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1 Agribusiness news & multiples 1
2 Food trust 6
3 Markets update 8
4 Our team 13
PageSection Overview
Table of contents
PwC
July 2016
2015A NTM
1 0.3x 9.6x
20.8x 1 2.6x
7 .9x 7 .0x
1 0.0x 9.9x
1 3.0x n.a.
21 .5x 1 0.1 x
5.6x 6.5x
38.5x n.a.
34.3x 1 0.4x
7 .2x n.a.
11.7x 9.9x
16.9x 9.4x
2015A NTM
1 6.0x 1 4.6x
27 .5x 1 6.3x
1 0.0x 9.9x
1 0.3x 9.6x
1 2.9x 1 1 .2x
1 8.1 x 1 6.4x
1 4.8x 1 3.3x
6.4x 5.7 x
1 2.0x 1 0.9x
20.2x 1 7 .7 x
13.8x 12.2x
14.8x 12.6x
2015A NTM
1 4.9x 1 4.6x
1 8.0x 1 3.6x
1 5.2x 1 3.2x
1 7 .5x 1 6.1 x
1 3 .5x 1 2.4x
1 0.6x n.a.
1 4.7 x 1 4.3x
1 6.1 x 1 6.2x
6.1 x 5.4x
8.4x 8.3x
14.8x 13.6x
13.5x 12.7x
Section 1 – Agribusiness news & multiples
2
Global Agribusiness • Deal Activity
DairyRed meatPork
Transaction multiples (EV/EBITDA)
Bidder/Target 1: Pershing Square Capital/Mondelez, 2: Groupe Lactalis/Lactalis Puleva, 3: Pepsi-Cola/Wimm-Bill-Dann Food, 4: Bank Hapoalim/Parmalat, 5: Société pour le Financement de l'Industrie Laitière/Parmalat, 6: Suntory/Cerebos Pacific, 7: SavolaGroup/Almarai , 8: Trian Fund Management/ Danone, 9: Saputo Cheese Morningstar Foods, 10: Prominent Achiever / China Mengniu Dairy Co., 11: China Mengniu Dairy Co./Yashili International, 12: FB Participações/Vigor Alimentos, 13: QurainPetrochemical Industries/Saudia Dairy & Foodstuff, 14: First Pacific & Wilmar International /Goodman Fielder, 15: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.16: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.17: First Pacific Company / Goofman Fielder Ltd. 18: Warrnambool Cheese and Butter / Lion Dairy & Drinks, Everyday cheese business, 19: Management / China Huishan Dairy, 20: Centre Laboratories / Ausnutria Dairy.
Trading multiples (EV/EBITDA)
Dairy
M&A News
US: French dairy giant Danone is to acquire US organic food group WhiteWave in a cash deal worth $12.5bn.
Switzerland: Emmi is to acquire the remaining 40% stake in Mittelland Molkerei AG in a cash and stock deal.
Australia/South Korea: Taekyung Food & Processing has proposed a strategic alliance withBeston Global Food to distribute its food products into the Korean market.
Pakistan: Royal FrieslandCapina is to acquire a 51% stake in Engro Foods, Pakistan’s second largest dairy company.
Management News
No relevant news.
Red meat
M&A News
China: Tsing Capital is to establish a new US$1bn Food and Agritech fund to invest in Australian food production facilities.
Australia: Hancock Prospecting has acquired two cattle stations in the Northern Territory totalling 550,000ha, adding to its growing agriculture portfolio.
Management News
Australia: The Australian Livestock Exporters’ Council (ALEC) has appointed Simon Westaway to CEO.
Bidder/Target 1: West Face Capital/Maple Leaf Foods, 2: Boparan Holdings/Northern Foods, 3: NA/Astarta Holding, 4: Leucadia/National Beef Packing, 5: TMK Holding/ National Beef Packing, 6: NA/Zhongpin, 7: Henan Shineway/Smithfield Foods, 8: Darling Ingredients/VION Ingredients, 9: NA/People's Food Holdings, 10: Sigma Alimentos/Campofrio Food Group, 11: L Sigma Alimentos/Campofrio Food Group, 12: JBS S.A , 13: Condorcet Opportunity / Campofrio Food Group, 14: Tyson Foods / The Hillshire Brands, 15: Nutresa / Aldage. 16: ITOCHU Corporation / C. P. Pokphand Co.17: H. J Heinz Holding Corp / Kraft Foods Group, 18. Bright Foods / Silver Fern Farms.
Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)
Sources: S&P Capital IQ, Factiva, PwC research
Pork
M&A News
China: Aoxin Tianli is to acquire a majority stake in Hainan Chengmai Zaohuaxiang Hog Industry in a cash and stock deal.
Management News
No relevant news.
Bidder/Target 1:Talleys Group/ AFFCO Holdings, 2: Premium Brings Holdings / PillerSausages & Delicatessens, 3: Harim Holdings/ Sunjin Holdings Co. 4: LBO / ZhongpinInc. 5: Mitsubishi Corp / Yonekyu Corp. 6: Henan Shineway Industry Group / Smithfield Foods Inc. 7: LBO / People’s Food Holdings Ltd. 8: Sigma Alimentos / Campofrio Food Group, SA. 9: JBS Australia Pty / P&M Smallgoods Pty. 10: Swift Pork (JBS) / Cargill Pork. 11: Cedrob SA / Polski Koncern, 12: JBS S.A. / Moy Park Ltd., 13: Itoham Foods / Yonekyo Corp.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Median: 12.4x
Median: 9.5x
Median: 7.5x
Nestlé S.A.
Unilev er PLC
Unilev er N.V.
Mondelez International, Inc.
Danone
Fonterra Co-Operativ e Group Ltd.
General Mills, Inc.
Mead Johnson Nutrition Company
Dean Foods Company
Want Want China Holdings Ltd.
Median
Average
Associated British Foods plc
The Kraft Heinz Company
BRF S.A.
Ty son Foods, Inc.
