KANSAS CITY — For the first time in several years, stronger performance prevailed in international grain-based foods stocks, as more than half of the companies tracked by Milling & Baking News finished higher year-over-year. Stronger year-over-year pricing was particularly noteworthy in Egypt, Japan and the United Kingdom. Meanwhile, softness prevailed in Switzerland and The Netherlands.

A total of 24 of the 40 companies tracked by Milling & Baking News recorded year-over-year increases in share price during 2023 while 15 posted decreases. One company, Finsbury Food Group, was delisted during the year as it was in negotiations to become private. By comparison, 18 companies recorded year-over-year increases in 2022 and only 13 recorded increases in 2021.

On the London Stock Exchange, Associated British Foods finished the year at 2367p, up 50% from 1576p in 2022 and up 18% from 2008p in 2021. “In Ingredients, the step-up in performance at AB Mauri has been significant,” George Weston, chief executive officer, noted in the company’s annual report. “There were a number of good performances across its many geographies due to pricing, resilient volumes and good supply chain management. In fact, many other businesses in the Group benefited from the experience AB Mauri has gained in the past from operating for years in high inflation environments. We continue to invest in the business to increase capacity and develop new products. ABF Ingredients, our specialty ingredients business, also increased sales well.”

Carr’s Group PLC’s share price closed at 100.6p in 2023, down 19% from 124.50p in 2022. In November, David White was elevated to CEO, succeeding Peter Page. White joined Carr’s in January 2023 as chief financial officer.

Tate & Lyle PLC, the global sweetener company, had a 52-week high of 831.5p in early May before tailing off and settling at 659p on Dec. 30, down 7.4% from 711.2p in 2021. In February, Tate & Lyle rebranded, introducing a new logo, typography, new imagery and a new narrative: science, solutions and society. A month later the company unveiled a switch to three reporting segments: Food & Beverage Solutions, Sucralose, and Primary Products Europe. The company said it expects most of its growth to come from the Food & Beverage Solutions segment, with initial expectations for high-single digit percentage growth in the unit.

Premier Foods, the UK’s largest food producer, had a rollercoaster ride in 2023, climbing to 134.4p in late May before falling to 113.2p in late October. Ultimately, the company’s price rebounded to finish 2023 at a near 52-week high of 135.6p, up 25% from 108.6p in 2022.

Shares of Finsbury Food Group PLC, the UK-based maker of cake, bread and gluten-free baked foods, were delisted on Nov. 16 at 110p after the company’s shareholders agreed to a takeover by Frisbee Bidco Ltd. Under terms of the transaction, Bidco has agreed to pay 110p in cash per share for 130,383,361 shares of Finsbury, or approximately £143.4 million ($177.45 million). Finsbury finished at 92p at the end of 2022.

Greggs PLC, an operator of retail bakery shops and cafes in the United Kingdom, finished at 2602p, up 11% from 2346p in 2022 and compared with 3337p in 2021.

After a one-year hiatus, the three leading UK retail chains once again posted strong gains during 2023. Tesco, a leader in UK food retailing, closed at 290.5p, up 30% from 224.2p a year ago. Meanwhile, Marks & Spencer surged 121% to finish the year at 272.4p, up from 123.3p, and Sainsbury, PLC closed the year at 302.6p, up 39% from 217.7p.

In Ireland, Greencore Group PLC, a European maker of convenience food and malt products, rose to 96.45p, up 50% from 64.15p in 2022. Greencore in late November agreed to a new five-year £350 million sustainability-linked revolving credit facility.

Kerry Group finished the year at €96.45, up 14% from €84.24 in 2022. In mid-December, Kerry agreed to acquire part of the global lactase enzyme business of Chr. Hansen Holding A/S and Novozymes A/S on a carve-out basis. The acquisition comprises certain trade and assets of Chr. Hansen’s global lactase enzyme business and 100% of the share capital of Nuocheng Trillion Food (Tianjin) Co., Ltd., a Chinese subsidiary of Novozymes. Also during 2023 Kerry opened its Southern Europe Innovation Centre in Barcelona, Spain, a taste facility in Karawang, Indonesia, and a manufacturing facility in Dar es Salaam, Tanzania.

Origin Enterprises, a food and agribusiness group based in Dublin, finished the year at €3.44, down 20% from €4.3 in 2022.

In Australia, GrainCorp Ltd. closed the year at A$7.29, down 2% from A$7.42 in 2022. In November, GrainCorp launched an initiative with IFM Investors to explore the use of agricultural feedstocks in sustainable aviation fuel (SAF).

Nutrien Ltd. closed 2022 at C$74.65, down 14.5% from C$98.85 in 2022.

In France, Groupe Danone SA, the country’s largest food and beverage company, closed 2023 at €58.68, up 19% from €49.23 in 2022. In December, Danone entered discussions to sell Michel et Augustin to CTH Invest, a Belgian holding company affiliated with the Ferrero Group. Michel et Augustin manufactures and markets a range of sweet and savory biscuits and snacks. Earlier in the year, Danone reorganized its leadership structure, creating three group deputy chief executive officer positions to aid the company’s market elevation strategy. The group deputy CEOs will be responsible for driving the company’s four-pillar “Renew Danone” plan, which includes restoring the company’s competitiveness in core categories and geographies; undergoing selective expansion efforts; seeking future growth avenues; and rotating Danone’s portfolio.

