AGRIC AND FOOD : View Posts

Vevey, Switzerland, Nestlé has announced another step forward in the implementation of its comprehensive value creation model. Early in 2017, the company’s management, together with the Nestlé Board of Directors, initiated a comprehensive review of the company’s capital structure and priorities to support and enhance its ability to deliver on its value creation model. Nestlé regularly revisits its capital structure to reflect changing market conditions and strategic priorities. Nestlé’s financial strategy aims at striking the right balance between growth in earnings per share, competitive shareholder returns, flexibility for external growth and access to financial markets.

As a result of this review, Nestlé determined that capital spending will be focused particularly on advancing high-growth food and beverage categories such as coffee, petcare, infant nutrition and bottled water, as well as expanding its presence in high-growth geographic markets. In line with the company’s nutrition, health and wellness strategy, it will also pursue growth opportunities in consumer healthcare. Consistent with a disciplined approach to acquisitions, Nestlé will only prioritise external growth opportunities that fit within targeted categories and geographies, deliver attractive returns, and build on the company’s leadership position in fast growing food and beverage categories.

Nestlé’s recent announcement that it would explore strategic options for its US confectionery business is consistent with this overall approach. The company will continue to adjust its portfolio in line with its strategy and growth objectives.

Nestlé will also continue to assess opportunities for margin improvement through targeted efficiency programs that do not undermine the company’s performance in attractive long-term growth categories.
In the context of low interest rates and strong cash flow generation, share buybacks offer a viable option to create shareholder value. Therefore, as a result of its review, the Board of Directors approved a share buyback program of up to CHF 20 billion, to be completed by the end of June 2020. Should any sizeable acquisitions take place during this period, the share buyback program will be adapted accordingly.

The program is scheduled to start on 4 July 2017. The volume of monthly share buybacks will depend on market conditions but is likely to be backloaded in 2019 and 2020 to allow the pursuit of value-creating acquisition opportunities. Based on current projections, the company expects a net debt to EBITDA ratio of circa 1.5 in 2020.

The company is committed to maintaining its sustainable dividend practice.

CINCINNATI, — The Kroger Co. (NYSE: KR) announced today the expansion of its exclusive Our Brands product lines to offer its customers greater value, variety and quality. The company currently offers more than 30,000 Our Brands items, including food, beauty, personal care, pet and household essentials, many of which are made at one of the company’s 38 U.S. production plants that employ 8,600 manufacturing associates.

Simple Truth® Low Cow Ice Creams

“Our Brands sold a record-setting 8.2 billion units in 2016, which equates to customers choosing to add 1.25 million of our exclusive products to their shopping carts every hour that our stores are open,” said Gil Phipps, Kroger’s vice president of Our Brands. “Through innovation, we are committed to introducing new items monthly that give our customers a wide selection of choices and price points, and always guaranteed quality.”

The foods in Our Brands, such as Kroger®, Private Selection®, Simple Truth®, Simple Truth Organic® and HemisFares™, are specifically designed, rigorously tested and consistently evaluated to ensure that they continue to satisfy and delight. Kroger’s team of chefs, food scientists and culinary experts are constantly exploring, testing and inventing to enhance its offerings of organic, natural, premium, fusion, value and conventional eats.

In third-party blind taste tests, Our Brands has routinely outperformed competitive national brands and other private label foods. New flavor-forward and specialty products that Our Brands has introduced this year include: HemisFares™ Japanese Dry-Aged Red Miso; HemisFares™ Double Brewed Soy Sauce; Kroger® Simply Baked French Fries with Olive Oil & Sea Salt; Kroger® Deluxe Funnel Cake Ice Cream; Private Selection™ Moroccan BBQ & Basting Sauce; Simple Truth® Dairy-Free Paletas (fruit bars); Simple Truth Organic Blueberry Ginger Kombucha; and Simple Truth Organic® Cold Brew Coffee.

Launching early next month, Our Brands will introduce Simple Truth® Low Cow Lite Ice Cream, which is low calorie (240-280 calories per pint) and high protein (24 grams per pint). The first six rich and creamy flavors will include birthday cake, chocolate, lemon cake, mint chocolate chip, sea salt caramel and vanilla bean.

Along with the commitment to expand its Our Brands offerings, Kroger recently launched its Prep+Pared meal kits pilot in select Cincinnati stores. Prep+Pared meal kits offer restaurant-quality meals that are easy to cook in about 20 minutes and answer the question, “What’s for dinner?”

At The Kroger Co., we are dedicated to our purpose: to Feed the Human SpiritSM. We are 443,000 associates who serve eight and a half million customers every day in 2,792 retail food stores under a variety of local banner names in 35 states and the District of Columbia. Our Family of Companies operates an expanding ClickList offering – a personalized order online service – in addition to 2,255 pharmacies, 782 convenience stores, 311 fine jewelry stores, 220 retail health clinics, 1,453 supermarket fuel centers and 38 food production plants in the United States. Our Company has been recognized as one of America’s most generous companies for its support of more than 100 Feeding America food bank partners, breast cancer research and awareness, the military and their families, and more than 145,000 community organizations including schools. As a leader in supplier diversity, we are a proud member of the Billion Dollar Roundtable.

WASHINGTON, – Acting Deputy Undersecretary for Rural Development Roger Glendenning today announced that USDA is providing more than a quarter billion dollars in loans for rural electric infrastructure improvements.

“These loans will help improve the delivery of reliable electricity, and will help ensure that rural areas nationwide can prosper economically and benefit from today’s technologies to meet tomorrow’s needs,” Glendenning said.

The loans are being provided through the Electric Program of the Rural Utilities Service. They will support the construction or improvement of 1,369 miles of transmission and distribution line. They include $22.4 million for smart grid technologies to increase system efficiency and reliability. Smart Grid increases the reliability of electric power by helping utilities better manage power needs and supply, and improve operational efficiencies. It includes metering, substation automation, computer applications, two-way communications, geospatial information systems and other improvements.

Georgia’s Greystone Power Corp. will use a $90.3 million infrastructure loan to connect more than 8,000 customers and build 148 miles of distribution line. The loan includes $9.1 million for smart grid investments. The upgrades will help Greystone continue to meet its customers’ needs, such as those of agricultural and industrial businesses that are credited with driving the economic growth in Greystone’s eight-county service territory.

Indiana’s Whitewater Valley Rural Electric Membership Corp. will use a $10 million loan to upgrade 111 miles of line and make system improvements. The loan includes $125,000 in smart grid technologies.

Michigan’s Great Lakes Energy Cooperative is receiving a $47.7 million loan to build or improve 709 miles of line for 3,000 new consumers. The loan includes $4.6 million for smart grid technologies.

Minnesota’s Wild Rice Electric Cooperative Inc. will use a $14.7 million loan to build or improve 121 miles of line and finance $3.3 million in smart grid technologies.
Ohio’s Logan County Cooperative Power and Light Association will use a $4.3 million loan to build 40 miles of line and invest more than $428,000 in smart grid technologies. Also in Ohio, Lorain-Medina Rural Electric Cooperative will use a $9.4 million loan to build nearly 50 miles of line and invest $947,000 in smart grid technologies.

The Northwestern Electric Cooperative in Oklahoma will use a $25 million loan to build 155 miles of line and invest $3.9 million in smart grid technologies.

