US: ACH, ADM create packaged oil company
Stratas Foods, in which ACH parent Associated British Foods and ADM will each hold a 50% stake, will serve the US and Canadian markets.
Headquartered in Memphis, Tennessee, Stratas Foods will cater for the foodservice, speciality food ingredient and retail private-label bottled oil markets.
The company is expected to produce 2.5 billion pounds of oil in its first full year of operation. Its products will include vegetable oil, shortening, margarine and pan spray, as well as foodservice brands including Whirl and Frymax.
Dan Antonelli, currently president of ACH, has been named chief executive officer of Stratas.
George Weston, chief executive of Associated British Foods, said: "This transaction is a substantial step forward in the development of our US oils business. The new joint venture with ADM will strengthen our US packaged oils business and will significantly enhance its long-term growth prospects.
"ACH will focus on the growth of its retail consumer brands. We look forward to working with ADM to ensure this joint venture realises its full potential."
Tesco this week went some way to confound the critics - and inject a positive note into the doom and gloom enveloping the business community - with robust annual results and determination to press on ...
Associated British Foods said today (21 April) it was making "huge" progress in its North American business, despite booking a 7% fall in half-year profits on the back of costs linked to the sale and ...
Associated British Foods, the Kingsmill-to-Ryvita maker, this morning (21 April) booked a 7% fall in half-year profits on the back of costs linked to the sale and closure of two US units....
Spanish food group Ebro Puleva has posted a jump in full-year profits, as its operating segments benefited from a stabilisation of input costs....
Cadbury sweetened the mood in the food industry this week with news of robust 2008 numbers and an optimistic outlook for the year ahead. However, Dutch food group Wessanen, which has operations on bot...
Following this morning's (23 February) mixed trading update from Associated British Foods, analysts have warned that issues in the company's grocery division would likely weigh on the group's first-ha...
Associated British Foods said this morning (23 February) that it expects a decline in its grocery division this year as a result of consumer downtrading, despite a good performance at the company's Al...
Associated British Foods has opened a temporary Kingsmill café in central London in order to promote its bread brand....
- Price an underlying tension across European FMCG
- Danone's Q3 sales - what the analysts say
- Interview: UK trade body on Brexit's policy impact
- Interview: UK trade body on the impact of Brexit
- It won't just be Unilever to push for Brexit hikes
- Nestle lowers outlook on "softer environment"
- UK announces "action plan" to drive food exports
- Kraft Heinz: Innovation more important than ever
- Online snack seller Graze makes US retail debut
- Abbott sees international nutrition sales fall
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Packaged Food: Quarterly Statement Q3 2016
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review