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

Latest


07 September 2017
Korea Investment CORP Reduces Position in Texas Instruments Incorporated (TXN)
On average, analysts predict that Texas Instruments Incorporated will post $4.13 earnings per share for the current fiscal year. It is negative, as 46 investors sold TXN shares while 347 reduced holdings. 94 funds opened positions while 278 raised stakes.

07 September 2017
Apple says Russian hackers didn't breach its developers portal
Back in 2013, the Developer Center was hacked, and Apple had to take it offline for several days to secure it. The Apple's Developer site, down for couple of hours, was finally up and running.

07 September 2017
See first teaser trailer for "Gaga: Five Foot Two"
Courtesy NetflixWe're getting our first look that the upcoming Netflix Lady Gaga documentary Gaga: Five Foot Two . Tattoos, drugs, alcohol and moments of madness, the "mother monster" escapes nothing.

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
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
China supports United Nations action on North Korea while urging talks
Also Thursday, Chinese foreign ministry spokesman Geng Shuang reiterated China's opposition to South Korea's deployment of a U.S. Terminal High-Altitude Area Defence System, also known as THAAD, which is meant to protect against North Korean missile attacks.

07 September 2017
Reliance to acquire assets of Kemrock Industries
Jio's plan, priced at Rs. 153 for JioPhone, will offer its customers free voice calls, unlimited data and 300 free SMS in a month. Share price of Reliance Industries , India's most valued company, almost halved on Thursday as it went ex-bonus from today.

07 September 2017
A very great State Fair
Attendance in Grand Island this year for the 11-day event was 379,108 - an increase of 18,001, or almost 5 percent, over 2016. The fair was moved to Grand Island in 2010 and has been held in the south-central Nebraska city since.

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
Cris Cyborg granted boxing license, eyeing Jr. Middleweight career
Cyborg captured the UFC title following a dominating third-round TKO victory over Tonya Evinger at UFC 214 in July. Cyborg is truly the most unsafe female fighter in the world as she has not lost an MMA fight since 2005.



Recommended