Henan Shuanghui Inv estment &
Kerry Group plc
Hormel Foods Corporation
JBS S.A.
Uni-President Enterprises Corporation
Univ ersal Robina Corporation
Median
Average
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
Ty son Foods, Inc.
Guangdong Wen's Foodstuffs Group
WH Group Limited
BRF S.A.
Seaboard Corp.
Maple Leaf Foods Inc.
Public Joint Stock Company
Shandong Longda Meat Foodstuff Co.,
Muy uan Foods Co., Ltd.
Marudai Food Co., Ltd.
Median
Average
PwC
July 2016
2015A NTM
1 9.6x 1 5.5x
1 4.1 x 1 0.1 x
32.2x n.a.
1 6.8x n.a.
1 2.2x n.a.
26.5x 1 1 .7 x
8.7 x n.a.
3 .1 x n.a.
1 0.3x n.a.
1 1 .0x 1 3.5x
13.1x 12.6x
15.4x 12.7x
2015A NTM
1 0.3x 9.6x
6.4x 5.7 x
1 4.8x 1 3.3x
1 0.0x 9.9x
5.8x 6.8x
1 53.8x n.a.
5.3x 5.6x
4.3x 6.3x
5.4x 4.0x
5.0x 4.7 x
6.1x 6.3x
22.1x 7.3x
PoultryForestryFruit, vegetables & nuts
Section 1 – Agribusiness news & multiples
3
Global Agribusiness • Deal Activity
Poultry
M&A News
Germany: Sprehe Gruppe acquired turkey producer Bernard Matthews Oldenburg.
Russia: Rusgrain Holding has acquired poultry farm Singyavinskaya, Russia’s largest producer of commercial eggs.
Management News
No relevant news.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Ty son Foods, Inc.
JBS S.A.
Hormel Foods Corporation
BRF S.A.
Pilgrim's Pride Corporation
Fujian Sunner Dev elopment Co., Ltd.
MHP S.A.
Industrias Bachoco S.A.B. de C.V.
Sanderson Farms, Inc.
L.D.C. S.A.
Median
Average
Trading multiples (EV/EBITDA)
Bidder/Target 1: Eco-Trade Corp/YaSheng Group, 2: Bonduelle SA/France Champignon, 3: Inversiones Frutícolas / Copefrut, 4: ITOCHU/ Dole, Worldwide Packaged Foods and Asia Fresh Produce Businesses, 5: Dramd Participações e Administração / Rasip Agro Pastoril, 6: Golden Target Pacific / Camposol Holding, 7: Almarai / Continental Farmers Group, 8: Walden International / Le Gaga Holding, 9: D&C Group/ Camposol Holding, 10: Grupo Nutresa/ Setas Colombianas, 11: D&C Group/ Camposol Holding, 12: Valles Del Sur/ Hortifrut S.A., 13: Arlon Group/ AlicoInc., 14: FMR Rentas Generales/ Fruticola Viconto S.A., 15: D&C Group/ CamposolHolding, 16: Property & Building Corp./ Mehadrin, 17: NA/ Hortifrut. 18: SucocitricoCutrale Ltda / Chiquita Brands. 19: Private investor / Lontrue Co, 20: Private investor / Lontrue Co, 21: Private investor / Hortifruit S.A., 22: Nomad Holdings / Iglo Foods Holdings, 23: Snyder’s-Lance / Diamond Foods.
Fruit, vegetables & nuts
M&A News
New Zealand: China’s Golden Wing Mau has acquired a 20% stake in T&G Global for US$28m.
UK: Florette acquired beetroot specialist Axgro Foods.
US: NewStar Fresh Foods announced it has been bought by President and long time employee, Anthony Vasquez.
Management News
US: T&G Global appointed Joe Barsi to President of its American pipfruit business.
Transaction multiples (EV/EBITDA)
Felda Global Ventures Holdings Berhad
Fresh Del Monte Produce Inc.
Gansu Yasheng Industrial (Group) Co.,
Hortifrut S.A.
United Plantations Bhd
Costa Group Holdings Limited
Hokuto Corporation
Dongfang Modern Agriculture Holding
T&G Global Limited
Société Internationale de Plantations
Median
Average
Bidder/Target 1: Old Mutual Investment Group / Sovereign Food Investment , 2: West Face Capital / Maple Leaf Foods, 3: EASY BIO & FarmStory / Maniker Co., 4: CherrybroCo ., 5: Sadia Alimentos / Avex S.A., 6: PT Japfa Comfeed / PT Multibreeder Adirama, 7: The Chefs' Warehouse Mid-Atlantic / Michael's Finer Meats & Seafoods, 8: SavolaGroup / Almarai, 9: Mitsubishi / Yonekyu, 10: Bellisio Foods / Overhill Farms. 11: QL Resources Berhad / Lay Hong Berhad, 12: Hassad Food / A’Saffa Foods, 13: JBS S.A. / Moy Park, 14: Charoen Pokphand Foods / CJSC Poultry, 15: Yonekyu Corp / Itoham Foods, 16: Cranswick plc / Crown Chicken, 17: KKR & Co / PT Japfa Comfeed.
2015A NTM
9.4x 6.2x
7 .4x 5.3x
1 1 .7 x 9.7 x
35.2x n.a.
6.3x n.a.
1 5.9x 1 2.5x
1 6.9x 6.9x
9.2x 7 .6x
25.6x 6.8x
4.5x 5.0x
10.6x 6.9x
14.2x 7.5x
Transaction multiples (EV/EBITDA)
Bidder/Target 1: Placas do Parana /Arauco do Brasil, 2: FV S.A./Fiplasto S.A., 3: Meerwind/Rörvik Timber, 4: BC Investment management / Timber West Forest Corp, 5: LIXIL Group/Hivic Co., 6: Viking Investments Group/China Wood, 7: Viking Investments Group/China Wood, 8: Brookfield Asset Management / Western Forest Products, 9: Samling Strategic / Samling Global, 10: Samling Global / Lingui Developments, 11: Mill Road Capital / PRT Growing Service, 12: Rentech /FulghumFibres, 13: Weyerhaeuser / Longview Timber, 14: Boise Cascade Wood Products / Chester Wood & Moncure Plywood, 15: Louisiana-Pacific / Ainsworth Lumber, 16: Interfor / Tolleson Lumber, 17: Rentech / New England Wood. 18: Keshav Kantamneni/ Uniply Industries, 19: Management / TFS Corporation, 20: Private Investors / Hong Wei Holdings.
