General Mills has recorded an 8% increase in net sales for Q4 fiscal 2022, as it continues its efforts to reshape its portfolio through divestitures and acquisitions. General Mills' revenue for the quarter stood at $4.9 billion. Organic net sales were up 13%, while the company's operating profit increased by 85% to $1 billion. In its fiscal 2022 full-year results, General Mills saw net sales growth of 5% to $19 billion, while organic net sales were up 6%. Meanwhile, the company's full-year operating profit increased 11% to $3.5 billion, compared with the $3.1 billion figure recorded for the previous year. The food giant says that steps taken to advance its portfolio reshaping efforts during fiscal 2022 are expected to increase the company’s top- and bottom-line growth profile over the long term. These include the sale of its yogurt business in Europe; the acquisition of the TNT Crust foodservice pizza crust business in North America; and the prospective divestiture of the Helper main meals and Suddenly Salad side dishes businesses in North America. General Mills' largest unit, North America Retail, witnessed its full-year net sales increase by 3% to $11.6 billion, driven by actions put in place in response to significant input cost inflation. Meanwhile, full-year net sales for the firm’s North America Foodservice segment increased 24% to $1.8 billion, with organic net sales also up, by 24%. For the full year, General Mills' international net sales declined 9% to $3.3 billion, which included a 12-point headwind from the divestitures of the European yogurt and dough businesses. General Mills chairman and CEO, Jeff Harmening, said: "Fiscal 2022 was another successful year for General Mills, marking the fourth consecutive year that we’ve delivered results that met or exceeded our targets for top- and bottom-line growth and cash generation". "I am proud of the way our team advanced our 'Accelerate' strategy this year by executing well on our core business while taking significant steps to reshape our portfolio. Though significant inflation and supply chain disruptions put pressure on our margins, we responded quickly to address those challenges and keep our brands on shelf for our customers and consumers. "We plan to build on our strong momentum in fiscal 2023 by continuing to compete effectively, investing in our brands and capabilities, and reshaping our portfolio. Importantly, our board reinforced its confidence in our performance and outlook by approving a 6% increase in our dividend, underlining our commitment to driving strong returns for General Mills shareholders over the long term."

Diageo has announced it will wind down its Russian business operations over the next six months, with plans to fully withdraw by the end of the year, according to Reuters. In March, the drinks giant suspended all exports of its products to Russia as well as the manufacturing of its beers, which are brewed locally under license by third parties. "Our focus will remain on supporting our employees in the region and providing them with enhanced redundancy terms, while ensuring we comply with local regulations," a Diageo spokesperson said in a statement to Reuters. Western companies looking to exit Russia amidst the ongoing Russian-Ukraine conflict face the prospect of a new bill being passed that will allow Moscow to seize assets and impose criminal penalties against businesses, encouraging companies to accelerate their withdrawal from the country.

Halo Top is expanding its portfolio with the launch of a new limited-edition flavoured ice cream – Vanilla Chocolate Twist. The new release combines two classic flavours into one swirl, consisting of chocolate and vanilla-flavoured light ice cream and containing 290 calories and 20g of protein per pint. The new Halo Top Vanilla Chocolate Twist can be found on shelves nationwide across the US for a limited time now through the end of August.

Nestlé has introduced a new plant-based drink for toddlers, Little Steps Plantygrow Plant-based Growing Up Drink, under its SMA Nutrition range. The company emphasises that the drink is not a breast milk substitute, but rather a nutritional product designed to be enjoyed by toddlers from 1-3 years of age as part of a varied and balanced diet. The milk alternative can be enjoyed as a drink, or added to smoothies and shakes. According to Nestlé, its new Growing Up Drink is a good source of vitamins A, C, B2 and B12, as well as iron, and has been enriched with iodine and omega-3 and omega-6. The drink also contains calcium and vitamin D. Vicky Woods, SMA Nutrition managing director, said: “Consumers are increasingly choosing plant-based milk alternatives for themselves and looking for options that contain the added nutrients their growing toddlers need”. “We know that every day toddlers are growing, learning, doing something new and overcoming little challenges. We want to help support toddlers’ development, as part of a varied and balanced diet, while they have fun and get on with living their best life!” The new offering comes as a ready-to-drink liquid in on-the-go resealable cartons. A 200ml size is available now in Tesco and will be arriving in Asda stores along with a 1 litre pack.

PepsiCo is expanding its non-HFSS Walkers Max Strong range with two new flavours to add to its portfolio. The new variants include Fiery Prawn Cocktail and Hot Sauce Blaze which are both non-HFSS, containing lower levels of fat and salt. Jonathan Roberts, senior brand manager at Walkers Max, said: "The Walkers Max Stong range has delivered some of the boldest flavours in the savoury snacks category. Snacking remains a huge part of day-to-day UK life, and so taste is incredibly important as it remains the #1 driver when it comes to choosing a snack. These new strong flavours, with lower levels of fat and salt, will greatly appeal to this younger generation by delivering maximum flavour." Roberts continued: "With consumers looking for healthier snack options, we’re determined to ensure non-HFSS options don’t mean less flavour for Max consumers and that we continue to deliver a product that they know and love. These new strong flavours add excitement and stand out on shelf and are therefore a must-stock for retailers." Walkers Max's new flavours are available exclusively in Tesco and will roll out nationally to wider grocery and convenience channels from 1 August.

