The Brazilian JBS takes control of the Spanish BioTech Foods
May 10, 2022
With Google Translate
Sao Paulo, May 10 (EFE).- The Brazilian multinational JBS, the largest meat processor in the world, concluded the acquisition of corporate control of the Spanish company BioTech Foods, one of the global leaders in the development of cultured meat production.
The operation marks the entrance of JBS in the cultured meat market, which consists of the production of food from animal cells, according to the company in a statement sent to the financial market on Monday night.
According to JBS, BioTech Foods will use the proceeds from the sale of its shareholding to "finance its expansion plans."
The Spanish company operates a pilot plant in the city of San Sebastián and hopes to reach commercial production in mid-2024 with the construction of a new factory, with a capacity of 1,000 tons per year.
The investment for this new facility is estimated at 41 million dollars, according to the note, which did not specify the exact shareholding percentage that JBS acquired.
JBS explained that the business is in line with its strategy to "expand its platform of new forms of meat production, as a reflection of new consumption trends and expected population growth in the coming decades."
It also announced…