Trading multiples (EV/EBITDA)Forestry
M&A News
No relevant news.
Management News
No relevant news.
West Fraser Timber Co. Ltd.
Canfor Corp.
Duratex SA
Deltic Timber Corporation
Sonae Indústria, S.G.P.S., S.A.
Stella-Jones Inc.
Interfor Corporation
Boise Cascade Company
Norbord, Inc.
Suzano Papel e Celulose S.A.
Median
Average
Median: 7.9x
Median: 6.8x
Median: 11.9x
0.0x
5.0x
10.0x
15.0x
20.0x
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15
5
10
15
20
25
30
35
Aug-12 Aug-13 Aug-14 Aug-15
Sources: S&P Capital IQ, Factiva, PwC research
PwC
July 2016
2015A NTM
1 2.8x 1 4.5x
1 4.6x 1 4.1 x
7 .6x 1 1 .8x
5.9x 1 0.1 x
4.7 x 6.5x
6.5x 8.1 x
9.0x 9.8x
5.0x 5.8x
6.9x 8.2x
9.3x 8.1 x
7.3x 9.0x
8.2x 9.7x
Grains & beansFertiliser & agricultural chemicals
Section 1 – Agribusiness news & multiples
4
Global Agribusiness • Deal Activity
Sources: S&P Capital IQ, Factiva, PwC research
Fertiliser & agricultural chemicals
M&A News
US: Shareholders of DuPont and The Dow Chemical Company voted to approve all proposals to complete their merger of equals. The deal is due to close in the second half of 2016.
Switzerland: Syngenta expects its takeover by ChemChina to be completed by the end of the year.
Spain: Brandt acquired the assets of TratamientosGuadalquivir, a producer and distributor of specialty fertilisers.
Management News
US: AgroFresh Solutions appointed Jordi Ferre to CEO.
Transaction multiples (EV/EBITDA)
Monsanto Company
Sy ngenta AG
Potash Corporation of Saskatchewan
The Mosaic Company
K+S Aktiengesellschaft
CF Industries Holdings, Inc.
Agrium Inc.
Yara International ASA
Israel Chemicals Ltd.
The Dow Chemical Company
Median
Average
Trading multiples (EV/EBITDA)
Bidder/Target 1: Koor Industries/ADAMA , 2: CF Industries/Terra Industries, 3: China National Chemical / ADAMA, 4: Uralkali /Silvinit, 5: Sumitomo Chemical / Nufarm, 6: Mineracao Naque/ Vale Fertilizantes, 7: Menoza Trading / OJSC PhosAgro, 8: CJSC Holding / SBU Azot, 8: EuroChem/K+S Aktiengesellschaft, 10: YoungorInvestment/Kingenta Ecologic Engineering, 11: Norica /Grupa Azoty, 12: Grupa AzotySpólka Akcyjna/Zaklady Azotowe Pulawy Spolka Akcyjna, 13: ADAMA /Hubei SanondaCo., 14: Jiang Yin Hanying/Jiangsu ChengXing Phosph-Chemicals, 15: YaraInternational/OFD Holding, 16: EDAILY Co./ KG Chemical, 17: Adorabella/OJSC PhosAgro, 18: Platform Specialty Products/ Chemtura AgroSolutions, 19: YaraInternational/Galvani Indústria, Comércio E Serviços, 20: Boulevard Acquisiton / AgroFresh. 21: CF Industries / GrowHow UK. 22: Dow Chemical / DuPont. 23: Compass Minerals / Produquimica, 24: Sumitomo Chemical / Excel Crop Care.
2015A NTM
1 1 .1 x 1 0.3x
1 1 .2x 1 2.9x
8.5x 7 .6x
1 8.7 x 1 7 .1 x
1 6.3x 1 2.8x
23.0x 1 5.5x
1 2.0x 9.3x
1 0.7 x 9.4x
26.3x 1 7 .6x
1 2.9x 1 1 .8x
12.5x 12.3x
15.1x 12.4x
Grains & beans
M&A News
Australia: Archer Daniels Midland is to sell its 19.85% stake in GrainCorp after its failed attempt to take it over.
US: Monsanto turned down Bayer’s improved $64bn acquisition offer, but said it was open to further talks with Bayer and other parties.
Specialty seed producer Suba Seeds acquired Brotherton Seed Company.
Land O’Lakes is to acquire Ceres Inc for $17m.
South Africa: Nutreco acquired Advit Animal Nutrition.
Vietnam: Bunge and Wilmar International announced plans to form a JV with soybean producer Quang Dung to market oils and soybean meal in Vietnam.
Management News
Australia: Australian Grain Technologies promoted Haydn Kuchel to CEO.
Hong Kong: COFCO International appointed Matt Jansen to CEO. Jansen will continue to serve as CEO of subsidiary COFCO Agri.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: GrainCorp. / GrainCorp Malt, 2: Tradewinds Malaysia / Padiberas Nasional Bhd, 3: Felda Global Ventures / Tradewinds Malaysia, 4: NA/ Kernel Holding, 5: PT Salim Ivomas Pratama / PT Perusahaan Perkebunan London Sumatra, 6: PT Bakrie Sumatera Plantations / Agri International Resources, 7: Vertical Capacity / IOI Corp., 8: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures/Padiberas Nasional, 9: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Tradewinds Malaysia , 10: Bollore/ Plantations Des Terres Rouges, 11: Seaport Terminal (Johor), Acara KreatifSdn, Kelana Ventures / Padiberas Nasional Bhd, 12: , PT Krishna Kapital/ PT Dharma Satya Nusantara. 13: SPC Kappa Co / Kappa Create Holdings Co. 14: Private investor / Longtrue Co, 15: Post Holdings / MOM Brands Company. 16: Private investor / LongtrueCo, 17: Sime Darby Plantation Sdn / New Britain Palm Oil Ltd, 18: Associated British Foods / Illovo Sugar, 19: Canada Pension Plan Investment Board / Glencore, Agricultural Products.
