Ingredion signed an agreement to divest its business in South Korea to an affiliate of the Sajo Group, a leading food company headquartered in Seoul, South Korea. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and satisfaction of other customary closing conditions.
Business
Lesaffre announced a series of investments in the U.S. to strengthen its geographical footprint in the region. Lesaffre is investing in both new equipment and R&D to offer relevant solutions, while also respecting the planet’s limited resources. The company has been active in this market for 45 years, where it currently employs more than 600 people in its yeast, bacteria and baking ingredients factories, Baking Center and corporate headquarters.
Nagual celebrated its 20th anniversary working to bring European consumers closer to the gastronomic culture of tortillas for tacos, nachos, quesadillas, fajitas and other native dishes of Mesoamerica. The anniversary coincides with the best year in the history of the company in terms of results, with an expected turnover of EUR 3 million this year, which is 23% more than in 2022.
Subway announced its new Chief Financial Officer will be Jeff Shepherd as Chief Financial Officer (CFO), from the beginning of 2024. Shepherd will report directly to Chief Executive Officer John Chidsey.
The Helmut Koenig Private Foundation’s Board of Directors unanimously decided to reorganize the management and dismissed Wolfgang Staufer as CEO. Managing Director Hannes Stelzer is taking over the management of Koenig Maschinen GmbH as well as the Koenig Group international, the company announced.
Bühler unveiled its new food innovation hub in Uzwil, Switzerland, focusing on product and process development. Four Application and Training Centers (ATCs) – Flavor Creation Center, Food Creation Center, Protein Application Center, and Energy Recovery Center – are opening their doors to complement the existing ATCs, such as the Extrusion Application Center.
Orkla partnered with Rhône, a global private equity firm with a focus on investments in businesses with a transatlantic presence. Investment funds affiliated with Rhône will acquire 40% ownership in Orkla Food Ingredients AS (OFI), for NOK 15.5 billion (EUR 1.3 billion). The transaction is expected to be completed by the end of the first quarter of 2024, subject to customary conditions to closing, including approvals from relevant authorities.
Peter Schmidt, a member of Conditorei Coppenrath & Wiese’s management board responsible for Marketing & Sales, Finance & Administration and Product Development (R&D) since December 1, 2015, will retire on March 1, 2024.
Yum! Brands reported results for the third quarter that ended on September 30, 2023, driven by sales at KFC International. The KFC Division opened 664 gross new restaurants across 57 countries in the reporting period.
The Association of German Bakeries welcomes the federal government’s agreement on an electricity price package. Despite this agreement, electricity prices are still too high, mainly caused by insufficient supply, the members of the associations believe. Additional measures to mitigate with this problem are necessary, Juncker underlines.
