The new production plant in Spain will scale up production
JBS, the largest global protein company and the world’s second-largest food industry, has entered into an agreement to acquire control of Spanish company BioTech Foods.
The deal signals the company’s entry into the cultivated protein market, which consists of producing food from animal cells and includes investment in building a new plant in Spain to scale up production.
Along with the acquisition, JBS is also announcing the setting up of Brazil’s first cultivated protein research & development (R&D) center. In all, JBS will channel $ 100 million to the two projects.
Founded in 2017, BioTech Foods is one of the leaders in the development of biotechnology for producing cultivated protein, and has the support of the Spanish government and the European Union. The company operates a pilot plant in the city of San Sebastián and expects to reach commercial production in mid-2024 with the building of this new production facility. The investment in the new facilities is estimated at $ 41 million.
Under the terms of the deal, JBS becomes the majority shareholder of BioTech Foods. The deal enables both companies to pool their strengths and accelerate the development of the cultivated protein market.