Page 72 - Food&Drink magazine November-December 2022

YEAR IN REVIEW
export markets, including to the US and Canada. The project will almost double its current lamb production, while equipment upgrades will reduce the company’s processing costs.
KELLOGG SPLITS
INTO THREE
Kellogg will separate its US, Canadian and Caribbean business into three independent companies of cereals, plant-based, and snacking in a bid to improve performance and maximise their standalone potential. The three companies, temporarily named, are Global Snacking Co, North America Cereal Co, and Plant Co.
Kellogg’s three international regions – Europe, Latin America, and Asia-Pacific, Middle East, and Africa (AMEA) – will remain almost entirely intact within Global Snacking Co.
✷ AUGUST
OPERATION FLY FORMULA SEES BUBS’ PROFITS SOAR Bubs Australia’s FY22 Q4 gross revenue was up 278 per cent to $48.1 million following the launch of Operation Fly Formula, committing the company to deliver 1.25 million tins of its entire formula range to the US. The company recorded 174 per cent gross revenue growth quarter-on-quarter and the fourth consecutive quarter of growth on the prior year.
Bubs is one of only eight manufacturers, including four multinationals, to be permitted to import infant formula into the USA.
Great Wrap founders Jordy and Julia Kay.
Bathurst manufacturing facility in New South Wales’ Central West will transform the site. The Bathurst plant produces Birds Eye and Edgell shelf-stable and frozen vegetable products as well as the iconic Chiko Roll. It has been in operation for nearly 100 years and employs 170 people while working with 50 local businesses and growers in the region. The investment will upgrade facilities, extend existing production areas, and install new equipment including new vegetable processing technologies.
✷ SEPTEMBER
HARD SELTZERS FOR XXXX
$24M FUNDING RAISE FOR GREAT WRAP Melbourne-based material sciences start-up Great Wrap landed an international investment to innovate materials and scale up production of its upcycled compostable stretch wrap for home and industrial use.
Great Wrap closed its Series A funding round achieving a total raise of $24 million, with funds going towards commercialising the company’s full range of compostable wraps.
PACT, WOOLWORTHS PARTNER UP
In a major step forward for Pact Group’s onshore circular plastic initiatives, the company and Woolworths Group announced a strategic partnership that will see Pact manufacture and supply recycled packaging for products in Woolworths’ own brand range.
The partnership will see both companies accelerate their respective sustainability drives and help grow the Australian recycling industry to meet future demand for recycled plastic.
CHINA TARIFFS STILL HURTING WINE EXPORTS Wine Australia (WA) said while the latest wine export report showed a sizeable fall in value and volume due to ongoing tariffs in mainland China, there were
encouraging
signs in other
markets. The
FY22 report found
exports fell 19 per cent in
value and 10 per cent in
volume in the year, with
the market now worth
$2.09 billion.
The falls were not unexpected, WA said, with high tariffs imposed by China in 2020 still causing significant reductions in exports to mainland China. WA said it expected that to stay a major influence on exports until late 2022.
CARE A2+ JOINS
FORMULA MISSION Australian health and wellness company Care A2+ joined Bubs Australia and
Bellamy’s in
Operation Fly
Formula,
securing USA
Food and Drug
Administration
(FDA) approval
to distribute infant formula in the US, helping ease shortages.
The FDA granted ‘no objection’ approval to Care A2+ on 8 July, certifying the Australian-made formula meets the standards set by the FDA. Care A2+ will deliver up to 4.8 million tins of formula.
CLOSE THE LOOP
ACQUIRES ALLIANCE
Close the Loop Group acquired thermal paper supplier and sustainable paper products group Alliance Paper, paying $1 together with an investment in working capital of approximately $4.5 million for the company.
Close the Loop Group CEO Joe Foster said the purchase of Alliance strengthened the group’s position in the sustainable paper product sector, and would allow it to develop new sustainable paper products.
SIMPLOT $100M PLANT UPGRADE, FARM
Simplot Australia says a $65 million upgrade to its
Lion said a proposed $5 million expansion to the XXXX Brewery in Queensland would add large scale production capabilities for hard seltzers and other ready-to-drink (RTD) alcoholic beverages.
The move to add hard seltzers and RTDs to the iconic site reflects the changing channel mix in the alcohol market. Research firm IRI said the Australian hard seltzer market grew 282 per cent in 2021 to become a $210 million category. It now accounts for 16 per cent of the light RTD category.
ON THE COVER
Hydroflux
SEPTEMBER 2022
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ON THE COVER
Matthews
AUGUST 2022
ENGINEERING OAT CRÈMECHEESE P10
SOURCE CERTAIN & UKRAINIANGRAIN P16
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CODGOALS P28
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