Italy's got talent. How Italian leading companies in confectionery industry overcame the crisis

The crisis that spread worldwide since 2007 started from the financial sector and ended to affect also real economy. This process has attracted the attention of many scholars seeking to study its causes and impacts. Notwithstanding many works on this topic, the impact of the crisis on specific industries is still rather unexplored. The present work seeks to address this issue by analyzing the confectionery industry, with particular emphasis for Italian market leaders, Ferrero S.p.A. and Perfetti Van Melle S.r.l.. The aim of the study is to assess if they have been successful in tackling the crisis, keeping a satisfactory level of profitability associated to a good financial health notwithstanding ongoing difficulties. Moreover, we seek to analyze the strategies the companies employed to survive the crisis. The concern of the paper is both quantitative and qualitative. Thus, we calculated a complete set of indicators using a specific methodology for financial statement analysis which has been conceived especially for studying Italian firms; these data have been integrated with other information retrieved from the annual reports of the companies (especially the notes to the accounts and the directors’ report). The analysis highlights that both the firms benefit from a good financial health, with Perfetti Van Melle presenting a large amount of liquidity. On the contrary, liquidity should be the main concern of Ferrero because of an excessive reliance on current liabilities. Both the firms have a good level of profitability, even if Perfetti Van Melle’s one is decreasing. The key-strategies for the success of these firms are ongoing investments in state-of-the-art plant and machinery, an increasing use of equity as the main source of funding, along with huge investments in research and advertising.

Note. Speciation of arsenic in licorice confectionery products and estimation of health risks

Total-arsenic (T-As) and arsenic (As) species were determined by HPLC-HG-AAS in ten different confectionery products: nine throat pearls and an industrial licorice extract. The Spanish legislation sets a maximum total-As content in confectionery products at 0.1 mu g/g. T-As concentrations were above the permitted maximum limit (mean of 0.219 +/- 0.008 mu g/g). All As was present in the form of toxic inorganic species. The daily consumption of licorice-confections in Spain is 1.1 g and leads to a daily intake of inorganic-As of 0.23 mu g (0.2% of the tolerable daily intake of inorganic As for a teenager). These experimental results proved that even though high total-As concentrations were found in licorice throat pearls and that all the As found was present as inorganic species, no significant risks for health are expected just by considering this As source.

Fermentative production of glycine betaine and trehalose from acid whey using Actinopolyspora halophila (MTCC 263)

Acid whey has become a major concern especially in dairy industry manufacturing Greek yoghurt. Proper disposal of acid whey is essential as it not only increases the BOD of water but also increases the acidity when disposed of in landfill, rendering soil barren and unsuitable for cultivation. Effluent (acid-whey) treatment increases the cost of production. The vast quantities of acid whey that are produced by the dairy industry make the treatment and safe disposal of effluent very difficult. Hence an economical way to handle this problem is very important. Biogenic glycine betaine and trehalose have many applications in food and confectionery industry, medicine, bioprocess industry, agriculture, genetic engineering, and animal feeds (etc.), hence their production is of industrial importance. Here we used the extreme, obligate halophile Actinopolyspora halophila (MTCC 263) for fermentative production of glycine betaine and trehalose from acid whey. Maximum yields were obtained by implementation of a sequential media optimization process, identification and addition of rate-limiting enzyme cofactors via a bioinformatics approach, and manipulation of nitrogen substrate supply. The implications of using glycine as a precursor were also investigated. The core factors that affected production were identified and then optimized using orthogonal array design followed by response surface methodology. The maximum production achieved after complete optimization was 9.07 ± 0.25 g/L and 2.49 ± 0.14 g/L for glycine betaine and trehalose, respectively.