Archer-Daniels-Midland Company
Wilmar International Limited
Bunge Limited
IOI Corp.Bhd
GrainCorp. Ltd.
ShanDongDenghai Seeds Co., LTD.
PT Astra Agro Lestari Tbk
First Resources Limited
Genting Plantations Berhad
KWS Saat SE
Median
Average
Median: 11.9x
Median: 9.8x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16
PwC
July 2016
2015A NTM
1 6.2x 1 2.7 x
1 .9x 8.4x
21 .2x 1 8.0x
8.4x 7 .8x
1 5.2x 1 2.6x
8.2x 7 .8x
1 4.4x 1 1 .7 x
1 7 .5x 9.1 x
1 3 .8x 6.9x
1 7 .2x 1 1 .2x
14.8x 10.2x
13.4x 10.6x
2015A NTM
1 5.9x n.a.
1 4.0x 1 6.2x
8.9x 8.8x
7 .9x 1 0.1 x
1 4.1 x 1 2.5x
1 1 .1 x 1 1 .9x
1 1 .5x 9.3x
1 6.0x 9.7 x
1 5.5x n.a.
8.5x 7 .5x
12.7x 9.9x
12.3x 10.7x
2015A NTM
20.0x 1 6.4x
1 4.3x 1 4.0x
1 8.6x 1 9.1 x
20.5x 1 6.2x
1 3.7 x 1 3 .2x
1 8.0x 1 6.3x
24.8x 1 3.0x
22.0x n.a.
23.4x 21 .3x
21 .6x 1 8.9x
20.3x 16.3x
19.7x 16.5x
Viticulture Agricultural products & machineryFishery
Section 1 – Agribusiness news & multiples
5
Global Agribusiness • Deal Activity
Agricultural products & machinery
M&A News
Denmark: AGCO is to acquire Cimbria Holdings for US$340m from Silverfleet Capital.
US: Agrium acquired 18 ag retail locations from Cargill AgHorizons.
UK: Royal Reesink completed the acquisition of Lely Holding, a turfcare activities company operating in the UK, Ireland and Denmark.
Germany: The Big Dutchman group is to acquire PAL-Bullermann, a leading supplier of poultry equipment, subject to regulatory approval.
Management News
No relevant news.
Bidder/Target 1: Woodstream/Zareba Systems, 2: Ag Growth International/Mepu Oy, 3: Converted Organics/TerraSphere Systems, 4: Blount/SpeeCo, 5: Kubota/KvernelandASA, 6: Paine & Partners/Eurodrip SA, 7: Seoul Moongo Co. / Daedong Industrial Co., 8: Danfoss/ Sauer-Danfoss Inc., 9: NA/ China Farm Equipment, 10: Silverfleet Capital /Cimbria, 11: P&P Water Holding / Eurodrip S A, 12: MHR Fund Management / Titan International. 13: Private investors / Xinjiang Machinery Research, 14: Bain Capital / Yukiguni Maitake Co. 15: SHV Holdings / Nutreco NV.16: Paine & Partners / Spearhead International.
Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)Fishery
M&A News
Denmark: Bakkafrost Group is to acquire the remaining 51% stake in P/F Faroe Farming for US$11.2m.
Management News
UK: Pete Ward stepped down as CEO of Young’s Seafood. Bill Showalter, CEO of Young’s parent company, will fill the role on an interim basis.
Bidder/Target 1: Thai Union Frozen Products/MW Brands, 2: BoparanHoldings/Northern Foods, 3: Corporacion Economica Damm / Pescanova, 4: Luxempart / Pescanova, 5: Orkla Brands / Rieber & Søn, 6: Tiger Brands / OceanaGroup, 7: Geveran Trading Co ./ Marine Harvest ASA, 8: Profond Holding / Marine Harvest, 9: China Fishery Group / Copeinca, 10: Geveran Trading Co. / Marine Harvest, 11: RCL Foods / Foodcorp, 12: China Fishery Group/Copeinca, 13: CFG Investment / Copeinca. 14: Hassad Food / A’Saffa Foods, 15: Marine Harvest / Havfisk ASA, 16: Oceana Group / Daybrook Fisheries, 17: Private investors / Sajo Industries, 18: Private investors / Grieg Seafood.
Charoen Pokphand Foods Public Co.
Marine Harv est ASA
PT Indofood CBP Sukses Makmur Tbk
NH Foods Limited
CALBEE, Inc.
Toy o Suisan Kaisha Ltd.
Thai Union Group Public Company
SalMar ASA
Lerøy Seafood Group Asa
Guangdong Haid Group Co., Limited
Median
Average
Sources: S&P Capital IQ, Factiva, PwC research
Viticulture
M&A News
No relevant news.
Management News
No relevant news.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: Advini/Laroche, 2: Nikora/JSC Teliani Valley, 3: Remgro and ZederInvestment /Capevin Holdings, 4: Kirin/Mercian, 5: SVL/Abrau-Durso, 6: Majority shareholders/Magnotta Winery, 7: Sogrape Vinho/Bodegas Lan, 8: Tempo Beverages/Barkan Wine Cellars, 9: FMR Rentas Generales/Viñedos Emiliana, 10: FMR Rentas Generales/ Treasury Wine Estates, 11: Kohlberg Kravis Roberts & Co / Treasury Wine Estates, 12: Private investor/ Schlumberger, 13: Private investor/ Pincon Spirit Ltd.
