Oatly falls as ADM partners with oatmilk maker's peer

Oatly AB

17/08/2022 18:54

** Shares in plant-based milk maker Oatly  OTLY.O  fall 5.6%
to $3.77
    ** Global commodities trader ADM  ADM.N  partners with
animal-free dairy maker New Culture to boost the development and
commercialization of alternative dairy products  urn:newsml:reuters.com:*:nBw9xRMG4a
    ** ADM will help New Culture commercialize its animal-free
mozzarella in the U.S. food service market, which includes
restaurants and cafes, beginning with pizzerias in 2023
    ** ADM will also make its production capacity for
fermentation and dairy operations available to New Culture as it
grows commercially
    ** Oatly earlier this month lowered its 2022 revenue
forecast, saying macroeconomic uncertainty had hurt its ability
to expand, enter new markets and convert new consumers to
plant-based milk from dairy  urn:newsml:reuters.com:*:nL4N2ZE2QS
    ** Shares have lost more than half their value this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))