Milling & Baking News - November 3, 2020 - 12

Business

Aryzta AG concludes acquisition
discussions with Elliott Advisors
SCHLIEREN, SWITZERLAND -
Aryzta AG announced on Oct. 24 that
it has concluded its acquisition discussions with Elliott Advisors (UK) Ltd.
Aryzta said the talks ended without a
binding offer, and the company now
will move forward in search of the
"optimum option to bring the company forward sustainably."
"As mentioned on Oct. 6, all strategic options will be fully explored
in the best interest of the business
and all stakeholders," said Urs Jordi,
chairman of Aryzta. "This is an important step in the process to implement the necessary changes to deliver
sustainable improvements in Aryzta,

as mandated by the overwhelming
shareholder endorsement at the EGM
(extraordinary general meeting) on
Sept. 16. Our plans will be presented

at the upcoming AGM (annual general
meeting)."
The AGM is scheduled for Dec. 15.
Patrik Schwendimann, an analyst
with Zürcher Kantonalbank, wrote in
an Oct. 26 research note that it is now
important that Aryzta has the freedom

Chicago-based private equity firm
partners with J&K Ingredients Corp.
CHICAGO - CORE Industrial Partners
LLC, a Chicago-based private equity
firm, has partnered with J&K Ingredients
Corp., a Paterson, NJ-based manufacturer of baked foods ingredients. The company's product line is focused on natural,
organic and clean label products.
Financial terms of the transaction were
not disclosed.
Founded in 1899, J&K Ingredients developed the baking industry's first natural
mold inhibitor more than four decades ago
and remains at the forefront of natural mold
inhibitor innovation, custom formulation

and manufacturing. The company's signature product lines include Bred-Mate, RiceMate and SOR-Mate. SOR-Mate is the first
fruit-based natural replacement for sorbic
acid and potassium sorbate.
In addition, J&K Ingredients offers more
than 400 products spanning 13 categories,
including bread and roll bases, dough conditioners, milk replacers, flavors, emulsions
and stabilizers. The company's customers
include commercial bakeries and bakery
product wholesalers and distributors.
J&K Ingredients operates three facilities in Paterson and holds Food and

to negotiate with other parties about
the sale of individual subsidiaries.
"We continue to believe that an exit
from North America is the most likely
scenario," Mr. Schwendimann said. "We
consider a sale multiple EV/sales of 0.6x
to 0.8x to be plausible, which would correspond to around €750 million to €1,000
million. Aryzta could thus reduce a significant part of its normal debt. ... The
risks remain very high, but a successful
sale of the activities in North America
would be a very important cornerstone
for a successful turnaround."
Discussion on a potential public tender offer between Elliott Advisors and
Aryzta AG first surfaced on Sept. 10.
Since that time, Aryzta has held an extraordinary general meeting and published the annual results for the 201920 fiscal year. MBN

Drug Administration, halal, kosher, FSSC
22000, and organic certifications.
"J&K is a pioneer in the development
of on-trend, clean label ingredients,"
said John May, managing partner of
CORE. "The food industry continues
to convert to clean label ingredients in
response to consumer demand, and we
believe J&K is well-positioned to benefit from this powerful tailwind given
its scalable operations, broad portfolio
of products and in-house ability to innovate and develop new formulations
through its cutting-edge R&D lab."
CORE is a private equity firm investing exclusively in manufacturing and industrial technology companies in North
America. MBN

ADM, Marfrig receive approval for
plant-based foods joint venture

Flowers Foods names Eric Mathis
chief procurement officer

CHICAGO - Archer Daniels Midland Co. and Marfrig received
regulatory approval for their PlantPlus Foods joint venture. It will
offer a range of finished plant-based food products across North
America and South America.
"We're excited to take this important step forward as we bring
together the tremendous resources of two leaders in nutrition," said
Marcos Molina, founder and chairman of Marfrig. "PlantPlus Foods
is born of two companies that had a common vision to create a new
venture offering a complete portfolio of delicious, sustainable plantbased foods for consumers across the Western Hemisphere."
Marfrig is a beef and beef patty producer that owns 70% of the
PlantPlus Foods joint venture and will be responsible for finished
product production and distribution, utilizing its facilities in South
America, mainly in Várzea Grande, in the Brazilian state of Mato
Grosso, and its facilities in the United States.
ADM owns 30% of the joint venture and will supply technical
expertise, application development and an array of plant-based ingredients, flavors and systems from its specialty protein complex in
Campo Grande, Mato Grosso do Sul, and its network of US-based
ingredient and flavor facilities. MBN

