Singapore, 29 June 2024 - SUTL Food Industries, a wholly-owned subsidiary of SUTL Corporation, is pleased to announce the commencement of a new partnership with Upfield.

KKR paid €6.8 billion (around $7.3 billion) to acquire Upfield from Unilever, which sold the unit under pressure from investors to accelerate growth and increase profitability after an abortive takeover attempt by U.S. rival Kraft Heinz Co. (Nasdaq: KHC).

Two days after Beyond Meat posted an 18% decline in sales to $343.4 million coupled with a $338.1 million net loss in 2023, Spanish plant-based meat startup Heura posted a 22% increase in sales to €38.3 million ($41.5 million) and says it’s on course to turn a profit next year. While solidifying its leadership in its home market of Spain, Heura’s international sales grew 63% in 2023, with moves into high-profile European retailers including Intermarche in France, Auchan in Portugal, Pam in Italy, Colruyt in Belgium and Waitrose in the UK. It also struck foodservice deals with Vueling, Hilton and Royal Caribbean, and Serunion. Barcelona-based Heura, which has raised €56 million ($61 million) since it was founded by Bernat Añaños and Marc Coloma in 2017, also announced a partnership with plant-based spreads and cheese maker Upfield and unveiled plans to license patent-pending technology it claims is cheaper and more effective than extrusion at texturizing plant proteins