North Dakota’s Central Power Electric Cooperative, Inc. will use a $50.4 million loan to build or improve nearly 35 miles of transmission line.

The Electric Program is the successor to the Rural Electrification Administration. It makes loans and loan guarantees to nonprofit and cooperative associations, public bodies and other utilities to help finance the construction of electric distribution and generation facilities in rural areas.

USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; homeownership; community services such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov.

CHICAGO, — Archer Daniels Midland Company (NYSE: ADM) today issued its 2016 Corporate Sustainability Report, which details significant progress in areas ranging from energy and water efficiency to the traceability of the company’s palm and soy supply chains.

“In 2016, we made significant advancements in our social and environmental goals, reflecting how we run our business and make a productive contribution to society,” said ADM Chairman and CEO Juan Luciano.  “We are addressing some of the world’s most urgent needs by improving our energy and water efficiency, implementing initiatives to ensure a sustainable global supply chain, enforcing human rights, and investing in local economies where ADM operates.”

The report, available at www.adm.com/sustainability, details a wide range of achievements:
• ADM has reached its stated goal in palm oil traceability, achieving 98 percent traceability for palm oil and 95.5 percent for palm kernel oil.
• The company has completed a soybean sourcing analysis for Paraguay, Brazil, Argentina, Uruguay and Bolivia; advanced its efforts to map soy sourcing systems and processes in Brazil and Paraguay; and is working to identify and test methodology and monitoring tools to implement a viable system to detect deforestation of native vegetation.
• Since 2010, the company has reduced energy intensity by 25 percent and emissions by 11 percent on a per-unit-of-production basis.
• Since 2008, ADM has reduced water usage by 24 percent on a per-unit-of-production basis.
• As part of its Respect for Human Rights policy implementation, the company instituted site visits and training programs in Paraguay, Brazil, and India.
• In 2016, ADM contributed more than $11 million to charitable causes.

About ADM
For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve the vital needs of a growing world. Today, we’re one of the world’s largest agricultural processors and food ingredient providers, with approximately 32,000 employees serving customers in more than 160 countries. With a global value chain that includes approximately 500 crop procurement locations, 250 ingredient manufacturing facilities, 38 innovation centers and the world’s premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, industrial and energy uses. Learn more at www.adm.com. 

WASHINGTON, – Agriculture Secretary Sonny Perdue today announced that USDA is seeking applications for technical assistance and training grants in the Community Facilities program.

“Too often, rural community organizations lack the technical expertise they need to access federal dollars,” Perdue said. “These technical assistance and training grants will help rural organizations overcome hurdles that prevent them from fully utilizing the Community Facilities Program. Increased access to federal funding will help build essential community facilities, and will allow rural areas to thrive.”

The grants are being provided through the Community Facilities Technical Assistance and Training Grant Program. Congress authorized this new program in the 2014 Farm Bill to help rural communities develop their applications for Community Facilities loans and grants.

Communities can use the grants to hire specialized personnel, pay for feasibility studies, retain consultants to prepare financial assistance applications and identify and plan for long-term community facilities needs.

Providing technical assistance will help more rural communities qualify for loans and grants. Many often lack access to specialized personnel who complete financial and environmental analyses, for example. These analyses often must be included in applications for USDA loans and grants.

Public bodies, non-profit organizations and Federally-recognized Tribes are eligible to apply for this funding. The maximum grant is $150,000.

Interested applicants may find more information about this program on page 23525 of the May 23, 2017, Federal Register.

Community Facilities programs help underserved rural communities develop essential community services, which in turn helps attract investments, create and retain jobs and businesses, and retain residents.

USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; homeownership; community services such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov.

CHICAGO, —Archer Daniels Midland Company (NYSE: ADM) announced today that it has reached an agreement to purchase a controlling interest in Industries Centers, an Israeli company specializing in the import and distribution of agricultural feed products.

“With this investment, we are continuing to expand and enhance our core value chain, including our ability to deliver direct to the customer,” said Joe Taets, president of ADM’s Agricultural Services business unit. “Industries Centers offers an entry point into a strong, established Israeli market. We have worked with them in the past to help us import our own products into Israel, and we know them as an experienced, capable partner.”

Industries Centers, founded in 1993, trades corn byproducts and other grain products. It has offices in the Tel Aviv area, and operates a 45,000 MT storage facility strategically located at the Port of Ashdod. The company has a significant and diversified customer base within Israel. It is privately owned.

“This is a great opportunity for us to reach new customers with a wide array of products, from soybean meal to grains to feed ingredients,” Taets continued. “It also represents a further expansion of our destination marketing capabilities, which remain a strategic priority as we work to enhance shareholder returns by extending our value chain to the end customer.”

About ADM
For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve the vital needs of a growing world. Today, we’re one of the world’s largest agricultural processors and food ingredient providers, with approximately 32,000 employees serving customers in more than 160 countries. With a global value chain that includes approximately 500 crop procurement locations, 250 ingredient manufacturing facilities, 38 innovation centers and the world’s premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, industrial and energy uses. Learn more at www.adm.com.

CHICAGO, — Archer Daniels Midland Company (NYSE: ADM) announced today that the Illinois Industrial Carbon Capture and Storage (ICCS) project, a partnership to safely and permanently store more than 1 million tons of carbon dioxide a year, has begun operations.

“We are extremely proud to be part of this important program,” said Todd Werpy, ADM chief technology officer. “The technology that we are using in Decatur can be a model for reducing industrial carbon emissions around the world. We’re pleased to be working with great partners in the U.S. Department of Energy, Richland Community College and the University of Illinois – Illinois State Geological Survey, and we’re excited to move forward as we not only reduce our carbon emissions in Decatur, but also contribute to important research that will help other companies do the same.”

“2017 is a watershed year for carbon capture in the United States. On the heels of the successful opening of Petra Nova in Texas, the Illinois Industrial facility serves as another example that large-scale CCS deployment works, is safe, and serves as a key component of a low carbon future,” said Jeff Erikson, general manager of the Americas region with the Global CCS Institute. “The Illinois Industrial CCS Facility is the 12th large-scale CCS facility operating in North America, and the first large-scale application of CCS on biofuels production in the world. With this landmark achievement, ADM will now capture and store about one million tons of CO2 per year. We applaud ADM for their vision and leadership, and acknowledge the foresight and wise investment provided by the U.S. Department of Energy.”

The project captures carbon dioxide, which is created as a byproduct at ADM’s Decatur corn processing facility, and stores it safely almost a mile and a half underground in the Mt. Simon Sandstone. With the capability to store 1.1 million tons of carbon annually, ICCS is designed to demonstrate the commercial-scale applicability of carbon capture and storage technology in a saline reservoir. The project is currently permitted to operate for five years and has the potential to store up to 5.5 million tons of carbon dioxide.

This is the second carbon capture and storage project that ADM has helped to lead. Previously, the company removed and stored approximately a million tons of carbon over three years as part of the smaller-scale Illinois Basin – Decatur Project, led by the Midwest Geological Sequestration Consortium at the University of Illinois.

“ADM is committed to successfully feeding the world while minimizing our impact on the planet,” Werpy continued. “Around the globe, across our business, from reducing waste and water usage to increasing energy efficiency to taking part in this groundbreaking carbon storage project, we are living up to our dedication to do business the right way.”

