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KEMIN INDUSTRIES EXPANDS ENCAPSULATION CAPABILITIES AT MANUFACTURING SITE IN


ITALY Kemin Industries has expanded its encapsulation production site in Cavriago, Italy, with two new facilities. To inaugurate the new manufacturing plants, Kemin Animal Nutrition and Health – EMENA hosted a global customer event, delivering exclusive insight into the next generation of ruminant nutrition. More than 10 years ago, Kemin


initiated a worldwide strategy to elevate its role as a major player in the ruminant industry. The company has invested in its ruminant solutions by hiring new experts, focusing on innovation and strengthening its expertise in encapsulation technology. In 2019, this led Kemin Animal Nutrition


and Health – EMENA to launch two new products: KESSENT®


and CholiGEM™.


The introduction of KESSENT made allowed Kemin to provide Methionine and Lysine reliably. KESSENT, along with CholiGEM, the choline-chloride ingredient to improve animal health, rounded out Kemin’s Ruminant Essentialities product portfolio, offering a full range of solutions for livestock health and nutrition needs. “The expansion of Kemin’s


encapsulation facilities is another step toward optimally serving customers worldwide. We are excited to expand our operations in Italy, as this enables Kemin to serve more customers and increase our global footprint,” said Dr. Fernando Valdez, Vice President of Worldwide Business Development – Animal Nutrition and Health, Kemin Industries, who inaugurated the new facilities during the global customer event. “Kemin is dedicated to continually evaluating how we can best serve our customers. Our new facilities in Cavriago and the continued growth of our ruminant-solutions portfolio are evidence of Kemin’s efforts to deliver innovation and new products to customers.” Kemin’s proficiency in encapsulation


and advanced core technology, as well as the company’s innovation team and extensive knowledge of rumen physiology, have been key factors in developing a successful product portfolio and establishing Kemin as a leader in the ruminant industry. Over the years, Kemin R&D team


members have used pilot plants to create product prototypes using more than 10 different encapsulation technologies


and equipment configurations. The new facilities in Cavriago will help drive future innovation and enable the development of new products by expanding these pilot plants and adding two new industrial production units. One of these production units uses state-of-the-art GEM technology for CholiGEM manufacturing, and the other is dedicated to manufacturing the product KESSENT. “We believe in a balanced approach


to the animal production system’s three key pillars: efficiency, health and sustainability,” said Javier Mateos, Senior Business Manager – Ruminants, Kemin Animal Nutrition and Health – EMENA. “With climate change concerns, increased production costs and major price volatility in feed ingredients, giving equal attention to each of these pillars is necessary to optimize the profitability of farming. These factors informed our decision to construct new production facilities in Cavriago and continue our investments in new research and education for our partners and customers. “Kemin is reaching the ruminant


market with scientifically proven products, consistently tested in field conditions and supported by the technical services of the Lifelong Learning Program in the EMENA region. Through the Lifelong Learning Program, Kemin shares its science, strategies, knowledge, approach and useful tools with customers to deepen their understanding of ruminant nutrition and health implementation. Kemin offers the inclusion of rumen-protected products and the most precise, efficient and profitable formulations in ruminant nutrition.” finished Javier.


WYNNSTAY GROUP FINANCIAL YEAR RESULTS TO EXCEED


MARKET FORECASTS The Board of Wynnstay, the agricultural supplies group, is pleased to provide a further update on trading for the financial year ended 31 October 2022. Since the trading update provided


on 6 September 2022, which reported a strong trading backdrop across many core activities, it is now clear that the Group’s results for the financial year will be ahead of market forecasts issued after that announcement. This position reflects not only a


favourable trading performance in the final months of the financial year, but also a higher than initially expected contribution from joint venture activities and an additional, non-cash profit from grain trading operations within the Group’s Agriculture Division of approximately £0.5 million.


• The beneficial trading conditions described in the September statement continued through to the financial year-end, further benefiting arable performance with additional income across grain, seed and fertiliser categories. • Joint Venture businesses Bibby Agriculture Limited and Wyro Developments Limited have both substantially exceeded initial financial performance expectations, and the contribution from these activities will be higher than budgeted. • Wynnstay’s Agriculture Division’s reported profit will be increased by the accounting treatment in relation to financial derivatives used to commercially hedge forward physical transactions. The Group’s accounting policies, in accordance with International Financial Reporting Standard 9, require certain open derivative contracts to be valued by reference to a recognised market price as at the financial year-end. On Monday, 31 October 2022, (the date of the Group’s financial year- end) there was a spike in London Wheat futures prices caused by the Russian Government’s announcement of its withdrawal from the Ukraine grain export agreement on Saturday, 29 October 2022. These closing reference prices have the effect of generating an additional approximate £0.5m of non-cash reported profit in the financial year to 31 October 2022. On Wednesday, 2 November 2022, the Russian Government announced the reversal of its decision and London Wheat futures prices decreased by approximately the same amount as they had initially increased. This effectively extinguished the reported additional non-cash profit, but the reversal will be accounted for in the new financial year.


This accounting treatment has no effect on the grain trading book of Wynnstay’s Agricultural Division, where the derivative contracts in place at the financial year-end are used to commercially hedge physical contracts to be executed in the next financial year. It simply accelerates the recognition of the fair value from the relevant transactions.


As previously announced, the Board is


very conscious of inflationary pressures for the business, farmers and the end-consumer and of the uncertain macroeconomic background. It therefore believes it prudent to leave its expectations for the new financial year and beyond unchanged.


PAGE 52 JANUARY/FEBRUARY 2023 FEED COMPOUNDER


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