NotCo's plant-based venture with Kraft Heinz hits stumbling block
NotCo has confirmed the Chile-headquartered plant-based start-up has pushed back its target for reaching group-wide profitability from as early as this year.
The set-back to 2027 was first reported by Bloomberg, based on an interview with NotCo's CEO Matias Muchnick, who told the news agency the profitability hitch was linked to its 'co-branding' business in the US and Canada with Kraft Heinz.
However, based on communication with Just Food and the Bloomberg interview, NotCo has suggested its operations in Latin America and Mexico will reach profitability goals before 2027.
NotCo entered a partnership (The Kraft Heinz Not Company) with the Chicago-based US food major in 2022 to co-develop, produce and market plant-based proteins in North America, excluding Mexico.
A spokesperson for the Chile start-up told Just Food via a statement that a number of products have since been launched in retailers such as Whole Foods Market and Sprouts.
These are NotMayo; NotSausage; NotHotDog; Kraft NotCheese Slices; Not Mac & Cheese; NotChicken Patties; NotBurger and Philly Plant-Based Cream Cheese.
In his interview with Bloomberg, Muchnick said NotCo had closed its office in New York and Kraft Heinz will take over the sale and marketing of the products in the US and Canada.
'NotCo, in collaboration with Kraft Heinz, made the strategic decision to consolidate its operational efforts in the US and Canada, [while] expanding the portfolio within the joint venture,' the spokesperson informed Just Food.
'The JV is now the primary vehicle for the commercialisation of plant-based food products for both companies in these markets. At the same time, NotCo remains firmly focused on its food business in LATAM, where it continues to experience solid growth.'
Kraft Heinz has not responded to a request for comment. At the same time, this publication has asked NotCo to confirm which of the two companies was conducting the manufacturing of the JV products and at which factories.
'The collaboration with Kraft Heinz not only broadened our portfolio but also created opportunities to enhance operations, distribution, and commercial efforts,' the spokesperson added.
'While we remain committed to profitability across all business units, we now anticipate reaching profitability by 2027.'
However, NotCo's own-branded business, NotCo Foods, is 'on track to reach profitability as early as 2025'.
Muchnick told Bloomberg that its Chilean and Argentine operations are expected to become profitable by the second quarter of this year, while Mexico and Brazil are likely to reach that goal in 2026.
NotCo also confirmed it had laid off about 11% of its workforce in November 2023 under a restructuring exercise to 'optimise operations' in order to 'enhance efficiency and ensure long-term sustainability'.
The company added in the statement: 'Despite these adjustments, NotCo remains a strong and growing organisation, dedicated to advancing plant-based innovation and expanding its market presence.'
"NotCo's plant-based venture with Kraft Heinz hits stumbling block" was originally created and published by Just Food, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Dollar hits fresh 2025 low as US tariff concerns pick up again
(Bloomberg) — The dollar (DX=F) extended its decline as worries over US tariffs increased after President Donald Trump said he would notify trading partners soon of unilateral levies. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? The Bloomberg Dollar Spot Index slid as much as 0.6% to the lowest level since July 2023 on Thursday, extending the previous day's drop spurred by softer US inflation data. The euro rose to its strongest since November 2021. Traders will be monitoring US producer-price data due later Thursday for confirmation of subdued pressures. Some of its components feed into core personal consumption expenditure, the Federal Reserve's preferred measure of inflation. They will also watch an auction of 30-year Treasuries after yields surged last month on fiscal concerns. 'Dollar weakness has much more room to run,' said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. He added the greenback's weakness despite rising yields show eroding investor confidence in US assets. The dollar's decline spilled into the currency volatility market, reinforcing the inverse correlation between the greenback and hedging costs recently. Demand was particularly pronounced in the one-week tenor, which captures the Fed's June 18 policy meeting. What Bloomberg's Strategists Say... 'Trader pricing still favors more Federal Reserve interest rate cuts, although the precise timing flips around depending on the prevailing investor mood. But what is consistent is the US dollar ploughing a path to the downside as FX trader convictions firm.' — Mark Cranfield, Markets Live Strategist, Singapore Currency traders will also be watching the upcoming Group-of-Seven summit for any trade negotiation developments. 'We are watching the G-7 summit closely for pending trade deals between the US and its key trading partners (e.g., Mexico and Canada),' said Alex Loo, macro strategist at TD Securities in Singapore. 'Leaks this week may boost sentiment, especially the likes of Canadian dollar and Mexican peso.' (Updates with pricing, analyst quote and options section.) New Grads Join Worst Entry-Level Job Market in Years American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
13 minutes ago
- Business Wire
Wallbox and Ensol Expand Partnership to Deliver Fast Charging Infrastructure in Texas, Florida, and Georgia
BARCELONA, Spain--(BUSINESS WIRE)--Wallbox (NYSE: WBX), a global leader in electric vehicle (EV) charging and energy management solutions, today announced the expansion of its partnership with ENSOL EV, the e-mobility division of Texas-based Ensol Energy Solutions LLC. This next phase of the collaboration includes the deployment of Wallbox's Supernova DC fast chargers across key urban centers and transit corridors locations in Texas, Florida, and Georgia, three states experiencing rapid growth in EV adoption and charging demand. This strategic move builds on the existing relationship between the two companies, which began with ENSOL EV installing Wallbox's Pulsar line of AC chargers at residential and commercial sites. The new phase extends their partnership into DC fast charging for the first time, centered around Wallbox's Supernova charger, now certified under both CTEP and NTEP standards. ENSOL EV plans to pair the Supernova chargers with on-site renewable energy systems, integrating solar and battery storage to further both companies' shared focus on clean energy and long-term mobility solutions. The initial rollout will target high-traffic urban zones and regional transit corridors, where demand for fast, reliable EV charging continues to grow rapidly. 