Plant-based dairy company Eclipse Foods has announced a Series B funding round of more than $40 million led by Sozo Ventures. Founded in 2019, Eclipse produces plant-based ice creams that are free from top allergens, such as gluten, soy, coconut and nuts, as well as from gums and stabilisers. The California-based brand’s products are available direct-to-consumer, through national and regional retailers, as well as from foodservice outlets. Alongside Sozo Ventures, Eclipse’s latest funding round also received participation from investors including Forerunner Ventures, Initialized Capital, Gaingels and KBW Ventures. The new funds will help fuel the growth of the business in retail and foodservice, accelerate R&D on Eclipse's proprietary plant-based dairy platform, build brand awareness and support the expansion of the company's team. Eclipse says that its platform – which uses a blend of non-GMO plants, including cassava, corn and potato – can be used to create virtually any plant-based dairy product. "The number one reason consumers avoid plant-based dairy is taste. As self-proclaimed ice cream lovers, our team at Sozo Ventures recognised that Eclipse's ice cream is in a league of its own after just one bite," said Bob Roe, vice president of narrative development at Sozo Ventures. "70% of the world's population is lactose intolerant and with the alternative protein space projected to grow to $1.4 trillion by 2050, Eclipse is positioned to completely transform the dairy industry with its proprietary plant-based dairy platform." Aylon Steinhart, co-founder and CEO of Eclipse Foods, added: "With 10 billion people to feed by 2050, we recognised that global diets must change. Consumers want more than just a dairy alternative like almond milk—they want a true replacement. Our plant-based dairy platform uses micelles (the microscopic magic of milk) to create the replacement products that consumers have been craving, and our growth over the last three years is a testament to that."

Tequila seltzer brand Onda has received a $12.5 million growth investment led by Aria Growth Partners. Onda offers 5% ABV canned sparkling drinks made with blanco tequila and fruit juice. Each 12oz can contains 100 calories and zero sugar. “We are thrilled to be Onda’s partner,” said Trevor Nelson, co-founder at Aria Growth Partners. “As the clear leader in premium tequila seltzer, Onda’s elevated brand and refreshing taste are bringing a whole new group of consumers into the market while offering existing ready-to-drink consumers a more enjoyable and satisfying option.” Additional investors included Clayton Christopher, one of the founders of Deep Eddy Vodka and Sweet Leaf Tea, existing partner 25madison, the CEO and the chief brand officer of fashion retailer Revolve, alongside others. Onda has also announced a partnership as the “exclusive tequila seltzer of...Revolve". “We want this brand to be accessible yet aspirational,” said Onda co-founder and chief brand officer, Shay Mitchell. “As a multi-dimensional company with such a strong social footprint, Revolve is the perfect partner to help us continue to scale and tell that story.” Last year, Onda raised $5 million in Series A financing to expand distribution.

Pladis has expanded its Jacob’s portfolio with the launch of three new products to add to its savoury biscuit range in the UK. The new offerings include Jacob’s Mediterranean, which are available in two flavour variants – Pinch of Salt and Tomato & Basil – in 190g packs. The snack packs include five individually wrapped bags of crackers. Meanwhile, the brand's Jacob’s Cheddars are launching in a new Red Leicester variety as a full-sized cracker variant in 150g packs. Leighton Wall, marketing director of savoury at pladis UK&I, said: "...Starting out as a bread replacement when shelves were stripped bare in early 2020, now even more shoppers are reappraising the category as so much more than an accompaniment to cheese. Whether dunking into hummus or topping with avocado, shoppers are considering crackers, crispbreads and savoury biscuits throughout the day, at lunchtime and beyond." Jacob’s Mediterranean crackers will initially be available in Sainsbury’s stores from late June for an RRP of £1.59, while Jacob’s Cheddars Red Leicester will be listed by multiple retailers including Tesco, Sainsbury’s, Morrisons and Asda for an RRP of £1.45.

