Marfrig And ADM Unveil PlantPlus Foods, A Joint Venture Offering Fake Meat Plant-Based Food Products
Sao Paulo & Chicago - Marfrig (B3:MRFG3 and Level 1 ADR: MRRTY) and ADM (NYSE: ADM) today announced an agreement to create PlantPlus Foods, a joint venture for the sale of plant-based food products across South American and North American markets.
Marfrig, one of the world's leading beef producers and the world's largest beef patty producer, and ADM, a leading global nutrition company, already have a successful history working together to develop and produce sustainable, plant-based foods in South America. Now, PlantPlus Foods will expand on that successful relationship.
"Marfrig's production and distribution capacity and its experience and know-how in working with high-quality meat, combined with ADM's technical and development excellence and its industry-leading plant-based ingredient and natural flavors portfolio, will provide our new joint venture unparalleled scale and singular expertise for offering plant-based products of the highest quality," said Marcos Molina, founder and chairman, Marfrig. "PlantPlus Foods will be ready from day one to meet customer needs in this fast-growing market."
"ADM's complete portfolio of ingredients, flavors and solutions from nature are a foundation for innovative, sustainable foods - including alternative proteins - around the world," said ADM Chairman and CEO Juan Luciano. "Over the last several years, we've invested strategically to build strong leadership positions in fast-growing trend areas. Now, by expanding our relationship with Marfrig, we're taking the next step in meeting exploding consumer demand for alternative proteins."
"Consumers today are thinking about food in new ways, with the knowledge that delicious burgers and more can come from a variety of sources, including plants," said Leticia Gonçalves, ADM's president, Global Specialty Ingredients. "We're proud to supply major consumer product customers around the globe, including through our ADM Nutrition Solutions platform in Brazil, with a complete pantry of ingredients, flavors and solutions to meet their individual needs. And now, PlantPlus Foods will add to our capabilities, expanding our leadership position in a key growth market."
Marfrig will initially own 70 percent of PlantPlus Foods, with ADM owning 30 percent. Marfrig will be responsible for production and distribution, utilizing its facilities in South America, mainly in Várzea Grande, in the Brazilian state of Mato Grosso, and its facilities in the United States.
ADM will supply technical expertise, application development and an array of plant-based ingredients, flavors and systems from its specialty protein complex in Campo Grande, Mato Grosso do Sul, and its network of U.S.-based ingredient and flavor facilities, including its new pea protein plant in Enderlin, North Dakota. The joint venture will primarily focus on North and South America, though it will have the ability to serve customers in other global markets.
The two companies will continue serving existing customers independently, supporting the sustainable development of the industry.
"Marfrig and ADM value and appreciate all of our customers, and this new company will not change our relationships or our commitment to meeting their needs," said Gonçalves.
"The demand for proteins, from both plants and animals, is growing across the globe, and Marfrig and ADM will continue individually to help meet those needs in all the ways we do today," added Molina.
Marfrig and ADM plan to launch the new company and start operations as soon as required regulatory approvals have been received.