Latest news with #Philippines-headquartered
Yahoo
5 days ago
- Business
- Yahoo
Century Pacific Food confirms acquisition of Atlantic Natural brands
Century Pacific Food has confirmed the acquisition of assets from Atlantic Natural Foods, including the Loma Linda ready meals and Tuno alt-tuna brands. The Philippines-headquartered food and drinks business said in a stock exchange filing the transaction was executed through its Century Pacific North America (CPNA) division for "less than" $10m. Century Pacific Food said today (12 August) the asset purchase enables it to 'further scale its growing presence in shelf-stable, plant-based nutrition'. The deal also includes the Neat egg alternative and the caffeine-free Kaffree Roma drinks brands, along with "formulations, select manufacturing assets, licences, and remaining inventory". Greg Banzon, chief operating officer of Century Pacific Food, said: 'We are bringing together a trusted heritage brand and a disruptor brand under one roof - leveraging decades of consumer trust with bold innovation. 'This allows us to serve both loyal customers and new generations seeking accessible, nutritious, and sustainable food choices.' Century Pacific Food had expressed an interest in Atlantic Natural Foods assets and was named the stalking horse bidder in June. Atlantic Natural Foods filed for Chapter 11 bankruptcy in the US in April. A Louisiana bankruptcy court approved the bidding process in June and Atlantic Natural Foods signed an asset-purchase agreement with Century Pacific Food. The bankruptcy filing revealed that Atlantic Natural Foods had assets ranging from $10m to $50m and liabilities between $1m and $10m. Loma Linda, a brand with roots dating back to 1890, was 'transformed' by Atlantic Natural Foods into a 'key player' in health foods, Century Pacific Food said. Since acquiring Loma Linda in 2016, Atlantic Natural Foods developed products such as Big Franks vegan hotdogs, Skallops, and Tuno, its flagship plant-based tuna, which are now available in North America and over 30 countries. Century Pacific Food's US business offers the unMeat brand, a shelf-stable plant-based product line sold in US retailers such as Walmart and over 13,000 stores globally. Banzon concluded: 'The acquisition reflects CPNA's measured and profitable growth strategy: tapping into established markets while accelerating momentum for plant-based food adoption across diverse geographies. 'Ultimately, it reinforces the group's broader mission of building a healthier, more sustainable portfolio that provides affordable nutrition to the consumers we serve.' "Century Pacific Food confirms acquisition of Atlantic Natural brands" 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.
Yahoo
07-08-2025
- Business
- Yahoo
Monde Nissin's Quorn sales pressured but signs of improvement emerge
Quorn owner Monde Nissin has reported another decline in meat-free sales but EBITDA turned positive in the second quarter of 2025. It was also a more upbeat picture for Philippines-headquartered Monde Nissin in terms of net profit for the category as losses narrowed for the quarter and the first half of the year. While 'softness' in consumer demand continues to weigh on the listed company's meat-alternatives operating segment, Monde Nissin CEO Henry Soesanto was more sanguine on the outlook. And impairment charges that have plagued the business were absent for the category in the latest results. 'We are pleased to report continued improvement in our meat-alternative business during the second quarter. Our gross margin expanded over 200 basis points, and we achieved positive EBITDA for the quarter after funding A&P investment,' Soesanto explained in the statement yesterday (6 July). Sales of meat-free products in the quarter to 30 June dropped 2.1% to 3.29bn pesos ($57.5m) on a reported basis, a smaller decline than the 2.7% reported in the same period of last year. However, over the first half, a 3% sales decrease was more pronounced than the 0.6% in the opening six months of 2024. Into the third quarter, Monde Nissin, essentially the Quorn brand in terms of meat alternatives, is seeing signs of improvement. 'In July, we saw a modest year-over-year increase in meat-alternative sales, which was our first growth after several years of decline,' Soesanto said. 'While it is just one month, it is an encouraging sign given ongoing category headwinds. We remain focused on stabilising performance and adapting to evolving consumer preferences.' Meanwhile, gross profit for the segment climbed 6.4% to 828m pesos, building on the 3.9% increase reported in the second quarter of last year. Year to date, gross profit was up 8.5% at 1.6bn pesos following a 5.6% decline in the corresponding six months. The net-income loss after tax for meat-free products narrowed to 157m pesos in the second quarter from a 270m-peso loss. Losses also shrank to 215m pesos from 486m pesos over the first half of the year from the previous six months. Core EBITDA delivered a positive outcome - 24m pesos for the quarter compared to an 84m-peso loss a year earlier. Similarly, for the first six months of 2025, EBITDA was in the black at 165m pesos versus a 144m-peso loss. Monde Nissin said the improvement in the gross margin for meat alternatives to 25.1% was 'driven by transformation benefits, lower inventory, lower input costs, and targeted selling price increases, partially offset by the impact of lower production volumes'. Meat-free is a relatively small proportion of Monde Nissin's group sales and profits, which are dominated by the core Asia Pacific branded food and beverage business (APAC BFB), which features the likes of Lucky Me noodles, SkyFlakes crackers and Nissin cookies. Group sales across the two divisions rose 3.8% in the second quarter to 20.6bn pesos, of which APAC BFB delivered 17.2bn pesos, a 5% increase. First-half total sales amounted to 41.5bn pesos, up 3.3%. APAC BFB accounted for 34.9bn pesos, a 4.6% improvement. Monde Nissin's bottom-line performance for the group and the core business was less upbeat. Net profit after tax fell 18.7% in the quarter to 1.8bn pesos for the company overall, while it dropped 21.2% for the APAC BFB division to 2bn pesos. Declines were delivered of 7.3% and 11.5% for the two business units, respectively, for end first-half results of 4.7bn pesos and 4.9bn pesos. "Monde Nissin's Quorn sales pressured but signs of improvement emerge" 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. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