About ADM
For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve the vital needs of a growing world. Today, we’re one of the world’s largest agricultural processors and food ingredient providers, with approximately 32,000 employees serving customers in more than 160 countries. With a global value chain that includes approximately 500 crop procurement locations, 250 ingredient manufacturing facilities, 38 innovation centers and the world’s premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, industrial and energy uses. Learn more at www.adm.com.

The Weetabix Food Company, owners of one of Britain’s leading cereal brands, today welcomed the news that it is to be acquired by Post Holdings, Inc., a consumer packaged goods holding company. The deal values Weetabix at £1.4 billion.

The acquisition comes on the back of the growth in Weetabix’s UK market share for cereals and drinks, rising from 15.3% to 16.4%, in the past year as consumers look for more nutritious, tasty and convenient breakfast choices.

Post Holdings, Inc., headquartered in St. Louis, Missouri, USA, is a consumer packaged goods holding company with a broad product portfolio across food including ready-to-eat cereal, value-added egg products, protein shakes, bars and powders, peanut and other nut butters, and granola. Through its Post Consumer Brands business, Post Holdings is a leader in the North American ready-to-eat cereal category. The combination of Post and Weetabix will boost international growth opportunities on both sides.

News of the acquisition was welcomed by Giles Turrell, CEO of Weetabix Food Company, who said:
“Today’s deal is great news for the team at Weetabix and all those who love our brands. The past five years have seen us increase our branded sales at home and overseas. Post is a leader within its markets and shares our commitment to providing great tasting nutritious products for the whole family. I’m confident they will help us open doors for continued expansion.”
Alongside Weetabix, the UK’s most trusted and recommended cereal, the Weetabix Food Company also produces popular breakfast brands including Weetabix Minis, Alpen and Weetos.

In 2014, it launched a breakfast drinks business, Weetabix On The Go. This has grown rapidly, with sales of more than £15m in 2016. As a standalone brand, it would now be in the top 20 breakfast brands in the UK, having grown 70% in 2016.

Weetabix is headquartered in Burton Latimer, Northamptonshire. In the UK it has factories in Burton Latimer and Corby. It also has operations in North America, South Africa, Germany and Spain. Weetabix is majority owner of a joint venture in Kenya that serves the African market and Weetabix Food Company exports its brands to more than 90 countries around the world.

In recent years, Weetabix has seen strong growth in China which is now its third-largest market after the UK/Ire and North America. Post Holdings has agreed in principle to establish a joint venture with previous owners the Bright Food Group and Barings Private Equity Asia to manage the Chinese operations.

Weetabix Food Company makes Weetabix, the UK’s number one selling, most trusted and most recommended cereals. It is home to some of Britain’s most famous and iconic brands including Weetabix, Weetabix Minis, Alpen, Weetabix On The Go Breakfast Drink, Ready Brek, Weetos and the popular Alpen bars.

Weetabix Food Company has been proudly fuelling families around the world for over 80 years with nutritious cereals and snacks produced in Burton Latimer and Corby. The company which has its global headquarters in Northamptonshire, operates across North America, South Africa, Kenya Germany and Spain and exports to more than 90 countries around the world.

TREVOSE, PA. — As California’s agriculture industry continues to plan for months of extreme rain followed by months of longer drought, the University of California Davis (UC Davis) and wine industry solutions provider Winesecrets have aligned with GE to pilot an innovative program to use captured rainwater in wine production. Reusing rainwater, rather than pulling freshwater from the aquifer, the pilot program offers a unique way to supply the needed wash water in winemaking.

GE’s Water & Process Technologies provided a reverse osmosis (RO) system and a Total Organic Carbon (TOC) analyzer to the winery at UC Davis as an inventive way to use existing technologies with advanced digital capabilities for a new application. The pilot enables the winery at UC Davis to have more control over its source water by not having to rely on the aquifer with its varying water quality and availability.

“The new pilot with GE, Winesecrets and UC Davis to use recycled rainwater is exciting. The rainwater is cleaner than groundwater sources, as it doesn’t contain as much mineral content—that makes filtering the water easier. The rainwater is collected from the roof of the Jess S. Jackson Sustainable Winery Building and other campus buildings. It then goes through the treatment system so that it can be used to clean the tanks and equipment at the winery. We treat about 7,000 gallons per day of water for use in the winery,” said Jill D. Brigham, Sustainable Wine and Food Processing Center, University of California, Davis.

The rainwater capturing system transports the rainwater through downspouts to a holding tank with a capacity of 1,200 gallons. After going through a 50-micron media filter, it is pumped into two 45,000-gallon storage tanks that feed the water treatment system.

Rainwater inherently has fewer contaminants than traditional municipal water sources like rivers, lakes and groundwater. This also reduces overall treatment costs making the process more environmentally friendly, sustainable and cost-effective. Relying on stored rather than municipal water puts the winery in control of its supply avoiding the costs of using municipal water as well as the varied quality of municipal water. Having a secure supply is a substantial benefit especially in areas of drought or complex water rights.

Water & Process Technologies’ RO system purifies the rainwater to a potable level and removes contaminants such as pesticides, herbicides, viruses, toxins, dust, pollen, bacteria and pollution. The TOC analyzer measures that the potable product water consistently meets the required quality.

“Combining the use of Water & Process Technologies’ reverse osmosis and TOC analyzer technologies, the pilot purifies the rainwater so it can be used at the winery. It has the potential to greatly enhance the industry’s sustainability efforts particularly in areas like California that are looking for alternate sources of water during times of drought,” said Kevin Cassidy, global leader, engineered systems—GE’s Water & Process Technologies.

About Water & Process Technologies
With operations in 130 countries and employing over 7,500 people worldwide, GE’s Water & Process Technologies applies its innovations, expertise and global capabilities to solve customers’ toughest water and process challenges. It offers a comprehensive set of chemical and equipment solutions, as well as predictive analytics, to enhance water, wastewater and process productivity. Water & Process Technologies strives to enable customers to meet increasing demands for clean water, overcome scarcity challenges, strengthen environmental stewardship and comply with regulatory requirements.

About GE
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

PITTSBURGH & CHICAGO– The Kraft Heinz Company (NASDAQ: KHC) and Oprah Winfrey have today announced a joint venture called Mealtime Stories, LLC, whose mission is to create a new line of food that will make real, nutritious products more accessible to everyone. The initial offering will be ready to eat refrigerated products across multiple categories.

Kraft Heinz will initially develop, manufacture, market and sell this new line of food products in the U.S. As part of the joint venture, 10% of profits will be donated to charities aimed at eradicating hunger.

Additional details about the brand specifics and products will be announced later in 2017.

ABOUT THE KRAFT HEINZ COMPANY
The Kraft Heinz Company (NASDAQ: KHC) is the third-largest food and beverage company in North America and the fifth-largest food and beverage company in the world, with eight $1 billion+ brands. A globally trusted producer of delicious foods, The Kraft Heinz Company provides high quality, great taste and nutrition for all eating occasions whether at home, in restaurants or on the go. The Company’s iconic brands include Kraft, Heinz, ABC, Capri Sun, Classico, Jell-O, Kool-Aid, Lunchables, Maxwell House, Ore-Ida, Oscar Mayer, Philadelphia, Planters, Plasmon, Quero, Weight Watchers Smart Ones and Velveeta. The Kraft Heinz Company is dedicated to the sustainable health of our people, our planet and our Company. For more information, visit www.kraftheinzcompany.com.

WASHINGTON, – Acting Deputy Agriculture Secretary Michael Young today announced U.S. Department of Agriculture (USDA) is investing up to $103 million in fiscal year 2017 for disaster recovery efforts to help state, local and tribal units of government protect lives and property in disaster-affected areas following natural disasters.

Local units of government, or sponsors, will use financial and technical assistance from the Emergency Watershed Protection Program (EWP Program) to carry out much-needed recovery projects to remedy damages caused by natural disasters such as floods and hurricanes. Nearly $9 million will be used to fund disaster recovery projects, such as debris removal and streambank stabilization, in Florida, Georgia, North Carolina and South Carolina that will repair damages caused by Hurricane Matthew, a powerful storm that roared up the East Coast in late September through early October 2016.

Up to 70 percent of this fiscal year’s financial assistance funding will be used by USDA’s Natural Resources Conservation Service (NRCS) to purchase floodplain easements in Louisiana. In August 2016, severe flooding devastated sections of two of Louisiana’s largest cities—Baton Rouge in southcentral Louisiana and Shreveport in northwestern Louisiana.

“America’s communities rely upon the stability USDA emergency programs provide when unpredictable disasters hit” Young said. “The Emergency Watershed Protection Program funds will support diverse recovery projects including clearing debris-clogged waterways, stabilizing streambanks and repairing damaged water-control structures in local communities to make them resistant to future threats.”

Congress designates funding for the EWP Program. The fiscal year 2017 funding is included in the continuing resolution signed by Congress in early December 2016 to keep the federal government operating through April 2017.

Initial funding requests and projects approved for the five states are included below. States will continue to submit requests for EWP disaster recovery assistance and the remaining funds will be used to help communities cope with the adverse impacts from existing and future natural disasters.

Louisiana – $65 million for the purchase of floodplain easements on private land owned by individuals and public land owned by local, state and tribal governments after severe flooding adversely impacted eastern Louisiana in August 2016. In the city of Baton Rouge, approximately 30 homes in a development in Livingston Parish and about 20 homes in Pointe Coupee Parish will be demolished and the flood-prone land restored to its natural condition. Signups will be held in the two areas to enroll the land into the EWP-floodplain easement option.

Florida – up to $3.1 million for disaster recovery projects to address impacts and damages from Hurricane Matthew including debris removal in Putnam and Volusia counties and channel bank stabilization in Brevard County.

Georgia – up to $97,000 for projects to address impacts and damages from Hurricane Matthew including debris removal in Brantley County.

North Carolina – $908,000 for projects to address impacts and repair damages caused by Hurricane Matthew including sediment removal and streambank stabilization to protect roads and a waste water treatment plant in eastern North Carolina.

South Carolina – up to $5.7 million for projects to address impacts and damages from Hurricane Matthew including debris removal in the counties of Beaufort, Charleston and Horry; towns of Hilton Head Island, Mount Pleasant and Summerville; and Horse Range Watershed Conservation District in Orangeburg County.

The EWP Program helps communities carry out much-needed recovery projects to address damages to watersheds caused by hurricanes, floods, fires, windstorms, wildfires and other natural disasters. EWP offers two options— disaster recovery and permanent floodplain easements. Privately-owned land or public lands owned by local, state or tribal units of government are eligible for USDA assistance through the EWP Program. NRCS provides 75 percent of the funds for recovery projects and the public entity pays the remainder in cash or in-kind services. Floodplain easements are purchased and held by the USDA NRCS. Landowners are compensated for the surface easement and retain ownership of the properties enrolled.

Built on a passion for transforming simple flavors made with the finest ingredients into extraordinary ice cream experiences, the Häagen-Dazs brand is revealing its newest collection, TRIO. Layers of three indulgent flavors come together in each variety of TRIO: two unique flavors of Häagen-Dazs ice cream woven with crispy layers of Belgian chocolate. Every spoonful offers layer upon layer of exciting flavor and texture combinations, pairing the snap of fine Belgian chocolate with the smooth, rich ice cream texture for which the brand is known.

“We’re always thinking about ways to innovate while remaining true to our core values, which include creating perfect flavors using the highest-quality ingredients. We have found more diverse flavor profiles and textures create a more indulgent experience,” shared Kerry Hopkins, Häagen-Dazs Brand Manager. “TRIO takes a classic indulgence to the next level by offering layers of texture that are completely new to the ice cream category.”

The new Häagen-Dazs TRIO collection includes four flavors:
Coffee Vanilla Chocolate: Three classic flavors come together as a tribute to the Häagen-Dazs brand’s first, and most cherished flavors. Layers of signature vanilla and coffee ice creams are woven between layers of crispy Belgian milk chocolate.
Triple Chocolate: The ultimate chocolate triple threat: rich, creamy white chocolate and milk chocolate ice creams made from the finest cocoa and rich, sweet cream paired with crispy Belgian dark chocolate layers.

Vanilla Blackberry Chocolate: The introduction of blackberry ice cream to the brand’s repertoire is perfectly united with signature vanilla and layers of crispy Belgian dark chocolate.
Salted Caramel Chocolate: Decadent salted caramel and chocolate ice creams pair perfectly with layers of crispy Belgian milk chocolate.
The Häagen-Dazs TRIO collection is rolling out to national freezer aisles now and will be widely available by April 2017. All flavors are available in 14 oz. cartons at a suggested retail price of $5.29.
Ice cream lovers can also look for four other new flavor additions to the Häagen-Dazs lineup (Peanut Butter Salted Fudge, Espresso Chocolate Cookie Crumble, Toasted Coconut Caramel and Bourbon Praline Pecan) along with three new Häagen-Dazs ice cream bar varieties (White Chocolate Raspberry, Vanilla Dark Chocolate Cookie and Coconut Dark Chocolate Caramel).
Visit www.haagendazs.us for more information on Häagen-Dazs TRIO.

About Häagen-Dazs
Häagen-Dazs® was founded by Reuben Mattus in 1960 on a passion for transforming simple flavors and the finest ingredients possible into an extraordinary ice cream experience. True to tradition, the original super-premium brand is committed to using only the finest ingredients in crafting the world’s finest ice cream. Today, the Häagen-Dazs brand offers ice cream and sorbet in more than 65 flavors available around the globe for ice cream lovers to enjoy. For more information, please visit www.haagendazs.us. You can also check out the latest updates at facebook.com/HaagenDazsUS, on Instagram or Twitter (@HaagenDazs_US) and youtube.com/HaagenDazsUS.

DALLAS, — Dean Foods Company (NYSE: DF) and CROPP, an independent farmer cooperative, are partnering in a strategic joint venture to bring organic milk to retailers through Dean Foods’ processing plants and refrigerated direct store delivery (DSD) distribution system.

The 50/50 joint venture will serve as a strategic growth platform for both companies. Dean Foods will provide processing services and distribution through its extensive refrigerated distribution network. Organic Valley will provide a select portfolio of recognized brands and products, marketing expertise, and access to an organic milk supply from America’s largest cooperative of organic dairy farmers. Both Dean Foods and Organic Valley will leverage their sales expertise to drive distribution; Dean Foods brings extensive experience in channels such as large format, dollar store and C-store while Organic Valley brings expertise in the natural channel, emerging markets and specialty distributors.

