Milling & Baking News - January 10, 2023 - 22

TUES | 01 10 202 3
Foreign grain-based foods
companies fail to avoid declines
I
t was another challenging year for
foreign grain-based foods companies in
2022, as more than half of the companies
tracked by Milling & Baking News finished
lower year-over-year. The lingering effects
of the coronavirus (COVID-19) pandemic
continued to hold sway in international
markets as did rising costs and inflation.
A total of 22 of the 40 companies tracked
by Milling & Baking News recorded yearover-year
decreases in share price during
2022 while 18 posted increases. By comparison,
13 companies recorded year-overyear
increases in 2021. Two companies
- Ajinomoto Co. Inc. and Barry Callebaut
- have been added to this year's review,
while two - South Cairo and Giza Flour
Mills and Egyptian Starch - have been
removed. Stock prices for the latter two
largely were unquoted throughout 2022.
Associated British Foods finished the
year at 1576p, down 22% from 2008p in
2021 and down 30% from 2247p in 2020.
" This year all of our businesses
experienced cost inflation across an
unprecedented range of inputs, " Michael
McLintock, chairman of ABF, said in the
company's annual report. " Although hard
work has successfully recovered much
of this cost inflation, more remains to be
done. The Group continued to invest for
the long term with a gross investment this
year of £930 million, notably up on the
£721 million investment last year. "
He said the company built a new feed
mill in Western Australia and began a
major expansion of its yeast extracts facility
in Hamburg, Germany. ABF also spent
£160 million on acquisitions in 2022, with
the key additions being the life sciences
company Fytexia for ABF Ingredients,
and Greencoat, an animal supplement and
care business for AB Agri.
Carr's Group PLC's share price closed at
124.50p in 2022, down 22% from 160p in 2021.
Carr's in October completed the disposal
of its interest in the Agricultural Supplies
Division to Edward Billington and Son Ltd.
for £44.5 million. With the sale, Carr's said it
now can focus on its Specialty Agriculture
and Engineering divisions, which provide " a
greater opportunity for growth and historically
have achieved higher profit margins. "
Tate & Lyle PLC, the global sweetener
company, had a 52-week high of 814.9p in
early May before tailing off and settling
at 711.20p on Dec. 30, up 7.5% from 661.4p
in 2021. In March, Tate & Lyle agreed to
acquire Quantum Hi-Tech Biological Co.,
Ltd. from ChemPartner Pharmatech Co.,
Ltd. for $237 million. Headquartered in
Guangdong, China, Quantum specializes
in the research, development, production
and sale of fructo-oligosaccharides (FOS)
and galacto-oligosaccharides (GOS). A
few months later, Tate & Lyle further
expanded, acquiring most of the assets of
Nutriati, Richmond, Va., a developer and
manufacturer of chickpea-based ingredients
sold under the Artesa brand.
Premier Foods, the UK's largest food
producer, finished 2022 at 108.60p, down
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Milling & Baking News - January 10, 2023

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