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.
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PARIS and LOS ANGELES, Feb. 18, 2021 /PRNewswire/ Leading global food and beverage company Danone and Earth Island
®, maker of Follow Your Heart brands and a pioneering leader in plant-based foods, today announced that they have entered into a share purchase agreement under which Danone will acquire 100% of the shares of Earth Island
®. With a proven track record of growth and innovation, and a long-term commitment to nutrition, sustainability and environmental stewardship, Earth Island
® represents a strong cultural fit with Danone and provides Danone with a unique opportunity to strengthen its plant-based business.
(PRNewsfoto/Danone)
A pioneer in the vegan foods movement,
Follow Your Heart makes shredded and sliced plant-based cheese, grated and shredded plant-based parmesan and cream cheese alternatives; the egg-free mayonnaise brand, Vegenaise; plant-based sour cream, salad dressings, and the VeganEgg.
Its products are available nationwide in the US; in Canada under the Earth Island brand; and in several international markets under the Follow Your Heart brand including the UK, Australia, Sweden, Ireland, Iceland, and Denmark.
As part of Danone – which recently set a goal of increasing plant-based sales from €2.2bn in 2020 to €5bn by 2025 and has invested in several alternative protein companies via its ventures arm - Follow Your Heart will be able to accelerate its national and international expansion, said co-founder and CEO of Earth Island Bob Goldberg.