Welcome to Procurement News, part of our ongoing aggregate news series covering recent supply management headlines and trends pertinent to Chief Procurement Officers and other procurement leaders. Contact us with your news story here.
CPO News
The J.M Smucker Co. Names Gagnesh Gupta Senior Vice President of Commodities and Procurement
The J.M Smucker Co. announced the election of Gagnesh Gupta as senior vice president of commodities and procurement and chief procurement officer.
Gupta brings more than 20 years of leadership experience with global Fortune 100 companies and deep expertise in the areas of supply chain strategy, global sourcing, commodities, risk management, packaging, and indirect procurement. In his new role, Gupta will oversee the company’s procurement function, supporting the organization’s ability to continue to efficiently source necessary ingredients and materials to deliver products across its portfolio.
According to John Brase, chief operating officer, “The efforts of our commodities and procurement teams have been instrumental to our success in a dynamic environment, and we are thrilled to have Gagnesh’s leadership to ensure we maintain this high level of performance,” he said.
“In addition to his impressive expertise, Gagnesh has a proven track record of building motivated, high-performing teams and nurturing key relationships with external partners. I am excited for the contributions I know he will make in support of our business and culture.
Read the full announcement here.
Procurement News
Ben & Jerry’s Joins Forces with Tony’s Chocolonely to Make Chocolate 100% Modern Slavery Free
In an effort to end modern slavery and child labor in the chocolate industry, Ben & Jerry’s has joined forces with Tony’s Chocolonely’s.
Ben & Jerry’s states that to celebrate their commitment to this cause, both companies are creating sweet treats inspired by each other. The cocoa beans for the new products are sourced through Tony’s Open Chain which helps companies take steps to end modern slavery and child labor in the chocolate industry. Ben & Jerry’s will also begin converting its ice cream portfolio to Tony’s Open Chain, prioritizing the cocoa in the ice cream base mix.
As part of Tony’s Open Chain, Ben & Jerry’s will also commit to Tony’s 5 Sourcing Principles. Companies take responsibility for ensuring a fully traceable cocoa supply chain and paying a higher price to address poverty.
According to Cheryl Pinto, Ben & Jerry’s global head of values-led sourcing, “We began this journey seven years ago, when we first partnered with Fairtrade co-ops in Cote d’Ivoire, and this is the exciting next step in our cocoa journey as we amplify our commitment to farmers, equity, and ethical sourcing.
“Tony’s Open Chain enables us to combine traceability with sourcing principles that naturally align to Ben & Jerry’s mission and supports cocoa farmers to meet high standards on social and environmental practices while strengthening their co-operative.”
Read the full announcement here.
Services PMI® at 56.9%; August 2022 Services ISM Report On Business
Economic activity in the services sector grew in August for the 27th month in a row — with the Services PMI® registering 56.9 percent — say the nation’s purchasing and supply executives in the latest Services ISM® Report On Business.
The report was issued by Anthony Nieves, CPSM. C.P.M., A.P.P., CFPM, chair of the Institute for Supply Management® (ISM) Services Business Survey Committee. “In August, the Services PMI registered 56.9 percent, 0.2 percentage point higher than July’s reading of 56.7 percent. The Business Activity Index registered 60.9 percent, an increase of 1 percentage point compared to the reading of 59.9 percent in July. The New Orders Index figure of 61.8 percent is 1.9 percentage points higher than the July reading of 59.9 percent.
Nieves continues, “According to the Services PMI, 14 industries reported growth. The composite index indicated growth for the 27th consecutive month after a two-month contraction in April and May 2020. Growth continues — at a slightly faster rate — for the services sector, which has expanded for all but two of the last 151 months.”
Read the full announcement here.
Walmart Announces Equity Investment in Sustainable Beef LLC
Walmart and Sustainable Beef LLC announced that Walmart signed an agreement to acquire a minority stake in Sustainable Beef LLC, a rancher-owned company based in North Platte, Nebraska. Walmart’s equity investment is part of a broader strategic partnership to source top-quality Angus beef from Sustainable Beef LLC’s new beef processing facility. The partnership helps supplement the current beef industry and provides additional opportunities for ranchers to increase their business.
According to Tyler Lehr, senior vice president of merchandising for deli services, meat, and seafood, Walmart U.S., “At Walmart, we are dedicated to providing high-quality, affordable beef to our customers, and an investment in Sustainable Beef LLC will give us even more access to these products,” he said.
“We know Sustainable Beef LLC has a responsible approach to beef processing, one that includes creating long-term growth for cattle ranchers and family farmers. This investment provides greater visibility into the beef supply chain and complements Walmart’s regeneration commitment to improve grazing management.”
Read the full announcement here.
Bridgestone Announces $550 Million Expansion
Bridgestone Americas announced a major expansion and modernization of its flagship Warren County, Tennessee Truck and Bus Radial Tire Plant. The $550 million investment will add 380 new jobs and expand the plant’s existing footprint by 850,000 square feet to support increased capacity and to accelerate the use of advanced technologies that support cleaner, safer, and more efficient commercial truck and bus fleets.
The investment will also allow for all tires made in Warren to be equipped with radio frequency identification tags that enable more efficient asset management and optimization of fleets’ investments in tires, including retreading.
The expansion supports Bridgestone’s E8 commitment, which consists of 8 Bridgestone-like values starting with the letter “E” (Energy, Ecology, Efficiency, Extension, Economy, Emotion, Ease, and Empowerment) that Bridgestone has committed to creating together with employees, society, partners, and customers to realize a sustainable society.
Read the full announcement here.
Other Supply Management News
Lumber Prices Ride a Roller Coaster of Volatility
Automakers Rush to Build EV Battery Supply Chain in NA
