Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Infant nutrition and dairy specialist Bubs Australia (BUB) enters a new supply agreement with Target USA
  • This order will be fulfilled from the third Operation Fly Formula air cargo shipment which arrived in the US on June 26
  • The products will be distributed to 280 Target stores with gross revenue of roughly $3.2 million
  • The remainder of the products will be distributed to restock Walmart stores and banner stores in the Kroger Group
  • Shares in Bubs are steady and are trading at 64.5 cents at 11:10 am AEST

Infant nutrition and dairy specialist Bubs Australia (BUB) has entered a new supply agreement with Target USA.

This order will be fulfilled from the third Operation Fly Formula air cargo shipment which arrived in the US on June 26.

The products will be distributed to 280 Target stores with gross revenue of roughly $3.2 million.

The remainder of the products will be distributed to restock Walmart stores and banner stores in the Kroger Group.

The US is currently struggling with a nationwide shortage of formula due to a contamination scare involving the country’s largest formula manufacturer, Abbott.

A fourth shipment is scheduled to arrive in Philadelphia on July 5.

“We are delighted to enter a new partnership with Target, a leading retailer in the infant formula category in the United States and sign a supply agreement for ranging Bubs Infant Formula products,” CEO Kristy Carr said.

“Since receiving the Enforcement Discretion from FDA to import six Bubs Infant Formula products on 27 May 2022, or less than a month ago, our products will be ranged in all four top retailers for infant formula in the USA.

“By mid-July, we expect over 360,000 tins of Bubs Infant Formula to have been made available to major retailers.”

Shares in Bubs were steady and were trading at 64.5 cents at 11:10 am AEST.

BUB by the numbers
More From The Market Herald
The Market Herald Video

" Caprice Resources (ASX:CRS) intersects shallow gold at Island Gold Project

Caprice Resources (ASX:CRS) intersects shallow gold mineralisation at its first reverse circulation drilling program at the…

" Orion Minerals (ASX:ORN) raises $1.35m in SPP

Orion Minerals (ASX:ORN) has raised $1.35 million in its share purchase plan (SPP) to advance its…

" Future Metals (ASX:FME) to raise $5.5m for Panton

Future Metals (ASX:FME) has received firm commitments for a heavily oversubscribed $5 million placement.

" Firebird Metals (ASX:FRB) raises $3.5m to accelerate Oakover development

Firebird Metals (ASX:FRB) has received firm commitments to raise $3.5 million via a placement from sophisticated…