The Coca-Cola Company has sold its Zico Coconut Water brand to PowerPlant Ventures – co-led by the beverage brand’s founder – just months after it revealed plans to discontinue the drink. The deal – which was made for an undisclosed sum – will see the premium beverage reunite with its founder Mark Rampolla under a new platform. Rampolla is the co-founder and managing partner of the growth equity fund, PowerPlant Ventures. Founded in 2004, Zico is considered one of the original coconut water brands. With the aim to make an environmentally sustainable product that would create economic opportunities in developing countries, Zico reportedly grew into a global brand and was sold to Coca-Cola in 2013. Under PowerPlant Ventures leadership, the brand will be renamed Zico Rising and will be led by Thomas Hicks and Alan George as CEO and CFO, respectively. Both have previously worked together on Naked Juice and Monster Energy’s natural divisions. Back in October, Coca-Cola announced that it was retiring the Zico Coconut Water brand globally, along with a number of other drinks, in an attempt to optimise its product portfolio. “We are incredibly proud of the results we achieved growing Zico when it was a part of the Coca-Cola family of brands and wish PowerPlant Ventures continued success as they take the Zico brand on a new journey,” said Manolo Arroyo, global chief marketing officer of The Coca-Cola Company. Mark Rampolla said: “I respect the decision of Coca-Cola to focus on other elements of their beverage business. I still have a lot of love for Zico, and I know consumers do too. We are thrilled to acquire the company and thankful for the support from Coca-Cola.” Dan Gluck, managing partner of PowerPlant Partners, added: "We are thrilled about the Zico transaction and believe it underscores our ability to source top tier deal flow as a result of our deep operating experience in the industry. It’s a great homecoming for the brand.”

Monster Beverage has announced the appointment of long-term CFO Hilton H. Schlosberg as co-CEO of the company. Schlosberg – who has resigned his positions as president, CFO, COO and secretary of Monster Beverage – will serve as co-CEO alongside Rodney C. Sacks. Sacks, who has occupied the role of CEO since 1990, will also continue as chairman of the board and Schlosberg will continue as the board's vice chairman. Schlosberg has held senior leadership positions with Monster for more than 30 years, including as the company’s CFO for over 23 years. “For decades, Hilton has been my business partner in running the company. Hilton and I have operated as co-leaders of the company as it has grown over the years,” said Monster Beverage chairman and co-CEO, Sacks. In addition, Monster has announced the appointment of Thomas J. Kelly as the company’s CFO, succeeding Schlosberg. Sacks and Schlosberg said jointly: “We are pleased for Tom as he steps into the position of CFO. Tom has extensive experience from his many years at the company, most recently as executive vice president of finance, and this is a seamless transition for the company.”

Kraft Heinz has announced that Kraft Mac & Cheese is developing and testing the brand’s first-ever recyclable fibre-based microwavable cup. Upon completion of the testing stage, the brand plans to launch a new Kraft Mac & Cheese Shapes variety later this year using the new cup and design. Currently being trialled, the new microwave-safe cup is fibre- rather than plastic-based to be both recyclable and compostable in industrial composting facilities. In addition, the cup features new direct print technology, removing the need for a plastic label. “Consumers are at the heart of everything we do and we know they’re looking for more sustainable packaging options without sacrificing the convenience or taste they love from Kraft Mac & Cheese,” said Matt Carpenter, marketing director at Kraft Heinz. “In our journey to develop our first recyclable fibre-based microwavable Kraft Mac & Cheese cup, it was critical to partner with fans who share our passion. Their invaluable feedback is helping to create packaging solutions with both today’s consumer and future generations in mind.” Kraft is working with outside partners to certify and incorporate the appropriate recycling labelling to help consumers know what to do with the packaging. According to Kraft Heinz, the innovation supports it in achieving its goal of making 100% of its packaging recyclable, reusable or compostable by 2025.

