential for it to form a key part of our diets in the future is really exciting. We’re really pleased to be partnering with Tesco and its suppliers to explore these options and hope to unveil some delicious new products very soon.” Emily Rout, sustainable food and innovation manager at Tesco, said: “We’re always looking for innovative ways to make the products we sell more sustainable, so we’re really excited about the potential for fava beans to be used across our product ranges. “As we look to overcome challenges like food security, climate change, and biodiversity loss, foods like fava beans could also help us establish a circular food system, as they can also be used in different crop rotations and be fed to animals. It really could be a miracle crop in terms of improving sustainability across our food system.” Phil Bowen, head of new product development at Samworth Brothers, said: “This is a great opportunity to step-change the protein market. Fava delivers a locally sourced alternative to the current pea and soya that is currently used. “From initial kitchen concept work we are seeing excellent results across the Tesco range. It is so encouraging to see an alternative protein coming to market that not only drives carbon reduction, but also supports local farmers giving them an alternative way to manage their soil and crops.” Roger Vickers, Chief Executive at PGRO, said: “Fava is very much a minority crop in the UK, grown as an important part of a crop rotation system, but there is huge potential for its expansion. We’re looking at the possibility of up to a fivefold increase in the cropping of fava beans in the UK, and if we maxed out on production of fava beans, we could probably replace half of the soya that we currently import.”

Diageo to acquire Don Papa Rum

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Diageo has reached an agreement to acquire Don Papa Rum, a super-premium, dark rum from the Philippines. The upfront consideration is €260 million with a further potential consideration of up to €177.5 million through to 2028 subject to performance, reflecting the brand’s current growth potential. The super-premium plus segment of the rum category is in the early stages of premiumisation, with a compound annual growth rate (CAGR) of 18% in Europe and 27% in the US between 2016-2021. Through the same period, Don Papa Rum consistently outperformed the market in Europe, delivering a 29% CAGR. Launched in 2012 by entrepreneur Stephen Carroll, together with Andrew John Garcia, Don Papa Rum is currently available in 30 countries, with France, Germany and Italy being its largest markets. Don Papa Rum has a unique flavour profile, highly distinctive packaging and an authentic brand story rooted in the beautiful island of Negros Occidental — known locally as ‘Sugarlandia’. The rum is distilled and aged on the island in American oak barrels. The combination of the local sugar cane and the oak barrel ageing in a hot tropical climate provides the foundation for Don Papa Rum’s long, rich-textured finish, which carries flavours of vanilla, honey, and candied fruits. John Kennedy, president, Diageo Europe and India, said: “We are excited by the opportunity to bring Don Papa into the Diageo portfolio to complement our existing rums. This acquisition is in line with our strategy to acquire high growth brands with attractive margins that support premiumisation, and enables us to participate in the fast growing super-premium plus segment.” Stephen Carroll, founder, Don Papa Rum, said: “Diageo has a strong track record in nurturing founder-led brands. They believe in our unique story and have genuinely embraced our brand idea. We believe this acquisition is a great opportunity to take Don Papa into the next exciting chapter of its development.” Stephen Carroll will remain involved with the brand, working alongside Diageo to build on Don Papa Rum’s growth potential. The acquisition will be funded through existing cash reserves and is expected to close in the first half of 2023.

MOMA Foods to work with university to optimise oat milk

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MOMA Foods, the UK-based producer of oat milk, is working with Teesside University to ensure its products lead the way on taste and sustainability. The company is working with scientists from Teesside University’s National Horizons Centre on cutting-edge research to optimise its oat milk and explore the potential for new product lines. To achieve this, MOMA is helping fund a PhD studentship to work alongside Professor John S. Young from the National Horizons Centre, Teesside University’s national centre of excellence for bioscience. The project aims to develop new methods of testing the quality of oat milk on site through the development of a new monitoring tool which will analyse fat and protein content. It will also work with suppliers to optimise ingredients and look at ways of developing new strains of enzymes to break down the oats. MOMA was founded by Tom Mercer in 2006, initially selling breakfast pots from a converted filing cabinet in Waterloo Station. Since then, it has grown rapidly to become one of the UK’s fastest growing health food brands and in 2020 launched its first range of oat milk which is stocked by a number of leading supermarkets. MOMA was supported in the development of the oat milk range thanks to a Knowledge Transfer Partnership (KTP) carried out in conjunction with Portsmouth and Teesside Universities. This project, part-funded by Innovate UK, saw academics work with MOMA to develop its oat milk; helping to refine ingredients to ensure the right combination of enzymes were being used to break down the starch in the oats and result in a product that was foamable and did not split when added to hot liquid. As a result of the successful partnership, oat milk has now overtaken porridge as MOMA’s core product. The milk has also received several plaudits including a Great Taste Award and ranks the highest for flavour compared to its competitors on Amazon. The company now hopes to continue this successful partnership through the PhD studentship with Teesside University. Tom Mercer, founder, MOMA Foods, said: “Prior to embarking on the KTP we’d never really used an external resource. “However, by working with a university we were able to gain that depth of academic knowledge, helping to understand on a molecular level what it was we are trying to achieve. We’re hoping to take this even further though the PhD. “Oat milk has the potential to be an incredibly sustainable alternative to dairy products; helping cut greenhouse gas emissions by reducing methane from dairy herds and using ingredients which can be easily grown in this country. “However, it’s still a nascent industry and we want to be at the forefront of knowledge and work with our farmers and suppliers to understand exactly what delivers the best product. “To do this it’s vitally important that we bring academic knowledge into the industry and don’t operate in a silo and working with Teesside University will help us to achieve this.” Professor Young added: “At Teesside University, a key pillar of our research strategy is forging a smarter, greener economy through novel and disruptive technologies. “Our ongoing relationship with MOMA has already delivered real impact by helping the company develop an innovative product which is not only creating jobs and new markets for the business but could have a real impact in reducing global emissions. “We’re really excited about this next stage of our partnership and working with MOMA to explore the possibilities for this product.”

