Saturday, 6 Mar 2021

France's Danone buys U.S. plant-based foods firm Earth Island

FILE PHOTO: A company logo is seen on a product displayed before French food group Danone’s 2019 annual results presentation in Paris, France, February 26, 2020. REUTERS/Christian Hartmann/File Photo

PARIS (Reuters) – Danone has agreed to buy U.S. plant-based foods specialist Earth Island, in a deal that would help the French food group reach a target of generating 5 billion euros ($6.1 billion) of plant-based sales worldwide by 2025.

The companies did not disclose the financial terms of the acquisition in a joint statement on Friday.

Earth Island, which was founded in 1988, runs brands such as ‘Follow Your Heart’ and ‘Vegenaise’.

Danone said the takeover was part of its strategy to boost global plant-based sales from the 2 billion euros at present.

In 2017, Danone bought U.S. organic food producer WhiteWave in a $12.5 billion deal as the yoghurt maker tries to respond to a consumer shift towards healthy eating.

In the past, WhiteWave’s products have outsold mainstream packaged food businesses, highlighting the consumer shift toward natural foods and healthier eating. (reut.rs/3qBbrz8)

($1=0.8269 euros)

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