JBS has entered into an agreement to acquire control of Spanish company BioTech Foods, one of the leaders in the development of biotechnology for producing cultivated protein. The transaction signals the company’s entry into the cultivated protein market, which consists of producing food from animal cells, and includes investing in the building of a new plant in Spain to scale up production. Along with the acquisition, JBS is setting up of Brazil’s first cultivated protein research & development center. In all, JBS will spend $100 million on the two projects.
Under the terms of the deal, JBS will become the majority shareholder of BioTech Foods. The deal enables both companies to pool their strengths and accelerate the development of the cultivated protein market. JBS will have access to BioTech Foods technology and protein production capability, while providing the industrial processing capacity, marketing structure, and sales channels to bring new products to market.
When commercial operations begin, the cultivated protein will reach consumers in the form of prepared foods, such as hamburgers, steaks, sausage meats, and meatballs, among others, with the same quality, safety, taste, and texture as traditional protein. The technology has the potential not only for the production of beef protein, but also chicken, pork, and fish.
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“This acquisition strengthens our strategy of innovation, from how we develop new products to how we commercialize them, to address the growing global demand for food. Combining technological know-how with our production capacity, we will be in a position to accelerate the development of the cultivated protein market,” says JBS Global CEO Gilberto Tomazoni.
The acquisition of BioTech Foods is subject to confirmation by the foreign investment authority of Spain, among other conditions common to this type of transaction.