In The Netherlands, Unilever, the Anglo-Dutch food and personal products business, closed 2023 at 3800p, down 9% from 4182p in 2022. In July, Hein Schumacher took over as the company’s new CEO. Prior to joining Unilever Schumacher was CEO of Royal FrieslandCampina and a non-executive director of Unilever.

Ahold, the Dutch-based company with global food retailing and foodservice operations, finished the year at €26.02, down 3% from €26.8 in 2022, while DSM, the Dutch chemical company with food ingredient interests, decreased 20% to €92 from €114.3 in 2022.

Corbion posted a steady decline in 2023 after reaching €36.33 in early March, eventually finishing at €19.38, down 39% from €31.8 in 2022. In October, Corbion introduced a restructuring program. At the time, the company said the program was intended to “accelerate significant positive free cash flow delivery” and would include a “full review” to lower operating expenses and to hone its capital program and improve working capital. Additional details on the restructuring program are expected to be revealed in early 2024.

In Switzerland, Nestle SA, the world’s largest food company, closed at 97.51 Swiss francs, down 9% from 107.14 Swiss francs in 2022. In November, Nestle USA detailed plans to lay off 77 employees at its facility in Solon, Ohio. The layoffs were expected to begin on Dec. 31 and continue through Aug. 2, 2024. Earlier in 2023 Nestle SA signed an agreement with Advent International to acquire a majority stake in the Brazilian premium chocolate company Grupo CRM. Grupo CRM manages a direct-to-consumer model that includes more than 1,000 “chocolate boutiques” under the Kopenhagen and Brasil Cacau brands as well as an expansive online presence, Nestle noted.

Aryzta AG closed 2022 at 1.55 Swiss francs, up 41% from 1.1 Swiss francs at the end of 2022. In mid-December, Aryzta announced plans to invest A$66 million ($44.4 million) to build a new baking plant in the Peel Business Park in the Shire of Murray in Western Australia. Aryzta broke ground on the 270,110-square-foot parcel of land on Dec. 12. The new facility is expected to serve fast-food and retail customers and create 110 to 130 local jobs once it is fully operational in 2026.

Zurich, Switzerland-based chocolate maker Barry Callebaut finished 2023 at 1419 Swiss francs, down 23% from 1829 Swiss francs in 2022. In September, Barry Callebaut said it plans to invest 500 million Swiss francs ($560 million) over the next two years in core customer areas and efficiency measures that are expected to reduce annual costs by 250 million Swiss francs. The program, called BC next level, will increase the number of regions to five from three, establish a customer supply and development organization, and reduce the number of executive committee members to six from nine. Earlier in 2023 the company named Peter Feld as CEO, succeeding Peter F. Boone, who stepped down for personal reasons.

Share price movement in Japan was stronger during 2023. Nisshin Seifun, the Japanese holding company that includes Nisshin Milling, Japan’s largest flour miller, closed at Y1898.5, up 15% from Y1653 in 2022. Ajinomoto Co. Inc., a multinational food and biotechnology company, closed at Y5440, up 35% from Y4031 in 2022.

Nippn Corp. (formerly Nippon Flour Mills Co. Ltd.) increased 37% for the year, climbing to Y2223 from Y1620, while Nissin Foods Holdings, a leading manufacturer of instant noodles, increased 42% to Y4921 from Y3473.3. Nissin Foods USA in November invested $228 million toward the construction of a manufacturing facility in Greenville County, SC. The new 640,640-square-foot facility will produce products including Top Ramen, Cup Noodles, Hot & Spicy Fire WOK and others, the company said.

Baking leaders Yamazaki Baking and First Baking Co. Ltd. also posted strong moves in 2023. Yamazaki closed at Y3216, up 104% from Y1574 in 2022. First Baking, meanwhile, rose 70% to Y662 from Y390 in 2022.

Olam Group finished 2023 at 1.04 Singapore dollars, down 29% from 1.46 Singapore dollars at the end of 2022.

Wilmar International fell 14% to 3.57 Singapore dollars from 4.17 Singapore dollars in 2022.

Indonesia’s Indofood, one of the largest food producers in Asia, decreased 4% to R6450 from R6725 in 2022.

South Africa-based Tiger Brands Ltd. decreased in 2023, finishing at R20129, down 4% from R21002 in 2022.

Egyptian companies engaged in flour milling posted gains in 2023, led by a 79% increase at Alexandria Flour. Other increases included North Cairo Flour Mills, up 54%; Middle and West Delta Flour Co., up 43%; East Delta Flour Co., up 38%; Upper Egypt Flour, up 27%; and Middle Egypt Flour, up 17%. Two companies that had been tracked in the past — South Cairo and Giza Flour Mills and Egyptian Starch, again were largely unquoted in 2023 and comparisons could not be drawn.

In Africa, Flour Mills of Nigeria PLC increased 16% in 2023 after climbing 1% in 2022 and 9% in 2021. Flour Mills Nigeria primarily is involved in flour milling, pasta production and cements production.

In Spain, Ebro Foods shares climbed 6% to €15.52 from €14.66 in 2022. In its nine-month update issued in late October, Ebro Foods said its strong performance was attributed to an upturn in the yield of its pasta businesses in all markets, an increased investment in advertising, geographical diversification and the easing of inflation in areas such as logistics, energy and certain rice varieties.