Danone adds Follow Your Heart to plant-based portfolio Global food and beverage company Danone and Earth Island, maker of Follow Your Heart brands, have entered into a share purchase agreement under which Danone will acquire 100% of the shares of Earth Island.
Founded in 1988 to meet the growing demand for Vegenaise at the Follow Your Heart Market & Café, Earth Island produces a dairy-free cheese alternative brand offering shredded and sliced plant-based cheese alternatives, grated and shredded plant-based parmesan and cream cheese alternatives and egg-free mayonnaise brand, Vegenaise.
The company also produces a plant-based sour cream alternative, salad dressings, and VeganEgg within its Follow Your Heart portfolio. As part of Danone, Earth Island will be able to accelerate the growth of the Follow Your Heart brand nationally and internationally alongside some of Danone s best-known plant-based brands, including Alpro, Silk and So Delicious Dairy Free
By Alec Mattinson2021-02-19T08:56:00+00:00
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Danone has guided towards a ‘year of recovery’ in 2021 after its 2020 sales were hit by weak performance in waters and infant nutrition.
Reporting its annual results this morning, the French dairy giant said its 2020 consolidated sales fell 1.5% on a like-for-like basis, with stable volumes and a 1.5% decrease in value reflecting negative category and country mix.
On a reported basis, sales were down -6.6%, mainly driven by the negative impact of exchange rates (-5%) resulting from currencies devaluation against the Euro in the United States, Latin America, Indonesia and Russia
In the fourth quarter, sales declined -1.4% on a like-for-like basis, showing some sequential improvement from the two previous quarters, with flat volumes. Reported sales for the quarter were down -9.8%, mainly driven by a continued strong negative effect of -8.8% from exchange rates.
Danone to Acquire Plant-Based Brand Follow Your Heart progressivegrocer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from progressivegrocer.com Daily Mail and Mail on Sunday newspapers.