Irish food and drink exports reach record high of €16.7bn

The publication of Bord Bia’s Export Performance and Prospects report 2022/23 by the Minister for Agriculture, Food and the Marine, Charlie McConalogue, TD reveals the value of Ireland’s food, drink and horticulture exports increased by 22% last year to reach a new record high of €16.7 billion. The significant increase in food and drink exports, up €3 billion since 2021 and almost 30% on pre-pandemic levels (€13 billion in 2019), can be attributed to both increasing unit prices, due to inflation and rising input and operational costs, and an increase in the volume of goods exported. The volume of exports for sectors such as Irish beef and dairy increased in 2022; while prepared consumer foods (PCF) and drinks achieved new milestones in the value of their respective exports. Value added meat and seafood exports, captured under PCF, reached over €1 billion in 2022. This represented an increase of 30% compared with the previous year, with exports surpassing pre Covid-19 levels by 23%. Within meat, this subcategory represents a vitally important outlet for traditionally lower value cuts. Speaking at the launch of the report, the Minister for Agriculture, Food and the Marine, Charlie McConalogue, TD, welcomed the sector’s impressive results in the face of significant global challenges: “I’m proud to announce today’s excellent results, which were delivered amid a profoundly challenging year for the sector, most notably the impact of the war in Ukraine, inflationary pressures on producers, and ongoing Covid-19 disruptions to the global supply chain. “Against the backdrop of this difficult global trading environment, Ireland has continued to maintain its reputation as a world-class sustainable food producer and supplier, while also successfully securing new business in new markets around the world. I would like to congratulate the companies, farmers, fishers, and producers who have contributed to this performance, which would not have been possible without the strategic support that Bord Bia provides to the sector.” The Department of Agriculture, Food and the Marine, estimates that total Irish agri-food exports, including non-edible products not included within Bord Bia’s report, to have been worth €18.7 billion in 2022, representing a 21% year-on-year increase. Bord Bia Chief Executive Jim O’Toole echoed the Minister’s sentiments and said the industry’s performance in the face of such challenging market conditions has been highly commendable. “In my first Export Performance and Prospects Report as CEO of Bord Bia, I’m delighted to welcome the highest ever value of exports by the Irish food, drink and horticulture sector. Following two years of profound disruption, 2022 brought a new range of cost and sourcing challenges, making this year’s export performance even more impressive. Today’s results are testament to the resilience of one of Ireland’s most important export industries.” Looking ahead, Mr O’Toole said that the industry needs to be responsive to a range of oncoming challenges in 2023, as the challenging trading conditions of this year will endure and evolve. “As 2023 is predicted to be another disruptive year of economic difficulty and challenging supply chains, Bord Bia will continue to be agile and responsive to client and sector needs in what is likely to be a period of ongoing volatility. For Irish food and drink exporters, it will be increasingly important to be aware of how consumers respond to the current cost of living crisis and to position their products accordingly.” 2022 Export Performance – Sectoral Highlights Irish dairy exports were valued at €6.8 billion last year, a year-on-year value increase of 33% or €1.7 billion, driven mainly by Irish butter (up 26% in value) and cheese (up 25% in value). Dairy remains the largest element within Irish food and drink exports, with over 1.7 million tonnes of product shipped to over 130 markets worldwide. This was followed by the meat and livestock sector, with exports valued at over €4 billion representing a 15% value increase (+€520 million) compared to 2021. Although product prices increased across all meat species, this robust performance also reflects increases in output levels and average prices within the beef and sheepmeat sectors. Irish beef exports were the largest contributor to the meat sector, valued at €2.5 billion, an increase of €384 million or 18% on 2021 levels. The value of Irish livestock exports grew by 8% in 2022 to reach an estimated €230 million. There were approximately 285,000 head of live cattle exported, which represented a 15% year-on-year increase. In 2022, prepared consumer food (PCF) export values exceeded €3 billion, in a performance that was largely driven by the reopening of foodservice as Covid-19 restrictions lifted in early 2022 across key markets. Inflation played a significant role in this value increase, which was up 17% compared to 2021 levels, as volatility in input costs and rising energy prices curtailed new growth opportunities in the UK and European markets. Meanwhile, Irish drink exports reached almost €2 billion (+22% year-on-year) for the first time, a 25% value increase on pre-pandemic (2019) levels, which reflects the extraordinary recovery and now growth of the sector following difficult years in 2020 and 2021. North America continues to be the key export market, representing 52% of overall exports at just under €1 billion. Irish whiskey exports accounted for 60% of the overall value growth last year, with exports valued at almost at €1 billion (up 25% on 2021) for the first time. Improved prices helped drive the performance in Irish seafood with export values increasing by 3% (or €17 million) year-on-year to reach €530 million. This was despite a 19% decrease in volumes exported, reflecting the challenging situation faced by Irish seafood exporters in securing supply. Finally, exports of Irish horticulture and cereals exceeded €300 million, with mushrooms, largely destined for the UK, accounting for 50% or €152 million (-6% on 2021), while cereals exports were valued at €73 million (+10% on 2021). Export Destinations Maintaining a diverse range of markets and channels around the world has been key to the success and continued growth of Ireland’s food and drink exports. In 2022, more than one-third (34%) of Ireland’s total food and drink exports in value terms were destined for international markets, while the EU and UK accounted for 34% and 32% respectively. The UK remains the largest single country market for Irish food and drink exports, with exports valued at an estimated €5.4 billion in 2022, an increase of 20% on 2021 levels. Irish exporters have navigated their way through considerable uncertainty in terms of the new trading environment with the UK, and more recently a rapidly slowing British economy. In value terms, Irish food and drink exports to the EU increased by 29% to reach €5.7 billion last year, and for international markets, the value increased by 23% to reach €5.6 billion. Exports to the US increased by almost 40% to more than €2 billion, and while China’s Covid restrictions contributed to a decline in exports to China, growth in the value of exports to the Philippines, India, Malaysia and Japan more than offset this decline. Overall, Ireland’s food and drink exports to Asia increased by 9% to €1.5 billion.