Diageo plc
Pernod-Ricard SA
Brown-Forman Corporation
Constellation Brands Inc.
Yantai Changy u Pioneer Wine
Dav ide Campari - Milano SpA
Treasury Wine Estates Limited
Anhui Kouzi Distillery Co., Ltd.
Vranken Pommery Monopole
Lanson-BCC
Median
Average
Deere & Company
CNH Industrial N.V.
Kubota Corporation
AGCO Corporation
The Toro Company
Lindsay Corporation
Turk Traktor v e Ziraat Makineleri
First Tractor Co. Ltd.
Iseki & Co. Ltd.
Jain Irrigation Sy stems Limited
Median
Average
Median: 8.1x
Median: 12.2x
Median: 11.3x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
Aug-11 Aug-12 Aug-13 Aug-14 Aug-15
0.0x
5.0x
10.0x
15.0x
20.0x
Feb-12 Feb-13 Feb-14 Feb-15
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
PwC
July 2016
The rising cost of food production, coupled with fierce competition in the retail sector, has driven food companies to aggressively seek cost savings and increase the complexity of their food supply chains.
This is the backstory to the 2013 scandal that saw horsemeat passed off as beef mince and supplied to food producers all over Europe – a problem that continues to afflict the food industry today.
The scandal sparked an international investigation, prosecutions and questions over regulator effectiveness. There were allegations of criminal activity and questions about whether European regulators are capable of coping with an industry whose supply chain has become more complex and international. It caused consumers to question whether they can trust the labels on supermarket shelves.
Our client, an international FMCG company, asked us for help in understanding the key economic, social and environmental risks facing its food and commodity supply chains.
This was a focus on mitigating the risks of food fraud as much as it was assessing food safety and quality across the supply chain. So, how did we help and improve their processes?
Increasingly complex and extended supply chains bringing new and expanded risks, such as reduced traceability and fraud, required a new approach to supply chain management. We supported our client by redesigning their strategy, structure and processes to create a robust supplier risk framework.
We also developed a detailed understanding of retailers’ requirements so our client could focus on the key drivers that were pertinent to their relationships.
This is an industry where customer trust and confidence is paramount, and a food safety scare can soon become a high profile and brand damaging scandal threatening a food company’s reputation and viability.
Successful food companies must demonstrate transparency and reliability by understanding their customers’ requirements and effectively manage their supply chain risks to reduce their exposure.
How did we help?
We developed a range of options for our client, which included:
• Risk profiling to identify and quantify risk in their supply chain,
• Forensic investigations to identify what may have gone wrong and why,
• Performing controls and supplier audits and due diligence work to provide assurance as required,
• Deploying risk monitoring solutions to ensure compliance with standard, and
• Redesigning the supply chain structure, strategy and organisation to optimise between cost and resilience.
Food trust Food supply and integrity case study
7
Section 2 – Food trust
Global Agribusiness • Deal Activity
When beef goes horse. A lesson in managing supplier risk
PwC
July 2016
Macroeconomic & foreign exchange data
Section 3 – Markets update
9
Global Agribusiness • Deal Activity
Source: S&P Capital IQ
FX – Spot rates FX – Week-to-date % change
Macroeconomic indicators
Notes: Figures are the most recently reported quarterly data, as reported by the Economist Intelligence Unit by 21 July 2016 • Current data is for 2016Q1 or 2016Q2 whereavailable • Real GDP growth is calculated as % change year on year • CPI Inflation is calculated as % change year on year • Unemployment rate represents the actualunemployment as a percentage of the labour force • Industrial Production Index is calculated as % change year on year for the index • Producer Price Index in calculated as the %change year on year for the index of prices faced by firms, with the exception of Brazil whose index is based on a general prices • Exports fob in $US bn • Trade balance iscalculated as Exports fob less imports cif in $US bn • Reported currencies for Exports and Trade Balances converted to $US at most recent conversion rates at time of writing •
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
FX – Year-to-date % changeFX – Month-to-date % change
EUR USD BRL CNY GBP
1 EUR - -0.83% -3.27 % -0.69% 0.1 5%
1 USD 0.84% - -2.46% 0.1 5% 0.99%
1 BRL 3.38% 2.52% - 2.67 % 3.53%
1 CNY 0.69% -0.1 5% -2.60% - 0.84%
1 GBP -0.1 5% -0.98% -3.41 % -0.83% -
20.00
25.00
30.00
35.00
40.00
45.00
50.00
55.00
60.00
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
EUR USD BRL CNY GBP
1 EUR - 1 .1 082 3.5287 7 .37 24 0.847 7
1 USD 0.9024 - 3.1 841 6.6525 0.7 649
1 BRL 0.2834 0.31 41 - 2.0893 0.2402
1 CNY 0.1 356 0.1 503 0.47 86 - 0.1 1 50
1 GBP 1 .1 7 97 1 .307 4 4.1 627 8.697 2 -
EUR USD BRL CNY GBP
1 EUR - -0.82% -2.47 % -0.69% 0.7 4%
1 USD 0.83% - -1 .66% 0.1 3% 1 .57 %
1 BRL 2.53% 1 .69% - 1 .82% 3.28%
1 CNY 0.7 0% -0.1 3% -1 .7 8% - 1 .44%
1 GBP -0.7 3% -1 .54% -3.1 8% -1 .42% -
EUR USD BRL CNY GBP
1 EUR - 2.04% -1 7 .98% 4.55% 1 5.1 0%
1 USD -2.00% - -1 9.62% 2.46% 1 2.80%
1 BRL 21 .92% 24.41 % - 27 .47 % 40.33%
1 CNY -4.36% -2.41 % -21 .55% - 1 0.09%
1 GBP -1 3.1 2% -1 1 .35% -28.7 4% -9.1 6% -
Crude Oil - Brent ($ per Bbl. – ICE: ^B) Gold ($ per troy oz. – COMEX: ^GC)
Latest price 1 ,3 6 2 .7 0 Week-to-date 0.7 1 %
52-w eek low 1 ,04 9 .6 0 Month-to-date -0.3 2 %
52-w eek high 1 ,3 6 8 .2 0 Year-to-date 2 8 .5 3 %
Dev elopm ent - Gold
Indicator Australia Brazil China Germany India Japan U.K. U.S.
