16 January 2024
16 January 2024
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German meat giant Tönnies is to buy two of the factories.
The companies wrote in a joint statement that the deal “will result in the best outcomes for customers, associates and our communities”.
The Tetley Tea brand owner said the moves were completed for a combined fee of Rs70bn ($845m).
The business said “most of the efficiency” will come from a “reduction in the administrative layers”.
Family-owned Groupe Routhiau generated a turnover of €72m ($78.3m) in 2022.
Miami-based investment firm H.I.G. Capital has acquired the refrigerated pickle company to add to its $60bn of capital under management.
Panicium describes itself as an “artisan speciality food group”.
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The global vegan cheese market is expected to grow at a CAGR of 16.7% by 2030, primarily driven by the rise in the vegan and vegetarian population. However, its production often involves complex processes and expensive ingredients like nuts or plant-based proteins, leading to higher production costs, which are then passed on to consumers, making vegan cheese more expensive per unit compared to dairy cheese.
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