Kerry to sell its Sweet Ingredients Portfolio

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Kerry Group has entered into exclusive negotiations to sell the trade and assets of its Sweet Ingredients Portfolio to IRCA, an international leader in chocolate, creams, and other high-quality semi-finished food ingredients, for a consideration of €500m. The potential sale is subject to relevant regulatory approvals and routine closing adjustments. Employee consultation and information processes have commenced in relevant jurisdictions. The Sweet Ingredients Portfolio is a leading manufacturer of sweet and cereal products with a broad range of technological capabilities, primarily serving the end markets of bakery, cereal, confectionery, dairy and ice cream in Europe and the US. Its operational footprint covers four manufacturing facilities in the US (in Illinois, Kansas, Missouri, and California), and six facilities across the UK, the Netherlands, Germany and France. The portfolio incorporates a range of products spanning sweet particulates, chocolate confections, baked inclusions, variegates and fruit purées. The expected attributable financial results for the year ended 31 December 2022 include revenues of €405m and EBITDA of €41m. Edmond Scanlon, CEO of Kerry Group, said: “We are pleased to have entered exclusive negotiations with IRCA, who have a strong track record of developing their business within the category. This transaction would represent another strategic development in Kerry’s evolution, as we continue to look to enhance and refine our Taste & Nutrition portfolio, aligned to the areas where we can create the most value.” Massimo Garavaglia, CEO of IRCA, added: “We are delighted to partner with Kerry on this transaction and look forward to its successful conclusion. The Sweet Ingredients Portfolio is a high-quality business with a differentiated set of technologies, and we are excited to welcome their talented team who, we believe, share our passion and drive to deliver the best for their customers and consumers. This acquisition would represent a strong fit with our portfolio, with its highly complementary product and technological capabilities, and help us to become a truly global player. We look forward to helping the Sweet Ingredients Portfolio realise its full potential as part of the IRCA family.” Francesco Casiraghi, Managing Director at Advent International, said: “We are delighted to welcome this best-in-class sweet ingredients business to the IRCA family, which would represent a major step in our goal of creating a genuine global leader in semi-finished food ingredients. There are so many exciting long-term opportunities for this combination, and we look forward to supporting the management team in this next phase of growth for the business.” The combination of IRCA and Kerry’s Sweet Ingredients Portfolio is expected to create a global leader in semi-finished food ingredients with around €1 billion in revenues, a truly international footprint and a significant presence in the US. It would further strengthen IRCA’s leadership positioning and expand its broad assortment of high value-added ingredients. This would represent IRCA’s third acquisition since it was acquired by Advent International, the global private equity investors, in July 2022. This follows the recent acquisitions of Anastasi Group, an Italian pistachio ingredients company, and of Cesarin SpA, an artisanal fruit-based ingredients company. The potential sale is expected to close in the first half of 2023 following the employee consultation and information processes and receipt of regulatory approvals. On receipt, the proceeds from the potential sale are expected to be used by Kerry for general corporate purposes and the continued strategic development of the Taste & Nutrition business. The consideration of €500m comprises an initial cash consideration of €375m (subject to routine closing adjustments) plus a €125m interest bearing vendor loan note.