PepsiCo has announced plans to double down on its climate goal, pledging to reduce its absolute greenhouse gas (GHG) emissions across its value chain by more than 40% by 2030. The beverage giant has also committed to achieving net zero emissions by 2040, one decade earlier than called for in the Paris Agreement. This follows Coca-Cola European Partners which announced the same target last month.  More specifically, PepsiCo plans to reduce absolute GHG emissions across its direct operations by 75% and its indirect value chain by 40% by 2030. This is expected to reduce more than 26 million metric tons of GHG emissions. In order to decarbonise its operations and supply chain, PepsiCo will focus on areas such as agriculture, packaging, distribution and operations.  In terms of agriculture – which accounts for approximately one quarter of worldwide GHG emissions and one third of PepsiCo's emissions – PepsiCo will further scale its sustainable agriculture and regenerative practices, as well as continue to work on improved soil health and biodiversity, decreased deforestation, and increased productivity for farmers. As part of its packaging efforts, PepsiCo will continue to reduce virgin plastic useand increase recycled content. Meanwhile, more and more PepsiCo brands are being manufactured using renewable energy including Lay’s, Quaker and Tropicana. Last year, the company met its target to source 100% renewable electricity in the US and upped its aim to source 100% renewable electricityacross all of its company-owned and -controlled operations globally by 2030 and across its entire franchise and third-party operations by 2040. PepsiCo expects to fully transition its direct electricity needs to renewable sources in Mexico and Australia this year, which will bring its total number of countries doing so to 15. "Our climate ambition is at the very heart of accelerating our global sustainability progress, and we are using our scale and reach to build a more sustainable and regenerative global food system," said Jim Andrew, chief sustainability officer at PepsiCo. The company's emissions target aligns to the Business Ambition for 1.5°C pledge and has been approved by the Science Based Targets initiative.

Post Consumer Brands has introduced new on-the-go cereal snacks that are inspired by its Pebbles and Honeycomb brands. This month, Post Pebbles Crisps and Post Honecomb Big Bites cereal snacks will begin to roll out in grocery stores across the US. The Pebbles Crisps are gluten-free and come in both fruity and cocoa flavours, while Honeycomb Big Bites are available in a classic honeycomb flavour and a new chocolate variety. Post Consumer Brands says the new snacks deliver the same taste of their cereal counterparts, but in large snackable forms and sizes that make them ideal to dip and dunk. Each cereal snack variety is available in a 6oz multi-serve, resealable pouch, that the company says is ideal for sharing or eating on-the-go. "According to recent research from Mintel, nearly 40% of consumers say they eat cereal as a snack, and 13% report eating cereal on the go," said Tara LaFerla, brand manager of portfolio innovation at Post Consumer Brands. "We developed our new Pebbles Crisps and Honeycomb Big Bites to make it even easier for people to enjoy their favourite cereals anywhere and any time of day. Our new cereal snacks have big flavour and big crunch in a 'no mess' form that parents and kids will love.” The release of Post Pebbles Crisps coincides with Pebbles Cereals 50 anniversary and comes after the launch of International Delight coffee creamers, as the brand enters new partnerships to celebrate the milestone. Post Cereal’s on-the go snacks can be found at retailers nationwide including Kroger, Albertsons and Meijer for a suggested retail price of $3.99.