THOMASVILLE, GA. - Eric Mathis has been named senior vice
president and chief procurement officer at Flowers Foods, Inc. In his
new role, he will be responsible for managing the company's sourcing, procurement and supply management programs and report to
Steve Kinsey, chief financial officer and chief accounting officer.
"We're tremendously excited Mr. Mathis has joined Flowers to lead the procurement team's efforts for
the company," Mr. Kinsey said. "His extensive
experience in the food and commodities sectors,
as well as his cost containment and management
expertise, will be a key support for our continuing
priority to improve margins."
Prior to joining Flowers, Mr. Mathis was vice
president of global sourcing at Krispy Kreme Mathis
Doughnut Corp. Before that, he held procurementrelated roles at Mondelez International; Alberto-Culver; Wise
Foods, Inc.; Schwan's Bakery, Inc.; President Baking Co.; Sara Lee
Bakery; and Archer Daniels Midland Co.
Mr. Mathis received a bachelor's degree in agricultural economics from the University of Illinois. MBN

12 / November 3, 2020

Milling & Baking News

bakingbusiness.com / world-grain.com


http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - November 3, 2020

Table of Contents for the Digital Edition of Milling & Baking News - November 3, 2020

Milling & Baking News - November 3, 2020 - 1
Milling & Baking News - November 3, 2020 - 1
Milling & Baking News - November 3, 2020 - 2
Milling & Baking News - November 3, 2020 - 3
Milling & Baking News - November 3, 2020 - 4
Milling & Baking News - November 3, 2020 - 5
Milling & Baking News - November 3, 2020 - 6
Milling & Baking News - November 3, 2020 - 7
Milling & Baking News - November 3, 2020 - 8
Milling & Baking News - November 3, 2020 - 9
Milling & Baking News - November 3, 2020 - 10
Milling & Baking News - November 3, 2020 - 11
Milling & Baking News - November 3, 2020 - 12
Milling & Baking News - November 3, 2020 - 13
Milling & Baking News - November 3, 2020 - 14
Milling & Baking News - November 3, 2020 - 15
Milling & Baking News - November 3, 2020 - 16
Milling & Baking News - November 3, 2020 - 17
Milling & Baking News - November 3, 2020 - 18
Milling & Baking News - November 3, 2020 - 19
Milling & Baking News - November 3, 2020 - 20
Milling & Baking News - November 3, 2020 - 21
Milling & Baking News - November 3, 2020 - 22
Milling & Baking News - November 3, 2020 - 23
Milling & Baking News - November 3, 2020 - 24
Milling & Baking News - November 3, 2020 - 25
Milling & Baking News - November 3, 2020 - 26
Milling & Baking News - November 3, 2020 - 27
Milling & Baking News - November 3, 2020 - 28
Milling & Baking News - November 3, 2020 - 29
Milling & Baking News - November 3, 2020 - 30
Milling & Baking News - November 3, 2020 - 31
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Milling & Baking News - November 3, 2020 - 33
Milling & Baking News - November 3, 2020 - 34
Milling & Baking News - November 3, 2020 - 35
Milling & Baking News - November 3, 2020 - 36
Milling & Baking News - November 3, 2020 - 37
Milling & Baking News - November 3, 2020 - 38
Milling & Baking News - November 3, 2020 - 39
Milling & Baking News - November 3, 2020 - 40
Milling & Baking News - November 3, 2020 - 41
Milling & Baking News - November 3, 2020 - 42
Milling & Baking News - November 3, 2020 - 43
Milling & Baking News - November 3, 2020 - 44
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Milling & Baking News - November 3, 2020 - 47
Milling & Baking News - November 3, 2020 - 48
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