Real GDP Growth (YoY) 3.0% -5.1 % 6.7 % 1 .6% 8.2% 0.0% 2.1 % 2.0%
Industrial Production Index (YoY) 1 .9% -1 1 .7 % 5.9% 2.9% 0.2% -3.2% 0.8% 0.2%
Unemploy ment rate 5.8% 1 0.9% n/a 4.3% n/a 3.2% 5.1 % 5.1 %
CPI Inflation (YoY) 1 .3% 1 0.1 % 2.2% 0.1 % 5.3% 0.1 % 0.4% 0.4%
Producer Price Index (YoY) -1 .1 % -8.3% n/a -2.7 % 0.0% -3.4% -1 .0% -0.1 %
Exports ($US bn) 42.3 40.6 464.1 332.5 64.7 1 7 0.4 1 07 .1 352.8
Trade Balance ($US bn) -3.7 8.4 1 25.7 69.4 -1 8.3 3.3 -50.2 -1 82.6
Latest price 4 4 .2 9 Week-to-date 1 .7 5 %
52-w eek low 2 8 .5 5 Month-to-date -1 3 .7 0%
52-w eek high 5 5 .8 0 Year-to-date 1 7 .5 7 %
Dev elopm ent - Cru de Oil
1,040.00
1,090.00
1,140.00
1,190.00
1,240.00
1,290.00
1,340.00
1,390.00
1,440.00
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
PwC
July 2016
Commodities (1/2)
Section 3 – Markets update
10
Global Agribusiness • Deal Activity
Corn ($ per bu. – CBOT: ^C)
Oats ($ per bu. – CBOT: ^O)
Soybean Meal ($ per T – CBOT: ^SM)
Wheat ($ per bu. – CBOT: ^W)
Soybeans ($ per bu. – CBOT: ^S)
Sugar #11 ($ per lb – ICE: ^SB)
Source: S&P Capital IQ
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
3.00
3.20
3.40
3.60
3.80
4.00
4.20
4.40
4.60
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-20173.90
4.10
4.30
4.50
4.70
4.90
5.10
5.30
5.50
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
8.00
8.50
9.00
9.50
10.00
10.50
11.00
11.50
12.00
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
250.00
270.00
290.00
310.00
330.00
350.00
370.00
390.00
410.00
430.00
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Latest price 3 2 8 .00 Week-to-date -6 .2 6 %
52-w eek low 2 6 0.6 0 Month-to-date -1 4 .6 3 %
52-w eek high 4 1 8 .3 0 Year-to-date 2 3 .5 4 %
Dev elopm ent - Soy bean
0.10
0.12
0.14
0.16
0.18
0.20
0.22
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Latest price 0.2 0 Week-to-date 3 .4 1 %
52-w eek low 0.1 0 Month-to-date -5 .2 0%
52-w eek high 0.2 1 Year-to-date 2 9 .2 7 %
Dev elopm ent - Su gar
Latest price 3 .3 1 Week-to-date -3 .3 2 %
52-w eek low 3 .3 1 Month-to-date -8 .06 %
52-w eek high 4 .4 2 Year-to-date -7 .6 4 %
Dev elopm ent - Corn
Latest price 4 .03 Week-to-date -1 .04 %
52-w eek low 4 .01 Month-to-date -6 .2 8 %
52-w eek high 5 .2 6 Year-to-date -1 4 .2 3 %
Dev elopm ent - Wh eat
Latest price 1 .8 5 Week-to-date -6 .9 1 %
52-w eek low 1 .7 8 Month-to-date -3 .6 4 %
52-w eek high 2 .4 7 Year-to-date -1 4 .6 2 %
Dev elopm ent - Oat s
1.70
1.80
1.90
2.00
2.10
2.20
2.30
2.40
2.50
2.60
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Latest price 9 .5 6 Week-to-date -4 .6 5 %
52-w eek low 8 .5 5 Month-to-date -1 5 .3 2 %
52-w eek high 1 1 .7 8 Year-to-date 1 0.6 8 %
Dev elopm ent - Soy bean
PwC
July 2016
Commodities (2/2)
Section 3 – Markets update
11
Global Agribusiness • Deal Activity
Cocoa ($ per MT – ICE: ^CC)
Rice – Rough #2 ($ per cwt. – CBOT: ^RR)
Crude Palm Kernel Oil ($ per MT – KLSE: ^QF)
Coffee – Columbian ($ per lb – ICE: ^KC)
Soybean Oil ($ per lb – CME: ^BO)
Milk – Class III ($ per lb – CME: ^DA)
Source: S&P Capital IQ
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
2,700.00
2,800.00
2,900.00
3,000.00
3,100.00
3,200.00
3,300.00
3,400.00
3,500.00
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Latest price 2 ,9 9 1 .00 Week-to-date 5 .5 0%
52-w eek low 2 ,7 6 1 .00 Month-to-date -0.1 3 %
52-w eek high 3 ,4 1 7 .00 Year-to-date -6 .8 5 %
Dev elopm ent - Cocoa
9.00
10.00
11.00
12.00
13.00
14.00
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
400.00
450.00
500.00
550.00
600.00
650.00
700.00
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-20170.12
0.13
0.14
0.15
0.16
0.17
0.18
