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.
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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)
Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips