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Domino invests £30m in egg-coding startup
Domino has announced that it is investing around $50m (£30m) in a new joint venture company to develop food safety and traceability technologies for the US egg industry.
The track and trace and inkjet equipment supplier is paying $50m for a 15% stake in TEN Media which uses systems developed by NewMarket Impressions, a company controlled by billionaire investor Ron Burkle.
Domino is supplying laser and ink jet coding equipment to the business, which has come up with technology to mark trace codes and certified fresh dates onto eggs and allow them to be traced “from harvest to table”.
According to Domino, more than 500m of the 6bn eggs produced in the US each year were recalled to due salmonella, and recent legislation requires producers to step up efforts to prevent the disease.
Domino managing director Nigel Bond said: “The simple ‘Best Before Date’ is no longer an adequate protection, today full traceability of products from source to point of consumption are increasingly required.
“In partnering with NMI I believe Domino has a unique opportunity to deliver full compliance systems and as a result to increase significantly our market share of laser and ink jet coders.
“By taking an ownership stake in the new company we will be full partners with NMI in the development and deployment of systems globally.
“Our first priority will be the egg industry in the USA. We are excited by the opportunity and believe that over time, the returns from this investment will be significant.”
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