Bkon, creator of a patented extraction process for beverage production, has secured a $3 million Series A investment led by aseptic beverage packaging firm, GoodWest Industries. US-based Bkon’s RAIN (Reverse Atmospheric Infusion) technology creates natural beverages using 'any fruit or botanical with any liquid', and is said to work at any temperature. According to Bkon, the new funding will support its commercialisation efforts in North America and internationally. “The industry demand for RAIN-brewed cold coffee has grown significantly this year as a result of our breakthrough in delivering unprecedented flavour profiles in a shelf-stable format," said Dean Vastardis, CEO and co-founder of Bkon. “With this investment, Bkon is expanding its production capacity and enhancing its extraction capabilities so brands can commercialise higher-strength coffee concentrates with RAIN’s proprietary flavour advantages.” Despite the pandemic-related disruption, Bkon says that it grew its cold coffee brewing business by 300% in 2020 with 16 regional and national specialty coffee brands, including Whole Foods Market-owned Allegro Coffee. The next generation of Bkon’s Storm system for industrial-scale RAIN brewing will reportedly quadruple the output of Bkon’s facility and extend its licensing business for international expansion. “In all my years of experience, I have never witnessed a company execute its commercialisation plans with the vigour and win record like Bkon,” said Rick Lawlor, executive chairman of GoodWest Industries and a new addition to the Bkon board of directors. “GoodWest was eager to lead this investment in order to accelerate Bkon’s continued growth.”

Orkla  has announced that is creating a new division called Orkla Foods as part of a restructuring plan, while a number of major appointments have been made across the company. The new Orkla Foods division will include the operations of the existing Orkla Foods Nordic and Baltics and Orkla Foods International units. Atle Vidar Nagel Johansen has been named CEO of the new Orkla Foods business area, after previously serving as Orkla Care CEO. Meanwhile, Johan Wilhelmsson will step down from the executive board but will continue to serve as CEO of Orkla Foods International, which will now become a business unit under Orkla Foods. Following the departure of Jeanette Hauan Fladby, Ingvill T. Berg has been appointed CEO of the Orkla Confectionery & Snacks business area. Effective today, the new executive board will include the following: Jaan Ivar Semlitsch – president and CEO Atle Vidar Nagel Johansen – Orkla Foods Ingvill T. Berg – Orkla Confectionery & Snacks Johan Clarin – Orkla Food Ingredients Hege Holter Brekke – Orkla Care Semlitsch, which took on the role of CEO in 2019 , commented on the group changes: “In making changes in the Group structure and the top executive staff, I have deliberately chosen competent leaders who have made a strong, positive impression on me. I am glad that both Hege and Ingvill have accepted the opportunity to become part of the Group executive board and our future team.”

Swedish better-for-you snack brand Nick’s has raised $30 million in its largest investment round to date. Through its portfolio of chocolate, protein bars, ice cream and baking sweeteners, Nick’s aims to cater for health-conscious consumers by providing options that are free from added sugar. Last year, the company launched a range of low-calorie ice cream that replaced refined sugar with plant-based sweeteners. The new funding round was led by early investor in Oatly, Gullspång Invest, and European venture capital fund, Capagro.    The company’s latest financing push was also backed by Khosla Ventures, DNS capital and Djursholm Investment Group, among others. According to Nick’s, the new funds will support the company’s international expansion with a primary focus on the US and Germany. In addition, capital will be used to build a new production facility in Europe. The brand's products are currently available in over 15 markets, including the US where Nick's launched in 2019. “Together with an engaged and visionary team of people, we can now accelerate our business outside of Sweden with a focus on building distribution in the US and Germany,” said Nick’s CEO, Stefan Lagerqvist. “Our latest launch of low-calorie ice cream, without added sugar, during the spring has been very successful and we are now the market leader in the better-for-you ice cream segment. “Our ambition is to replicate the success outside of Sweden and that’s why we raise capital – to fuel our global growth.”

Hain Celestial has completed the divestiture of its UK fruit business to private equity firm Elaghmore, as it continues to simplify its portfolio. The financial terms of the deal – which includes the Orchard House Foods business and associated brands – have not been disclosed, but it is believed that the price of the acquisition was around £25 million, according to a source familiar with the matter. The transaction is the latest in a series of divestitures by Hain in recent years, including the sale of the Danival, Casbah and Europe’s Best brands in 2020. The previous year, Hain’s simplification efforts saw it offload brands including Tilda rice, Arrowhead Mills and SunSpire. “The divestment of this complex, non-core asset fully aligns with our brand simplification and strategic transformation processes,” said Mark L. Schiller, Hain Celestial president and CEO. “By divesting this business, which was negatively impacted by the Covid-19 pandemic, the remaining Hain Celestial business will show immediate improvement in its growth rate and margins, allowing us to reinvest capital behind the strength of the remaining international platform. “We remain confident in our ability to continue to improve our overall margin and cash flow profiles to fuel sustainable long-term growth and profitability.”