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
1.10
1.15
1.20
1.25
1.30
1.35
1.40
1.45
1.50
1.55
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Latest price 1 .4 2 Week-to-date -2 .8 0%
52-w eek low 1 .1 2 Month-to-date -2 .9 4 %
52-w eek high 1 .5 2 Year-to-date 1 2 .1 5 %
Dev elopm ent - Coffee
Latest price 9 .3 3 Week-to-date -6 .1 9 %
52-w eek low 9 .3 3 Month-to-date -1 4 .4 5 %
52-w eek high 1 3 .4 0 Year-to-date -2 1 .2 1 %
Dev elopm ent - Rou gh Rice
Latest price 6 1 9 .5 0 Week-to-date 6 .3 5 %
52-w eek low 4 2 3 .2 5 Month-to-date 3 .04 %
52-w eek high 7 01 .2 5 Year-to-date 1 0.9 2 %
Dev elopm ent - Palm Oil
Latest price 0.1 7 Week-to-date 1 1 .3 4 %
52-w eek low 0.1 2 Month-to-date 1 2 .7 4 %
52-w eek high 0.1 7 Year-to-date 2 3 .5 6 %
Dev elopm ent - Milk
0.26
0.28
0.30
0.32
0.34
0.36
Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Latest price 0.3 1 Week-to-date 0.5 2 %
52-w eek low 0.2 6 Month-to-date -3 .9 5 %
52-w eek high 0.3 5 Year-to-date -0.3 6 %
Dev elopm ent - Soy bean
PwC
July 2016
Equity indices
Section 3 – Markets update
12
Global Agribusiness • Deal Activity
MSCI USA
MSCI Pacific
MSCI World/Food Products (Industry Index)
MSCI Europe
MSCI BRIC
MSCI World/Retailing (Industry Group Index)
Source: S&P Capital IQ
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
1,900
Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016
1,500
1,700
1,900
2,100
2,300
2,500
2,700
Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016
120
170
220
270
320
370
Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016
120
140
160
180
200
220
240
260
280
Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016100
150
200
250
300
350
Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016
Latest value 2 ,07 9 .1 9 Week-to-date 0.4 1 %
52-w eek low 1 ,7 3 4 .2 4 Month-to-date 0.5 4 %
52-w eek high 2 ,07 9 .1 9 Year-to-date 6 .6 4 %
Dev elopm ent - MSCI USA
Latest value 1 ,4 5 2 .5 2 Week-to-date -1 .1 9 %
52-w eek low 1 ,3 05 .7 6 Month-to-date -0.4 9 %
52-w eek high 1 ,7 04 .9 0 Year-to-date -4 .6 1 %
Dev elopm ent - MSCI Eu rope
Latest value 2 ,3 1 9 .9 9 Week-to-date -1 .8 0%
52-w eek low 1 ,9 4 2 .5 4 Month-to-date -1 .9 4 %
52-w eek high 2 ,4 7 7 .4 8 Year-to-date 0.2 4 %
Dev elopm ent - MSCI Pacific
Latest value 2 4 1 .00 Week-to-date 1 .4 6 %
52-w eek low 1 8 5 .1 4 Month-to-date 0.9 3 %
52-w eek high 2 5 5 .00 Year-to-date 9 .05 %
Dev elopm ent - MSCI BRIC
Latest value 3 3 0.7 2 Week-to-date 0.00%
52-w eek low 2 6 7 .3 9 Month-to-date -0.3 9 %
52-w eek high 3 3 2 .01 Year-to-date 4 .3 6 %
Dev elopm ent - MSCI World/Ret ailing (Indu st ry Grou p Index)
Latest value 2 5 4 .08 Week-to-date -1 .05 %
52-w eek low 2 1 5 .1 6 Month-to-date -0.7 3 %
52-w eek high 2 5 6 .7 8 Year-to-date 9 .3 6 %
Dev elopm ent - MSCI World/Food Produ ct s (Indu st ry Index)
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016
PwC
July 2016
Section 4 – Our team
13
Global Agribusiness • Deal Activity
Credentials
Vendor due diligence for GKN identifying key drivers of investment in agriculture tractors and machinery in Europe, the US, Brazil, Russia
and China
Undertook a strategic review;
Commodity risk analysis;
buy-side assistance to Shanghai Maling for
their 50% stake in SFF
Financial advisor to Oji Holdings and
Innovation Network on their US$890m
acquisition of Carter Holt Harvey
Buy-side advisory
Advisor on acquisition of Coop Farms estate for £249m in one of the
largest land sales in Britain
Buy-side advisory
Financial due diligence for GrainCorp for their
acquisition of Allied Mills
Sale of 100% of equity in Manuka Health NZ to Pacific Equity Partners
for NZ$110m.