“Adding Organic Valley® to the current lineup of Dean Foods branded dairy products enables Dean Foods to offer retail customers the largest and most comprehensive dairy offering across multiple segments with national brands that consumers know and trust. It also allows us to further leverage our manufacturing and distribution network,” said Gregg Tanner, CEO of Dean Foods. “We believe the dynamic and growing Organic Valley brand of organic milk is the perfect complement to our own category-leading DairyPure® and TruMoo® brands and gives Dean Foods a strong position in the organic dairy segment.”

“This partnership reinforces Organic Valley’s mission to support more organic farmers and grow our business,” said George Siemon, CEO of Organic Valley. “Consumers will enjoy the same Organic Valley quality they’ve come to know and trust: the same farmers will supply the same organic milk. But now more Organic Valley organic milk will be on more grocery shelves across the country.”

The joint venture expects to begin processing and shipping Organic Valley products in mid-to-late 2017.

About Dean Foods

Dean Foods® is a leading food and beverage company and the largest processor and direct-to-store distributor of fluid milk and other dairy and dairy case products in the United States. Headquartered in Dallas, Texas, the Dean Foods portfolio includes DairyPure®, the country’s first and largest fresh, white milk national brand, and TruMoo®, the leading national flavored milk brand, along with well-known regional dairy brands such as Alta Dena®, Berkeley Farms®, Country Fresh®, Dean’s®, Friendly’s®, Garelick Farms®, LAND O LAKES® milk and cultured products*, Lehigh Valley Dairy Farms®, Mayfield®, McArthur®, Meadow Gold®, Oak Farms®, PET®**, T.G. Lee®, Tuscan® and more. In all, Dean Foods has more than 50 local and regional dairy brands and private labels. Dean Foods also makes and distributes ice cream, cultured products, juices, teas, Caribou Coffee®*** ready-to-drink coffee beverages and bottled water. Almost 17,000 employees across the country work every day to make Dean Foods the most admired and trusted provider of wholesome, great-tasting dairy products at every occasion. For more information about Dean Foods and its brands, visit www.deanfoods.com.

*The LAND O LAKES brand is owned by Land O’Lakes, Inc. and is used by license.

**PET is a trademark of Eagle Family Foods Group LLC, used under license.

***Caribou Coffee is a trademark of the Caribou Coffee Company and is used by license.

About Organic Valley
Organic Valley is America’s largest independent cooperative of organic farmers and one of the nation’s leading organic brands. Organized in 1988, it represents more than 1,850 farmers in 36 U.S. states, Canada, Australia and the United Kingdom and achieved $1.04 billion in 2015 sales. Focused on its founding mission of saving family farms through organic farming, Organic Valley produces a wide range of organic dairy, soy, egg and produce products. With its regional model, milk is produced, bottled and distributed right in the region where it is farmed to ensure fewer miles from farm to table and to support our local economies. For further information visit www.organicvalley.coop. Organic Valley is also on Twitter (@OrganicValley) and Facebook (www.facebook.com/OrganicValley).

CHICAGO, —Archer Daniels Midland Company (NYSE: ADM) announced today that it has reached an agreement to sell its Crop Risk Services (CRS) business to Validus Holdings, Ltd. (Validus) (NYSE: VR) for $127.5 million, subject to certain working capital and balance sheet adjustments. The deal includes a marketing services agreement under which ADM and Validus will work together to continue to offer a full range of insurance and farmer marketing products and services to CRS customers.

“We regularly evaluate our portfolio to ensure that our businesses and assets best fit our strategy to maximize long-term returns,” said Joe Taets, president of ADM’s Agricultural Services business unit. “As a result of that ongoing process, we have identified a better strategic fit for the Crop Risk Services business. In the years since we purchased ADM CRS, that team has built it out to become a significant market participant. Equally as important, ADM CRS has become a platform through which our Grain business is able to offer our farmer partners a wide array of services that benefit both them and ADM. Now, we’re pleased to have reached an agreement that benefits ADM on two fronts: it includes a marketing services agreement that will allow ADM and Validus to work together to continue to offer customers a full array of crop insurance products as well as ADM’s grain marketing services, while the sale of the business gives us the opportunity to redeploy capital as part of our balanced capital-allocation framework. We are pleased to have found a buyer in Validus that is committed to running—and growing—the business, and we look forward to continuing to work with Validus and the CRS sales team and their customers across the country. This is a good solution for ADM, our shareholders, the CRS team, and the farmers who are the foundation of our business.”

Validus—a leading global provider of insurance, reinsurance and investment services, with over 800 employees and offices in all major regions worldwide—has committed to keeping the CRS business intact, including maintaining its operations in Decatur.

Ed Noonan, Validus’ chairman and chief executive officer, stated, “I’m very pleased to welcome CRS to Validus. CRS is a high quality crop insurance provider that has achieved excellent growth in recent years. Validus will benefit from CRS’s commitment to provide superior customer service to agents and farmers via their leading technology capabilities. The addition of CRS complements Validus’ existing agriculture book and participation in this market is a logical step as Validus continues to expand our presence in U.S. primary specialty lines. We are excited by the long-term partnership with ADM as this transaction further provides the unique opportunity of a marketing services agreement with one of the largest agricultural processors in the world.”

The sale, which is subject to regulatory review, is expected to close in the first half of 2017. Nearly all ADM CRS employees will transfer with the CRS business at closing. ADM expects to record a book gain upon closing.

About ADM Crop Risk Services
ADM Crop Risk Services (“CRS”) is a Decatur, Illinois-based primary crop insurance company. CRS was first established in 1982 as ASI AgriServe Inc. In 2010, ADM acquired 100 percent of the shares of ASI, and the company became ADM Crop Risk Services.

CRS aims to provide farmers with affordable crop income protection, superior service and utmost integrity.

Forward-Looking Statements
Some of the above statements constitute forward-looking statements. ADM’s filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements.

About ADM
For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve the vital needs of a growing world. Today, we’re one of the world’s largest agricultural processors and food ingredient providers, with more than 32,300 employees serving customers in more than 160 countries. With a global value chain that includes 428 crop procurement locations, 280 ingredient manufacturing facilities, 39 innovation centers and the world’s premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, industrial and energy uses. Learn more at www.adm.com.

About Validus Holding, Ltd.
Validus Holdings, Ltd. (“Validus”) is a holding company for reinsurance and insurance operating companies and investment advisors including Validus Reinsurance, Ltd. (“Validus Re”), Talbot Underwriting Ltd. (“Talbot”), Western World Insurance Group, Inc. (“Western World”) and AlphaCat Managers, Ltd. (“AlphaCat”).

Validus Re is a Bermuda based reinsurer focused on treaty reinsurance. Talbot is a specialty insurance group primarily operating within the Lloyd’s insurance market through Syndicate 1183. Western World is a U.S. specialty lines insurance company focused on excess and surplus lines. AlphaCat is a Bermuda based investment adviser managing capital for third parties and Validus in insurance linked securities and other property catastrophe and specialty reinsurance investments.

