Tune into the latest edition of FoodBev’s weekly podcast, where we take an in-depth look at some of the biggest stories from the food and beverage industry over the last week – click here to access on Spotify.
This week’s podcast features Dean Foods filing for bankruptcy protection, a busy week for Refresco, major acquisitions and production investments, meat ‘made from air and more.
One of last week’s most significant stories saw Dean Foods announce it has filed for Chapter 11 bankruptcy protection. The Dallas-headquartered company says the process will support its ongoing operations and address debt and unfunded pension obligations while it works toward a sale.
As a result of the bankruptcy filing, Dean Foods has received a commitment of approximately $850 million in debtor-in-possession (“DIP”) financing. The company says that it expects to use the DIP financing, together with cash on hand and operating cash flows, to support its continued operation, including payment of employee wages and payments to suppliers and vendors.
Meanwhile bottling business Refresco acquired US-based packaging manufacturer Arizona Production & Packaging (or AZPACK), as well as three bottling sites in France from Britvic.
Refresco will acquire AZPACK’s manufacturing site in Tempe as a result of the purchase, and the company says that the new site will enable strategic growth in the North American market.
Refresco’s purchase from Britvic includes its bottling sites in La-Roche-sur-Foron, Château-Thébaud and Nissan-lez-Enserune.
Finally, US start-up Air Protein claims to have developed a technology that can create “meat” from air. The process to make the new form of protein uses elements found in the air and is combined with water and mineral nutrients.
It uses renewable energy and a probiotic production process to convert the elements into a nutrient-rich protein that Air Protein says has “the same amino acid profile as an animal protein”.
Air Protein CEO, Dr Lisa Dyson claims that its air-based meat will serve as one of the solutions to feeding a growing population without putting a strain on natural resources such as land and water.
© FoodBev Media Ltd 2019