Sell-side advisory
Bright Sugar Co. Ltd.Acquisition of 60%
stake in Yunnan Yin More Sugar Co. Ltd
Buy-side advisory
Assisted KS Oils raise second round
US$110m of Private Equity funds
Financial advisory
Lead advisory for Marlborough Lines in
their acquisition of 80% of Yealands Estate
Buy-side advisory Buy-side advisory
Advisor to management on the sale of Provimi to
Cargill
Advisor to management of Heiploeg on its capital structure Total debt 130m
Commercial due diligence of Cimbria,
manufacturer of grain handling and seed
processing equipment on behalf of Silverfleet
Capital
Commercial due diligence of Haarslev,
one of the leading global meat rendering machinery suppliers
Financial and due diligence services on a
transaction for Syngenta
Financial Advisory
Advised DLG on acquisition of 43% stake
in Team
Financial Advisory
Sell-side advisory Financial advisory
PwC
July 2016
Section 4 – Our team
14
Global Agribusiness • Deal Activity
PwC was the number one global M&A advisor for 2015, achieved through a strong international network
PwC currently has approximately 480 live sale mandates and we advise on average over 300 deals globally per year
PwC M&A Ranking 2015
• Global: 1st
• Global buyouts 1st
• Europe: 1st
• European buyouts: 1st
• Iberia: 1st• Nordics: 1st • Asia-Pacific (excl. Japan): 1st • South Korea: 1st
Source: MergerMarket M&A Trend Report 2015
Deal Count
1 PwC 132
2 117
3 KPMG 113
4 EY 86
5 Nomura 83
Rank Advisor
Asia-Pacific
Deal Count
1 PwC 389
2 Goldman Sachs 349
3 Morgan Stanley 329
4 KPMG 323
5 JP Morgan 303
Rank Advisor
Global
Morgan Stanley
Deal Count
1 Goldman Sachs 253
2 Morgan Stanley 210
3 JP Morgan 198
4 Bank of America Merrill Lynch 171
15 PwC 96
Rank Advisor
Americas
Deal Count
1 PwC 262
2 Rothschild 242
3 KPMG 205
4 EY 196
5 Deloitte 175
Rank Advisor
Europe
2015
PwC
July 2016
Section 4 – Our team
15
Global Agribusiness • Deal Activity
Global CF leader
Stuart MckeeT: +44 20 7213 4321E: [email protected]
Argentina
Mariano TomatisT: +54 11 4850 4757E: [email protected]
Australia
Craig HeraghtyT: +61 282 661 458E: [email protected]
Ryan JordanT: +61 732 575 641E: [email protected]
Brazil
Ana MalvestioT: +55 16 3516 6624E: [email protected]
Alessandro Ribeiro
T: +55 11 3674 2651
Daniela CocoT: +55 19 3794 5321E: [email protected]
Luiz BarbosaT: +55 16 3516 6694E: [email protected]
Canada
Clinton L. RobertsT: +1 403 509 7307E: [email protected]
CEE
Stephen OldfieldT: +44 (0) 771 038 8792E: [email protected]
China
Frank LynT: +86 10 6533 2388E: [email protected]
Gabriel WongT: +86 21 2323 2609E: [email protected]
Denmark
Thomas KrantzT: +45 3 945 3140E: [email protected]
France
Yves PelleT: +33 (0) 299 231 705E: [email protected]
Germany
Norbert NiedenhofT: +49 (0) 541 330 4330E: [email protected]
India
Ajay KakraT: +91 124 330 6029E: [email protected]
Sunjay VST: +91 124 330 6171E: [email protected]
Indonesia
Rizal SatarT: +62 21 5289 0350E: [email protected]
Ireland
Jimmy MaherT: +353 (0) 1 792 6326E: [email protected]
Japan
Matthew J WybornT: +81 (3) 3546 8570E: [email protected]
Taizo IwashimaT: +81 (3) 6266 5572E: [email protected]
MENA
Mark WebsterT: +966 (11) 211 0400 (Ext. 1555)E: [email protected]
Netherland
Ruud KokT: +31 (0) 88792 6382E: [email protected]
Guido EmanuelsT: +31 (6) 2042 0533E: [email protected]
New Zealand
Craig ArmitageT: +64 (3) 374 3052
Justin LiddellT: +64 (9) 355 8330E: [email protected]
Romania
Anca ScurtescuT: +40 21 22 53 871E: [email protected]
Singapore
Richard SkinnerT: +65 9823 3771E: [email protected]
South Africa
Frans WeilbachT: +27 (21) 815 3204E: [email protected]
Switzerland
Dr. Martin FreyT: +41 58 792 15 37E: [email protected]
Ukraine
Olena VolkovaT: +38 (0) 56 733 5010E: [email protected]
UK
Mark JamesT: +44 (0) 7803 858721E: [email protected]
Thomas SengbuschT: +44 (0) 7725 069448E: [email protected]
USA
Thomas JohnsonT: +1 612 596 4846E: [email protected]
Christopher NolanT: +1 646 4717387E: [email protected]
Sean GaffneyT: +1 216 875 3275E: [email protected]
Agribusiness network Global Agribusiness Deals reportElisha NuttallE: [email protected]
PwC
July 2016
Section 4 – Our team
16
Global Agribusiness • Deal Activity
Global Leader
Craig ArmitageE: [email protected]
Australia
Clare PowerE: [email protected]
Andrew WilsonE: [email protected]
Christopher DaniellE: [email protected]
Rick CretharE: [email protected]
Belgium
Marc DaelmanE: [email protected]
Yogesh NayakE: [email protected]
Brazil
Ana MalvestioE: [email protected]
Daniela CocoE: [email protected]
China
Shirley XieE: [email protected]
Janice LeeE: [email protected]
Catherine BarieE: [email protected]
Michelle MengE: [email protected]
France
Baptisete BannierE: [email protected]
Kader GarnierE: [email protected]
Sabine Durand-HayesE: [email protected]
Germany
Hendrik FinkE: [email protected]
Barbara Johanna WielerE: [email protected]
Gerd BovensiepenE: [email protected]
Marcus MesserschmidtE: [email protected]
India
Ashok VarmaE: [email protected]
Ajay KakraE: [email protected]
Italy
Gianluca SacchiE: [email protected]
Japan
Kazu MiyamuraE: [email protected]
Yukinori MorishitaE: [email protected]
Yoshiaki YoneyamaE: [email protected]
Malaysia
Josephine PhanE: [email protected]
Khoon Yean Soo HooE: [email protected]
Netherlands
Hans SchooldermanE: [email protected]
Onno NillesenE: [email protected]
Tom BerendsenE: [email protected]
New Zealand
Bruce BaillieE: [email protected]
Mark BramleyE: [email protected]
Scott MitchellE: [email protected]
Richard PolsonE: [email protected]
Norway
Per RøhnebækE: [email protected]
Food Supply & Integrity Services team
Qatar
Michael FergusonE: [email protected]
Russia
Tim CloughE: [email protected]
Singapore
Julia LeongE: [email protected]
Desiree BeerenE: [email protected]
Richard SkinnerE: [email protected]
Switzerland
Michael RubleE: [email protected]
Turkey
Tumin GultekinE: [email protected]
Taiwan
Paul LiuE: [email protected]
Garry KingE: [email protected]
United Kingdom
Marco AmitranoE: [email protected]
Fran MarwoodE: [email protected]
Madeleine ThompsonE: [email protected]
United States
Sally BernsteinE: [email protected]
Kelvin HarrisE: [email protected]
Thomas Johnson
Don ReedE: [email protected]
Vietnam
Xavier PotierE: [email protected]