WASHINGTON, – The U.S. Department of Agriculture’s (USDA) National Institute of Food and Agriculture (NIFA) today announced four grants totaling more than $13.6 million to combat a scourge on the nation’s citrus industry, citrus greening disease, aka Huanglongbing. The funding is made possible through NIFA’s Specialty Crop Research Initiative (SCRI) Citrus Disease Research and Extension Program, authorized by the 2014 Farm Bill.

“The economic impact of citrus greening disease is measured in the billions,” said NIFA Director Sonny Ramaswamy. “NIFA investments in research are critical measures to help the citrus industry survive and thrive, and to encourage growers to replant with confidence.”

Huanglongbing (HLB) is currently the most devastating citrus disease worldwide. HLB was first detected in Florida in 2005 and has since affected all of Florida’s citrus-producing areas leading to a 75 percent decline in Florida’s $9 billion citrus industry. Fifteen U.S. States or territories are under full or partial quarantine due to the presence of the Asian citrus psyllid (ACP), a vector for HLB.

Since 2009, USDA has invested more than $400 million to address citrus greening, including more than $57 million through the Citrus Disease Research and Extension Program since 2014. Awards for grant applications submitted in FY 2016 include:

Clemson University, Clemson, South Carolina, $4,274,523
Regents of the University of California, Riverside, California, $5,112,000
Iowa State University, Ames, Iowa, $2,476,099
USDA Agricultural Research Service (ARS), Athens, Georgia, $1,821,197
Funded projects include Clemson University researchers using naturally HLB-resistant citrus trees to develop new resistant varieties using the CRISPR-Cas9 genome editing tool. The Regents of the University of California project will design and identify HLB bactericides based on both natural and nanotechnology approaches. Researchers at Iowa State University will investigate the use of sustainable, naturally occurring soil bacteria to control ACP. The ARS project will identify and assess the effectiveness and economic viability of chemotherapy treatment options.

More information on these projects is available on the NIFA website.

Among past projects, the University of Florida developed bactericides to help recover fruit production in HLB-affected orchards. Research at the University of California used virulence proteins to develop strategies for creating citrus rootstocks that are immune to HLB.

NIFA is a member of the federal Multi-Agency Coordination (MAC) group to help deliver near-term tools to citrus growers to combat HLB. In addition, NIFA support to the National Plant Diagnostic NetworkThis is an external link or third-party site outside of the United States Department of Agriculture (USDA) website. helps plant diagnostic laboratories share best practices and expedite diagnoses and screening for ACP and HLB. The network coordinates diagnostician training in HLB with USDA’s Animal and Plant Health Inspection Service’s Plant Protection and Quarantine. These services enable rapid and accurate diagnoses and support U.S. food security.

Since 2009, NIFA has invested in and advanced innovative and transformative initiatives to solve societal challenges and ensure the long-term viability of agriculture. NIFA’s integrated research, education and extension programs support the best and brightest scientists and extension personnel whose work results in user-inspired, groundbreaking discoveries that combat childhood obesity, improve and sustain rural economic growth, address water availability issues, increase food production, find new sources of energy, mitigate climate variability and ensure food safety.

WASHINGTON, — Agriculture Secretary Tom Vilsack today announced the release of a report studying the lifecycle greenhouse gas (GHG) balance of corn ethanol. The report, A Life-Cycle Analysis of the Greenhouse Gas Emissions of Corn-Based Ethanol, finds that GHG emissions associated with corn-based ethanol in the United States are about 43 percent lower than gasoline when measured on an energy equivalent basis. Unlike other studies of GHG benefits, which relied on forecasts of future ethanol production systems and expected impacts on the farm sector, this study reviewed how the industry and farm sectors performed over the past decade to assess the current GHG profile of corn-based ethanol.

“This report provides evidence that corn ethanol can be a GHG-friendly alternative to fossil fuels, while boosting farm economies” said Vilsack.

This report found greater lifecycle GHG benefits from corn ethanol than a number of earlier studies, driven by a variety of improvements in ethanol production, from the corn field to the ethanol refinery. Farmers are producing corn more efficiently and using conservation practices that reduce GHG emissions, including reduced tillage, cover crops and improved nitrogen management. Corn yields are also improving—between 2005 and 2015, U.S. corn yields increased by more than 10 percent.

Between 2005 and 2015, ethanol production in the U.S. also increased significantly—from 3.9 to 14.8 billion gallons per year. At the same time, advances in ethanol production technologies, such as the use of combined heat and power, using landfill gas for energy, and co-producing biodiesel helped reduce GHG emissions at ethanol refinery plants.

By 2022, given current trends, the GHG profile of corn-based ethanol is expected to be almost 50 percent lower than gasoline primarily due to improvements in corn yields, process fuel switching, and transportation efficiency.

The report also examines a range of factors that could enhance the GHG benefits of corn ethanol production and provides estimates of how those factors change ethanol’s lifecycle GHG emissions. For example, the report examined the benefits of improving the efficiency of ethanol refinery plants and adoption of additional conservation practices on corn-producing farms. In a scenario where these improvements and practices are universally adopted, the GHG benefits of corn ethanol are even more pronounced over gasoline, about a 76 percent reduction.

There are several reasons this report found greater lifecycle GHG benefits from corn ethanol than a number of earlier studies. Previous estimates anticipated that growing corn to produce ethanol would result in “indirect land use change”—in other words, land would be converted from grasslands and forests to commodity production as a result of increased demand for corn used in ethanol production. But based on new data and research, there is compelling evidence that while land use changes have occurred, the actual patterns of changes and innovation within the farm sector have resulted in these indirect emissions being much lower than previously projected.

Recent studies of international agricultural land use trends show that that the primary land use change response of the world’s farmers from 2004 to 2012 has been to use available land resources more efficiently rather than to expand the amount of land used for farming. Instead of converting new land to production, farmers in Brazil, India and China have increased double cropping, expanded irrigation, reduced unharvested planted area, reduced fallow land and reduced temporary pasture. Much of the international attention on supply of corn for ethanol has focused on Brazil, where earlier estimates anticipated conversion of rainforests to commodity production. But between 2004 and 2012, at the same time U.S. corn ethanol production increased more than 200 percent, deforestation in Brazil’s Amazon decreased from 10,200 to 2,400 square miles per year.

The report also demonstrates the added GHG benefits of on-farm conservation practices like reduced tillage, nitrogen stewardship, and cover crops—the same practices outlined in USDA’s Building Blocks for Climate Smart Agriculture and Forestry strategy, which aims to reduce GHG emissions by over 120 million metric tons of carbon dioxide equivalent per year by 2025.

Continuing to support adoption of these practices on farms will further reduce GHG emissions associated with agriculture—as well as benefiting the positive trends in lifecycle GHG balance of corn-based ethanol.

For a summary of the report findings see the USDA Factsheet: Lifecycle Greenhouse Gas Emissions of Corn-Based Ethanol. For more information on USDA’s Climate Change activities, or visit www.usda.gov/climatesolutions.

WASHINGTON – Agriculture Secretary Tom Vilsack today announced that 88 high-impact projects across the country will receive $225 million in federal funding as part of the USDA’s Regional Conservation Partnership Program (RCPP). In addition, partners have proposed to contribute up to an additional $500 million to improve the nation’s water quality, combat drought, enhance soil health, support wildlife habitat and protect agricultural viability.