The South African Department of Agriculture, Land Reform and Rural Development (DALRRD) has prohibited the use of meat-like names for plant-based alternatives. Descriptions such as ‘veggie biltong,’ ‘plant-based meatballs’ and ‘vegan nuggets’ have been banned because they do not meet the definition of ‘processed meat’ under the country’s Regulation No.R.1283. The rapid expansion of the meat and dairy alternatives market globally has been coupled with a push to introduce restrictions on the terminology such products can use. Last year, draft legislation that would have imposed new restrictions on the terminology used by the plant-based dairy sector in Europe was dropped by EU bodies. In the US, Tofurky was recently successful in challenging a labelling law in Louisiana that prohibited the use of terms like ‘burger’ and ‘sausage’ to label plant-based meat products. A spate of similar legislation has been introduced in the country in recent years. The DALRRD letter addressed to “all processors, importers and retailers of meat analogues” and dated 22 June says that plant-based alternatives “must not use the product names prescribed and reserved for processed meat products since the scope of the above-mentioned regulation does not include meat analogues”. The document adds that South Africa’s Food Safety Agency will seize any products contravening this. ProVeg International criticised the step, which it says “flies in the face of the government’s own plans to introduce legislation to tackle climate change”. Donovan Will, country director at ProVeg South Africa, said: “This is a huge step backwards in the government’s fight against climate change. Regulations such as this one are exactly what we don’t need when the world’s scientists are telling us we urgently need to reduce our meat consumption to help brake dangerous global warming.” He continued: “We urge the government to overturn this regulation. At a time when countries are seeking ways to tackle climate change, we must do all we can to encourage a vibrant and innovative plant-based sector.” Meanwhile, in an emailed statement, the South African Meat Processors Association (SAMPA), said: "We are very pleased with the directive issued by DALRRD and strongly encourage the assignees to take swift and firm action against offenders". The statement continued: "SAMPA has been lobbying for action by the regulators for many years regarding misleading and incorrect labelling of meat analogues". "Our position has been consistent and clear, that product descriptions and product names must not ride on the back of existing animal protein products or be misleading to the consumer."

Seaweed feed additive start-up Symbrosia has raised $7 million in a Series A funding round led by Danone's corporate venture arm, Danone Manifesto Ventures. Additional investors in the round included Pacific6, Hatch, Presidio Ventures, Kamehameha Schools and Mana Up, as well as individual local investors and farmers. Hawaii-based Symbrosia has developed more productive, potent and resilient strains of seaweed than those found in the wild, that can be sprinkled into animal feed to reduce livestock methane emissions by over 90%. The company plans to use the capital to scale the production of its seaweed strains at its pilot facility located in the Hawaii Ocean Science and Technology Park, while bringing its livestock feed additive – SeaGraze – to market. Alexia Akbay, founder and CEO of Symbrosia, said: "During the past two years of research, we pushed the boundaries in seaweed breeding to develop high-performing seaweed strains. This Series A funding round marks a critical inflection point where we shift our focus to bringing this innovation to market at scale, as quickly as possible, with strategic partners in Hawaii, California and the Pacific Northwest." Akbay continued: "The support from Danone Manifesto Ventures and our other investors, existing and new, will enable us to increase seaweed production by a factor of 1,000, round out our team expertise with strategic hires and put SeaGraze in the hands of visionary companies and livestock producers to create the world’s most sustainable livestock supply chains. Now is our moment to take action on methane."

Beyond Better Foods has expanded Enlightened's low-sugar ice cream pint lineup with the introduction of four new flavours. The new offerings include flavours such as Kookie Dough, consisting of vanilla-flavoured ice cream with chunks of chocolate chip cookie dough and chocolate sandwich cookie pieces; and Chocolate P.B. Crunch, which includes chocolate ice cream with a thick peanut butter swirl and fudge-covered peanuts. Meanwhile, Coffee Toffee contains coffee-flavoured ice cream with fudge-covered toffee pieces; and Chocolate Caramel Pecan Crunch includes chocolate ice cream with roasted pecan pieces and a caramel swirl. Each variant contains 130 calories and between 70-80% less sugar per serving. Michael Shoretz, Enlightened founder and CEO, said: "We love to push the boundaries with indulgence and nutrition to make you question how something so delicious could be so low in sugar and I think we accomplished that with these new flavours". Enlightened's new ice cream flavours are available in US grocery stores nationwide and online.

Vital Proteins has expanded its portfolio with the debut of its lemon-flavoured collagen peptides designed to be added to beverages. The new Lemon Collagen Peptides offer a light, refreshing flavour and will join the brand's existing variants including chocolate and vanilla. The product contains 20g of grass-fed, pasture-raised collagen peptides and 0g of sugar per serving. The collagen peptides can be enjoyed by stirring or frothing a serving into hot or cold water or other beverages. Tracey Warner Halama, CEO at Vital Proteins, said: "At Vital Proteins, we're always thinking about how we can make the benefits of collagen peptides – healthy skin, hair, nails, bones and joints – even more approachable to more people. Lemon Collagen Peptides offers our consumers one more way to easily incorporate collagen peptides into their daily wellness routine in a familiar lemon flavour, be it first thing in the morning or a midday hydration break." Vital Proteins' Lemon Collagen Peptides are available for $26.99 on the brand's website and Amazon or in natural, mass and speciality retailers across the US starting in July.