'This expansion is an exciting next step in our work with Ensol and brings our Supernova fast chargers to high-growth EV markets in the U.S.,' said Douglas Alfaro, Chief Business Development Officer at Wallbox. 'States like Texas, Florida, and Georgia are seeing accelerating demand for charging infrastructure, and we're proud to support that shift with reliable, certified fast charging solutions.' 'Our goal is to build charging infrastructure that not only enables electric mobility but is rooted in sustainability as the core of the entire concept,' said Ernesto Figueroa, CEO at ENSOL EV. 'Wallbox's Supernova chargers are a perfect fit for our projects, allowing us to integrate renewable energy and smart technologies seamlessly. We're proud to take this next step together.' Initial installations are scheduled to begin in the second half of 2025, with additional sites to follow through early 2026. The Supernova fast charger delivers up to 180 kW of power and includes integrated smart charging features for optimal energy distribution and uptime performance. About Wallbox Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 100 countries around the world. Founded in 2015 in Barcelona, where the company's headquarters are located, Wallbox currently has offices across Europe, Asia, and America. For more information, visit About Ensol ENSOL EV is the electric mobility division of Ensol Energy Solutions LLC, delivering turnkey EV charging solutions across the residential, commercial, and fleet sectors in the United States and Latin America. As part of its commitment to quality and innovation, ENSOL EV has selected Wallbox as its exclusive hardware partner for both Level 2 and DC fast charging solutions, ensuring customers receive cutting-edge, reliable technology backed by expert installation and support. Founded in 2021, ENSOL EV serves high-growth sectors including real estate developments, auto dealerships, and last-mile logistics, providing licensed, insured installation services optimized for the unique requirements of each of these segments. In Latin America, ENSOL EV is focused on deploying commercial fleet charging solutions integrated with solar generation and battery storage systems—offering a sustainable and resilient path to clean mobility. The company also leads the development of Greenera, its public DC fast charging network, which will deploy 500 Wallbox Supernova chargers in the coming years—starting with 100 chargers in its first year of rollout. Headquartered in Texas, ENSOL EV is building the infrastructure to power the future of clean transportation—one charger at a time. For more information, visit Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox's future operating results and financial position, long term profitability and costs optimization, business strategy and plans and market opportunity. The words 'anticipate,' 'believe,' 'can,' 'continue,' 'could,' 'estimate,' 'expect,' 'focus,' 'forecast,' 'intend,' 'likely,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' ''target,' will,' 'would' and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox's history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox's ability to successfully manage its growth; the accuracy of Wallbox's forecasts and projections including those regarding its market opportunity; competition; risks related to losses or disruptions in Wallbox's supply or manufacturing partners; impacts resulting from geopolitical conflicts; risks related to macro-economic conditions and inflation; Wallbox's reliance on the third-parties outside of its control; risks related to Wallbox's technology, intellectual property and infrastructure; occurrence of any public health crisis or similar global events as well as the other important factors discussed under the caption 'Risk Factors' in Wallbox's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the 'SEC'), accessible on the SEC's website at and the Investors Relations section of Wallbox's website at Any such forward-looking statements represent management's estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Yahoo
13 minutes ago
- Yahoo
Dollar Hits Fresh 2025 Low as US Tariff Concerns Pick Up Again
(Bloomberg) -- The dollar extended its decline as worries over US tariffs increased after President Donald Trump said he would notify trading partners soon of unilateral levies. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? The Bloomberg Dollar Spot Index slid as much as 0.6% to the lowest level since July 2023 on Thursday, extending the previous day's drop spurred by softer US inflation data. The euro rose to its strongest since November 2021. Traders will be monitoring US producer-price data due later Thursday for confirmation of subdued pressures. Some of its components feed into core personal consumption expenditure, the Federal Reserve's preferred measure of inflation. They will also watch an auction of 30-year Treasuries after yields surged last month on fiscal concerns. 'Dollar weakness has much more room to run,' said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. He added the greenback's weakness despite rising yields show eroding investor confidence in US assets. The dollar's decline spilled into the currency volatility market, reinforcing the inverse correlation between the greenback and hedging costs recently. Demand was particularly pronounced in the one-week tenor, which captures the Fed's June 18 policy meeting. What Bloomberg's Strategists Say... 'Trader pricing still favors more Federal Reserve interest rate cuts, although the precise timing flips around depending on the prevailing investor mood. But what is consistent is the US dollar ploughing a path to the downside as FX trader convictions firm.' — Mark Cranfield, Markets Live Strategist, Singapore Currency traders will also be watching the upcoming Group-of-Seven summit for any trade negotiation developments. 'We are watching the G-7 summit closely for pending trade deals between the US and its key trading partners (e.g., Mexico and Canada),' said Alex Loo, macro strategist at TD Securities in Singapore. 'Leaks this week may boost sentiment, especially the likes of Canadian dollar and Mexican peso.' (Updates with pricing, analyst quote and options section.) New Grads Join Worst Entry-Level Job Market in Years American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
