Danone (QX) (USOTC:DANOY)
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3 Months : From Jan 2020 to Apr 2020
By Dieter Holger
Danone SA (DANOY) said Wednesday that it will use $3 million in federal funds, alongside a $20 million deal with rePlant Capital, to help North American farmers apply organic or regenerative agriculture, a practice that enhances the health of soil.
The $3 million investment, in partnership with the government-backed National Fish and Wildlife Foundation, will help farmers, including suppliers of Danone North America, using public funds from the U.S. Department of Agriculture's Natural Resources Conservation Service, the French food company said.
Danone said it will first start working with farmers in Kansas and Ohio before expanding to other states, including Texas, Idaho and Utah. It builds on Danone's 2018 pledge to invest $6 million in soil health research.
The company also said that rePlant Capital, an impact investor focused on sustainable agriculture, will invest up to $20 million over the next several years to help Danone North America's farmers pay for regenerative or organic farming.
"Providing these loans mitigates the financial stress that transitioning to regenerative and organic farming practices places on our farmers and allows them to focus their energy on driving sustainable agriculture on their farms," said Mariano Lozano, chief executive of Danone North America, in prepared remarks.
Write to Dieter Holger at email@example.com; @dieterholger
(END) Dow Jones Newswires
January 29, 2020 11:58 ET (16:58 GMT)
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