With today’s announcement, the USDA’s Natural Resources Conservation Service (NRCS) is investing a total of $825 million in 286 projects, bringing together more than 2,000 conservation partners who have committed an estimated $1.4 billion in financial and technical assistance. By 2018, NRCS and its partners, including Indian tribes, nonprofit organizations, state and local governments, private industry, water districts, universities and many others, will have invested at least $2.4 billion through RCPP, which was created by the 2014 Farm Bill.

“RCPP plays a critical role in connecting partners with producers to design and implement conservation solutions that benefit both natural resources and agriculture,” Vilsack said. “The Farm Bill is the largest source of federal funding for private lands conservation, and RCPP is contributing innovative conservation solutions to communities across the country.”

RCPP offers new opportunities for the NRCS, conservation partners and agricultural producers to work together to harness innovation, expand the conservation mission, and demonstrate the value and efficacy of voluntary, private lands conservation. The program is increasing investment in conservation from a diversity of partners, leading to cleaner and more abundant water, improved soil and air quality, enhanced wildlife habitat, and stronger rural economies.

Water quality and drought are dominant themes in this year’s RCPP project list with 46 of the 88 projects focusing on water resource concerns. More than a fourth of the projects are focused on improving fish and wildlife habitat. See the full list of 2017 projects spanning the country, impacting almost every state in the nation and Puerto Rico.

In California, NRCS is investing $10 million in the Black Rascal Creek Project, which is proposed by the partnership of Merced County, Merced Irrigation District, and City of Merced. The project will provide flood protection to the communities of Merced and Franklin/Beachwood, as well as surrounding prime agricultural lands, in an area that has seen frequent and severe flooding. In addition to flood control, this multi-benefit project will address drought, water quality, soil quality, and inadequate wildlife habitat. Partners expect to triple the federal investment in the project.

NRCS is also investing $6 million in the 25,000-square-mile Maine Aquatic Connectivity Restoration Project, which will restore some of the state’s highest-value aquatic networks that have been impacted by habitat fragmentation and degradation caused by road-stream crossings. Led by The Nature Conservancy and 18 other partners, the project will use Stream Smart design and installation to improve habitat and aquatic organism passage and reduce the impacts of increasingly volatile storm-water flows. The tribal, state, federal, nonprofit, and private landowner partnership will more than double the NRCS investment.

In Iowa, NRCS is investing $900,000 in the Fox River Water Quality Project, one of the longest running watershed projects in Iowa. The river has been on Iowa’s and Missouri’s impaired waters list for many years. In its 18th year, the project is committed to continued conservation efforts improving the health of the Fox River by addressing water quality, conservation, protection, and development of natural resources using voluntary programs, while providing economic opportunity. The eight partners, led by the Davis County Soil and Water Conservation District, will help producers improve water quality through conservation practices like installing grade stabilization structures, water and sediment control basins, tile outlet terraces, and cover crops.

Since 2009, USDA has invested more than $29 billion to help producers make conservation improvements, working with as many as 500,000 farmers, ranchers and landowners to protect over 400 million acres nationwide, boosting soil and air quality, cleaning and conserving water and enhancing wildlife habitat. For an interactive look at USDA’s work in conservation and forestry over the course of this Administration, visit http://medium.com/usda-resultsThis is an external link or third-party site outside of the United States Department of Agriculture (USDA) website..

WASHINGTON, – The U.S. Department of Agriculture (USDA) today announced that starting March 20, 2017, organic producers and handlers will be able to visit over 2,100 USDA Farm Service Agency (FSA) offices around the country to apply for federal reimbursement to assist with the cost of receiving and maintaining organic or transitional certification.

“USDA is committed to helping the organic sector grow and thrive through a wide variety of programs, and part of that commitment is making it easy for stakeholders to access our services. That’s why, starting March 20, producers will be able to visit their local FSA offices to access organic certification cost-share reimbursements for up to 75 percent of the cost of organic certification,” said FSA Administrator Val Dolcini. “This will provide a more uniform, streamlined process nationwide; and it will give organic producers a chance to learn about other valuable USDA resources, like farm loans and conservation assistance that can help them succeed.”

USDA is making these changes to encourage increased participation in the National Organic Certification Cost Share Program (NOCCSP) and the Agricultural Management Assistance Organic Certification Cost Share Program, and at the same time provide more opportunities for organic producers to access a full range of USDA programs, such as disaster protection and loans for farms, facilities and marketing. Producers can also access information on nonfederal agricultural resources, and get referrals to local experts, including organic agriculture, through USDA’s Bridges to Opportunity service at the local FSA office.

In the past, state departments of agriculture administered the cost share programs. States that still want to administer the program will have the opportunity to do so by applying for funding by Feb. 17, 2017.

“The Agricultural Marketing Service (AMS) and the National Organic Program look forward to this exciting opportunity to leverage the Farm Service Agency’s rural footprint to reach more organic producers and handlers,” said AMS Administrator Elanor Starmer. “At the same time it is important to recognize and continue the valuable partnerships with states that remain at the core of the program.”

Eligible producers include any certified producers or handlers who have paid organic or transitional certification fees to a USDA-accredited certifying agent. Application fees, inspection costs, fees related to equivalency agreement/ arrangement requirements, travel/per diem for inspectors, user fees, sales assessments and postage are all eligible for a cost share reimbursement from USDA.

Once certified, producers and handlers are eligible to receive reimbursement for up to 75 percent of certification costs each year up to a maximum of $750 per certification scope—crops, livestock, wild crops and handling. Today’s announcement also adds transitional certification and state organic program fees as additional scopes.
To learn more about organic certification cost share, please visit www.fsa.usda.gov/organic or contact a local FSA office by visiting http://offices.usda.gov.
Under the Obama administration, USDA has signed five major organic trade arrangements and has helped organic stakeholders access programs that support conservation, provide access to loans and grants, fund organic research and education and mitigate pest emergencies. To learn more about USDA support for organic agriculture, visit our updated organic portal at www.usda.gov/organic.

Sumitomo Corporation (“Sumitomo”) and Fyffes plc (“Fyffes”) are pleased to announce that they have reached agreement on the terms of a unanimously recommended cash offer by Sumitomo pursuant to which Swordus Ireland Holding Limited (“Bidco”), a wholly-owned subsidiary of Sumitomo, will acquire the entire issued and to be issued share capital of Fyffes.

· Under the terms of the Acquisition, Fyffes Shareholders will be entitled to receive:
for each Fyffes Ordinary Share €2.23 in cash

· The Acquisition values the entire issued and to be issued ordinary share capital of Fyffes at approximately €751,365,470.

· The Acquisition represents a premium of approximately:
o 49% to Fyffes’ closing share price of €1.50 on 8 December 2016 (being the last practicable date prior to the publication of this Announcement);
o 53% to Fyffes’ volume weighted average share price of approximately €1.46 over the 30 trading day period ending 8 December 2016;
o 52% to Fyffes’ volume weighted average share price of approximately €1.47 over the 90 trading day period ending 8 December 2016; and
o 37% to Fyffes’ all-time high share price[1] of €1.62, which occurred on 22 April 2016.

In addition, Fyffes Shareholders will be paid a final dividend in respect of calendar year 2016 by Fyffes of €0.02 per share in cash, bringing the total amount to be received by Fyffes shareholders to €2.25 per Fyffes Ordinary Share in cash. The final dividend will be paid to Fyffes Shareholders on the earlier of the Effective Date or 1 May 2017.

