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October 11, 2021updated 13 Oct 2021 4:16pm

Fleury Michon unveils large-scale investment programme

France-based food group Fleury Michon has set out plans to invest EUR120m (US$138.8m) over five years across production, innovation and the digital arena.

France-based food group Fleury Michon has set out plans to invest EUR120m (US$138.8m) over five years across production, innovation and the digital arena.

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In a statement, the company said EUR90m would be spent on “modernising” its production, including moves to improve productivity and its IT network. This tranche of cash will also be used to invest in packaging. Across the business, Fleury Michon wants all of its packaging to be recyclable by 2025.

Another EUR15m will be used in the area of innovation. The company said it is looking to “accelerate the launch of ever tastier and healthier products”. For example, Fleury Michon plans to invest further in its range of nitrite-free products.

The remaining EUR15m will be put towards improving Fleury Michon’s digital capabilities. Part of the cash will be used at Room Saveurs, a unit that delivers meals to businesses.

Just Food has asked Fleury Michon for information on the impact the investment programme could have on jobs.

In its statement, CEO Billy Salha, who joined in November 2019, said: “After two difficult years, our results are improving and this investment plan turns us towards the future. We give ourselves the means to meet the challenges of performance, ecological and digital transition.”

Earlier this year, the company tried to sell its business in Canada but failed to tie-up a deal.

In the first half of 2021, Fleury Michon saw its turnover drop 9.3% to EUR341.7m. The company said it was lapping an opening six months of 2020 that included a “good performance” from its catering business in the first quarter of that year and “large volumes” sold through supermarkets during the subsequent spring lockdown.

Fleury Michon posted an operating income of EUR6.1m, compared to an operating loss in the first half of 2020 of EUR3.5m. The first half of 2020 had been affected by impairment charges at Italian venture PFI, which was sold in September last year.

The company made a net profit of EUR3.6m, versus a net loss of EUR13.3m in the first half of 2020.

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VC funding trends to watch out for in Consumer

Consumer industry investors across the world are betting big on the ESG trend to pick up in the future and are focusing on backing the start-ups and emerging companies working in the meat-alternative products category.   The top two deals in this category were the $500 million investment raised by Impossible Foods and the $347 million investment deal for Future Meat Technologies.  GlobalData’s Venture Capital Investments – Consumer 2021 will help you dive into the capital raising landscape across regions and themes.  Use the report to identify emerging signals and trends across Consumer, formulating winning strategies for the road ahead.   
by GlobalData
Enter your details here to receive your free Report.

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