Tyson Foods has announced that it is investing $26 million to expand production at its Wright Brand bacon facility in Vernon, Texas. The expansion project – which is scheduled for completion by March this year – is expected to create 32 new jobs, bringing the plant’s workforce to more than 800. The Wright Brand has reportedly increased volume by 29% since 2017, surpassing bacon category growth during the same period. The expansion is expected to satisfy current demand and allow room for additional growth. “We’re pleased we can continue to build on the proud heritage of this iconic and delicious brand,” said Noelle O’Mara, group president of prepared foods for Tyson Foods. “More importantly, we’ve had a strong presence in Vernon for nearly 100 years as one of the largest employers. It’s an honour to continue that long history by adding new jobs in the local community.” Last year, Tyson Foods announced that it had invested $27 million to upgrade its prepared foods production site in Caseyville, Illinois.

The European Food Safety Authority (EFSA) has deemed yellow mealworms safe for human consumption, paving the way for insect-derived food products to be sold across Europe. The announcement marks a significant step for the future of insect-based food, as the EFSA’s scientific advice supports EU national decision makers who authorise the products for the European market. EU-wide approval would mean insect-based biscuits and burgers could appear on shelves across Europe, as well as enable mass production. Yellow mealworms mark the first insect to be approved for human consumption, following a safety evaluation by EFSA based on an application from French insect farmer Micronutris. The ‘novel food regulation’ came into force in 2018, and EFSA has since received a large volume of applications for insects including fresh and dried adult crickets, locusts and litter beetles. Over the last few years, the novelty of using insects in food has led to high interest in the West, due to changing consumer attitudes and the environmental and economic benefits associated with them. Cited by The Guardian, Ermolaos Ververis, a scientific officer at the agency, said: “This first EFSA risk assessment of an insect as novel food can pave the way for the first EU-wide approval. “Our risk evaluation is a decisive and necessary step in the regulation of novel foods by supporting policymakers in the EU in making science-based decisions and ensuring the safety of consumers.” Insect-based products are currently prohibited from sale in countries such as France, Germany, Italy and Spain and without approval from the EFSA, they face being banned elsewhere on the continent too. While the UK, Netherlands and Denmark permit the use of insect in foods, the 2018 novel food authorisation law has meant mass production has been held back, as companies wait upon a final decision.  The EU’s member states have seven months to counter a proposal for authorisation, following the publication of EFSA’s opinion, which will then go to a vote. Despite heralding a source of protein, EFSA scientists recommend that those with allergies to crustaceans and dustmites should not eat insect-derived product as it could trigger an allergic reaction.

Mars Wrigley is releasing a lower calorie range of its iconic chocolate bars – Mars, Snickers and Twix – across the UK. The 100 calorie or less chocolate bar range will hit shelves from this week, in response to consumers being increasingly conscious of the choices they make when buying confectionery. The new Snickers, Mars and Twix bars will reportedly retain the exact same recipes, but at a reduced portion size. According to Mars, nearly 50% of shoppers consider the portion size of snacks and one in four say that calorie labelling impacts their purchase decisions. Kerry Cavanaugh, Mars Wrigley marketing director, said: “Our new 100 calorie format gives consumers their favourite brands original recipes but in a size that is a meaningful snacking choice.  “This new range is for consumers who want a sweet treat but in a smaller portion size. These chocolate bars are perfect for the 68% of Brits who have said they would rather have less of their favourite chocolate than a larger amount of a lower-sugar chocolate.” Each single bar has a suggested RRP of £0.40 and £2.79 for multipacks. Original versions of the chocolate bars will still be available for purchase.