Page 5 - Food&Drink magazine July 2022

✷ TOP HITS
THE MOST VIEWED STORIES ON OUR WEBSITE LAST MONTH
EDEN BREW RAISE
Food tech start-up Eden Brew secured funding from US-based Digitalis Ventures to help scale its precision fermentation
milk production.
MONDELEZ CALLS
FOR ACTION
At the Global Food Forum, Mondelez International president ANZ/Japan, Darren O’Brien, said if food manufacturing was a national priority, there needed to be a more coordinated approach across jurisdictions, policies and incentives.
ASAHI: $55M UPGRADE
Asahi Beverage’s $55 million upgrade to the Wulkuraka plant in South-East Queensland adds more lines, brands, and volume produced at the site.
✷ SEE MORE ON P6
CORRECTION
In the June issue, we misspelt Kerry APMEA CEO and president John Cahalane’s name. We apologise for the error.
NEWS
Bub’s great American adventure takes off
AFTER the USA Food and Drug Administration approved the import of all six Bubs Australia infant formula products, the company has started exporting product to the US, secured new retail partnerships, and issued a revised FY22 market guidance.
‘Operation Fly Formula’ sees Bubs set to deliver 1.25 million tins, with 500,000 ready immediately and 750,000 to follow.
The first consignment left mid-June with 95,000 tins, enough to fill just over two million bottles.
Bubs CEO and founder Kristy Carr said the company welcomed the opportunity to provide safe, reliable, and clean infant formula to families in need.
“Australia and the US have relied on each other in times of crisis for more than 100 years. This is no different, and all credit goes to the US government for fostering initiatives that allow us to respond and assist.
“Bubs is uniquely positioned with an existing nationwide sales and distribution footprint, enabling us to stock shelves with existing and prospective retail partners quickly,” Carr said.
Since the deal, Bubs has established new and expanded retail arrangements with Walmart, TheKrogerCo.,andAlbertsonsCompanies.
Bubs founder and CEO Kristy Carr and chair Dennis Lin on board the first cargo flight bound for the US.
Carr said the company was “tremendously” excited to forge a relationship with Walmart, with products set to be distributed to about 800 Walmart stores across the US.
“This significant expansion of our retail footprint to over 4000 stores across 35 states is a truly exciting development; Bubs will be the only Australian made infant formula available for sale in the US,” said Carr.
Bubs chair Dennis Lin said, “We identified the US as a strategic market two years ago, and our commitment to invest has thankfully coincided with American families’ time of need.”
In light of the US market growth, Bubs updated its FY22 market guidance, expecting gross revenue to be more than $100 million, with an increase of at least 100 per cent on the $1.2millionunderlyingEBITDA. ✷
SCAN ME
GS1 Digital Link
Connect your consumers to a wealth of product information using a single scan
www.gs1au.org/digital-link
www.foodanddrinkbusiness.com.au | July 2022 | Food&Drink business | 5