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Biscuits boost New Britain Palm Oil as ethical credentials clinch deal
by guardian.co.uk - 04/11/2009
"A deal with United Biscuits has provided a lift to New Britain Palm Oil today as the maker of Jaffa Cakes became the latest food company to highlight the supplier's ethical status. "
New Britain Palm Oil, an industrial producer of sustainable palm oil in Australasia, said it had entered into a minimum two-year supply agreement to provide United Biscuits.
It is the first supply agreement signed for NBPO's UK refinery in Liverpool that is due to be completed in spring 2010. The refinery will have a dedicated supply source from NBPO's certified sustainable plantations and so the palm oil will be traceable from seed to finished product, helping the food companies using it ensure that it is from a sustainable source.
United Biscuits said the deal was part of its drive to only use segregated, sustainable palm oil and analysts believe the contract bodes well for NBPO as other food producers look to meet consumer demand for more sustainably produced ingredients.
Alan Chaytor, executive director of NBPO comments:
"This agreement demonstrates that companies who are genuinely serious about buying sustainable palm oil can now do so from New Britain."
"Our investment in our UK palm oil refinery is all about giving consumers the assurance that the products that they want to buy can now actually be made from affordable, segregated, traceable and certified sustainable palm oil, which NBPOL believes is often a better alternative to certificate trading schemes, such as GreenPalm."
NBPO said it expects to sign further supply agreements in due course.
The deal follows on from a recently signed contract to supply palm oil to Italy's Ferrero, whose products include Kinder eggs and Nutella.
Nick Walker at Liberum Capital comments on today's deal:
"We maintain our strongly positive stance on NBPO. We believe that the company's strategy of being a first-mover in pursuing sustainable certification of its palm oil plantations and the building of a UK refinery is beginning to demonstrate real dividends in terms of the company's competitive advantage.
"We expect this trend of European palm oil users sourcing sustainable palm oil products to increase and NBPO's to take full advantage of its unique position."
The shares were up 11.5p, or 3.3%, at 355p in late trading.
On the downside, food producers are also recognising a need to cut down on palm oil from all sources. United Biscuits says today that alongside a push to more sustainable sources it has also "been working to reduce the amount of palm oil that we use and since 2005 we have achieved a 40% reduction in palm oil."
More Details: http://www.guardian.co.uk/business/marketforceslive/2009/oct/30/1
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