JBS SA, the largest meat processing company in the world, has now completed the acquisition of Spanish cultivated meat leader BioTech Foods. The acquisition also includes plans to build a production plant for cultivated meat in San Sebastián, Spain.
Now owning a 51% stake in BioTech Foods, the Brazilian meat giant JBS has invested $40 million into the new cultivated meat production plant, which is expected to have an annual capacity of 1,000 tons and will begin operations in mid-2024. In addition, JBS has announced Florianópolis, Brazil, as the site of its Biotech Innovation Center, comprising laboratories and a pilot plant.
Despite being a global meat giant, JBS is looking to futureproof itself with multiple investments in alt protein. The multinational operates Planterra, a plant-based brand that recently opened a new manufacturing facility in Denver, Colorado. Last year also saw JBS purchase Vivera foods, which at the time was Europe’s third-largest plant-based food producer, for an enterprise value of €341 million.
“This is by far the largest investment by a Brazilian company in the cultivated protein sector and reinforces our innovation strategy to adapt to consumer trends and feed the growing global population,” stated Eduardo Noronha, global head of innovation and operational excellence at JBS.