· Commenting on the Acquisition, Hirohiko Imura, Representative Director, Managing Executive Officer of Sumitomo, said:

“Sumitomo Corporation has long admired Fyffes for its outstanding track record and market leading position, and we are delighted that the Fyffes Directors have unanimously agreed to recommend our offer to shareholders. We believe that our offer represents a great reward for Fyffes’ shareholders. We are grateful that the McCann family has provided an irrevocable commitment of support and is entrusting us to continue with them the rich Fyffes heritage. Sumitomo will provide Fyffes with experience, support and investment to continue to build on the tremendous Fyffes skills and experience and reach greater potential.

We have significant experience in the produce sector and look forward to working with Fyffes’ executive directors, senior management and employees, customers and other stakeholders to strengthen Fyffes’ already impressive market position through continued investment. We look forward to working with the Fyffes team to further develop the business over the longer-term and to expanding into new markets to better serve customers.”

· Commenting on the Acquisition, David McCann, Chairman of Fyffes said:

“We believe this transaction represents a compelling proposition for our shareholders and crystallises the substantial value created in recent years through the various strategic developments and the strong operating performance of our Group. Our employees, customers, suppliers and joint venture partners will benefit from Fyffes being part of an enlarged group with greater scale, reach and resources to broaden and accelerate delivery of Fyffes’ strategic objectives. We look forward to working with the Sumitomo team to develop and enhance our Group’s strategy and to build on its long track record of successful growth”.

· The Sumitomo Board believes that Fyffes’ strong position as an international grower, importer and distributor of high quality produce in complementary markets makes it a natural fit with Sumitomo’s organisation. The Sumitomo Board intends to work with Fyffes management and employees to grow and expand its various produce offerings, expand into new geographies, and accelerate the execution of its strategy.

· It is intended that the Acquisition will be implemented by means of a High Court sanctioned scheme of arrangement under Chapter 1 of Part 9 of the Act (or, if Sumitomo elects, subject to the terms of the Transaction Agreement and with the consent of the Panel, a Takeover Offer). The Acquisition is conditional on, among other things, (i) the approval by Fyffes Shareholders of the Scheme Meeting Resolution and the EGM Resolutions and (ii) the sanction of the Scheme and the confirmation of the Reduction of Capital, by the High Court.

· Having taken into account the relevant factors and applicable risks, the Fyffes Board, who has been so advised by Lazard and Davy Corporate Finance, financial advisers to Fyffes, consider the terms of the Acquisition as set out in this Announcement to be fair and reasonable. In providing such advice, Lazard and Davy Corporate Finance have taken into account the commercial assessments of the Fyffes Directors. Accordingly the Fyffes Board unanimously recommends that Fyffes Shareholders vote in favour of the Acquisition and all of the Resolutions, as they intend to do in respect of their own beneficial holdings of in aggregate, 3,948,981 Fyffes Ordinary Shares which represent in aggregate, approximately 1.20% of the existing issued share capital of Fyffes as at the last practicable date before this Announcement being 8 December 2016.

· In addition, Sumitomo and Bidco have received irrevocable undertakings to vote in favour of each of the Resolutions required to implement the Acquisition from certain other Fyffes Shareholders in respect of an aggregate of 80,719,612 Fyffes Ordinary Shares representing approximately 24.47% of the issued share capital of Fyffes. Sumitomo has received these irrevocable undertakings from Balkan Investment Company and its related companies, The Article 6 Marital Trust under the First Amended and Restated Jerry Zucker Revocable Trust, dated April 2, 2007 and Farringdon, an institutional investor.

· Sumitomo and Bidco have also received a commitment from Farringdon in respect of 5,100,000 Fyffes Ordinary Shares, representing approximately 1.55% of the issued share capital of Fyffes, over which Farringdon has a contract for difference, to request that the counterparty to the contract for difference delivers the relevant Fyffes Ordinary Shares to Farringdon and, if such shares are so delivered, to vote in favour of the Scheme in respect of such Fyffes Ordinary Shares.

· In aggregate therefore, irrevocable undertakings and other commitments to vote in favour of the Scheme have been received by Sumitomo and Bidco over, in aggregate, 89,768,593 Fyffes Ordinary Shares, representing approximately 27.21% of the issued share capital of Fyffes. Further details of the irrevocable undertakings and other commitments are set out below in paragraph 6 of this Announcement, including the circumstances in which the irrevocable undertakings and other commitments cease to be binding.

· The Scheme Document, which will contain, amongst other things, further information about the Acquisition, notices convening the Scheme Meeting and the Extraordinary General Meeting, the expected timetable for Completion and action to be taken by Fyffes Shareholders, will be published as soon as practicable and, in any event, within 28 days of this Announcement. It is anticipated that the Scheme will, subject to obtaining the necessary anti-trust approvals, be declared effective in the first quarter of 2017.

About Sumitomo Corporation
Sumitomo is a leading global trading company with 109 locations in 66 countries. The entire Sumitomo Corporation group consists of over 800 companies and more than 65,000 personnel, creating a publicly traded company with a market capitalisation of c.US$15 billion with c.US$8 billion in cash on balance sheet as at fiscal year end on 31 March 2016. Sumitomo has been active in the banana industry since the 1960s and is the market leader in Asia with a fully integrated business model with interests ranging from plantation operations in the Philippines to retail distribution across the Asian region. Currently, the Sumitomo Group imports approximately 30% of the bananas into the Japanese market.

About Fyffes plc
Fyffes is a leading international grower, importer and distributor of top quality, healthy produce. With annual turnover in excess of €1.2 billion it is headquartered in Dublin, Ireland with operations in Europe, the US, Canada, Central America and South America and Asia. Fyffes activities include the production, procurement, shipping, ripening, distribution and marketing of bananas, pineapples, melons and mushrooms. It markets its produce under a variety of very well-known brands including Fyffes®, Sol®, Turbana®, Hoya®, Highline® and All Seasons® and employs in excess of 17,000 people worldwide.

Imagine if your favourite chocolate bar tasted just as good, but with much less sugar. This could soon be a reality, thanks to a major breakthrough by Nestlé scientists. Using only natural ingredients, researchers have found a way to structure sugar differently. So even when much less is used in chocolate, your tongue perceives an almost identical sweetness to before.

The discovery will enable Nestlé to significantly decrease the total sugar in its confectionery products, while maintaining a natural taste.
“This truly groundbreaking research is inspired by nature and has the potential to reduce total sugar by up to 40% in our confectionery,” said Stefan Catsicas, Nestlé Chief Technology Officer.
“Our scientists have discovered a completely new way to use a traditional, natural ingredient.”

This truly groundbreaking research is inspired by nature and has the potential to reduce total sugar by up to 40% in our confectionery.
Stefan Catsicas, Nestlé Chief Technology Officer

Nestlé is patenting its findings and will begin to use the faster-dissolving sugar across a range of its confectionery products from 2018 onwards.
The company expects to provide more details about the first roll-out of reduced-sugar confectionery sometime next year.

The research will accelerate Nestlé’s efforts to meet its continued public commitment to reducing sugar in its products.

It is one of a wide range of commitments the company has made on nutrition. This includes improving the nutritional profile of its products by reducing the amount of sugar, salt and saturated fat they contain, while at the same time as increasing healthier nutrients such as vitamins, minerals and whole grain.