Economy

Nestle to buy Sweet Earth vegetarian foods

Nestle to buy Sweet Earth vegetarian foods”

The Swiss company, Europe's largest by market value, said on Thursday that the purchase of Sweet Earth marks its first foray into the United States market for plant-based foods, a global sector growing at a double-digit rate annually and expected to reach $5 billion by 2020.

The acquisition also comes less than three months after Nestle said it had acquired a minority stake in a healthy-meal subscription company Freshly in June. Sweet Earth is "on a mission to make delicious, healthy, sustainable foods", its website says.

Sweet Earth products span entrees, breakfasts and plant-based proteins.

Nestle USA said Sweet Earth, a six-year-old startup, which reportedly had $25 million in revenue last year, will remain a stand-alone business, and stay at its headquarters in Moss Landing, California. And HealthFocus estimates 17% of US consumers aged 15 to 70 claim to eat a predominately plant-based diet, while 60% report to be cutting back on meat-based products.

Its products feature global flavors and plant-based proteins such as seitan, tofu, chickpeas and beans and include a variety of vegan and ethnic-inspired options, such as General Tso's Tofu and the Curry Tiger Burrito.

"One of Nestle's strategic priorities is to build out our portfolio of vegetarian and flexitarian choices in line with modern health trends, " Grimwood said.

Sweet Earth products are sold at more than 10,000 stores, including chains like Whole Foods, Target, Kroger and Walmart.

Sweet Earth manufactures plant-based foods, including frozen meals, burritos, breakfast sandwiches and chilled plant-based burgers and proteins.



Like this

loading...
loading...

Latest


07 September 2017
Michael Bennett accuses Las Vegas police of racially motivated violence
However, the officer who detained Bennett apparently never turned on his body camera on the day of the incident. But he says police internal affairs investigators are now going through hundreds of other videos.

07 September 2017
Maharashtra minister's daughter decides to give up scholarship
The scholarship includes an additional fund of $1,375 (around Rs 88,000), or £ 1,000 (around Rs 83,000) for the United Kingdom for other academic expenses.

07 September 2017
Kia Proceed concept unveiled ahead of its Frankfurt debut
The developers outwardat that they were able to come up with a new type of body, which they call "extended hot hatch". There's Kia's trademark tiger nose grille at the front, while a single-strip rear light dominates the rear.

07 September 2017
Her Majesty's back to open 'breathtaking' Queensferry bridge
Together, the three Forth bridges will bring people from around the world to admire their ingenuity and their beauty. The Red Arrows staged a flypast and a flotilla of boats travelled under the bridge.

07 September 2017
Gilead Sciences, Inc. (NASDAQ:GILD) Achieve New Highs
The Michigan-based Long Road Investment Counsel has invested 1.55% in Gilead Sciences, Inc. (NASDAQ:GILD) or 3,541 shares. Eleven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock.

07 September 2017
Angels, Athletics trade accusations after Matt Chapman ejection
Generally, this is in the eye of the beholder. "They thought that we were relaying signs to our hitters from second base". Chapman said he took exception to the catcher's charges and Everitt's insistence that the matter had been, "handled".

07 September 2017
Q4 2016 Sentiment Horton DR Inc (NYSE:DHI)
The construction company reported $0.76 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.75 by $0.01. Horton (NYSE:DHI) has trended somewhat positive on Tuesday, according to Accern Sentiment Analysis. (NYSE:DHI) for 155 shares.

07 September 2017
14-month old Surat boy is youngest organ donar, saves two lives
The child's heart was transplanted into a three-yearold girl from Kalamboli who was waitlisted for a heart since August 2016. He was declared brain dead after which a local NGO counselled his parents to donate his organs, the release said .

07 September 2017
Police force 'failed to record 38000 crimes including rape'
Victims could be at more risk of harm because of shortcomings at West Midlands police, inspectors said. Thousands of reported crimes are not being recorded by West Midlands Police, a watchdog has said.

07 September 2017
HOW THEY VOTED: NY House delegation unanimously supports $8B Harvey aid package
Lawmakers are once again scrambling to reach consensus on a spending package to keep the government running for another 12 months. Pass a spending bill: Without a bill to fund the USA government, it could forced to rely on stop-gap funding or shut down.