The infant formula startup was thrust into the limelight after gaining a tick from the US regulator in early July to supply millions of tins to a stretched market.
Walter Bugno, former boss of pokies operator IGT International, is now chairman of ASX-hopeful Care Corporation.that he loved two things about the opportunity: Care A2 Plus was trying to differentiate itself as an innovative product in a mature category, and “it was positioning itself as the only truly Australian product on the global marketplace.”
Mr Bugno started out as an adviser to Care A2 Plus, and joined as chairman of parent company Care Corporation in early 2022. “We are a startup that really focused on one premise, and that was bringing a true Australian product in all sense of the word from beginning to end to the world, and whilst the US wasn’t our initial focus, it certainly, has taken on a dimension of its own with the shortage occurring,” Mr Bugno said.
Its first orders for Care A2+ Premium Infant Formula with iron and added lactoferrin for more than 250,000 tins are due to ship to the US this month. With negligible sales last year, many in the market are wondering how this tiny company will fulfil its big promise to the US government.
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