Sunday, February 04, 2018

Tyson Foods invests in Memphis Meats (cultured meat)

Tyson Foods Inc. extended its reach in the alternative protein space with an investment in Memphis Meats, a leading producer of meat grown from animal cells. The company announced a minority stake in Memphis Meats, but details of the terms were not disclosed. Tyson joins DFJ, Atomico, Cargill, Bill Gates and Richard Branson as investors in the cultured-meat maker. “We’re excited about this opportunity to broaden our exposure to innovative, new ways of producing meat, especially since global protein demand has been increasing at a steady rate,” said Justin Whitmore, executive vice president corporate strategy and chief sustainability officer of Tyson Foods. “We continue to invest significantly in our traditional meat business, but also believe in exploring additional opportunities for growth that give consumers more choices.” In October 2017, Tyson Foods acquired a 5 percent stake in El Segundo, California-based Beyond Meat, which manufactures plant-based meat substitutes that have the taste and texture of animal protein. The company manufactures plant-based alternatives to meatballs, chicken strips and tenders, beef crumbles and burger patties. The products are made with soy or pea protein, and are free of gluten, dairy, trans fats, cholesterols and GMO ingredients. Investments in cultured meat and plant protein companies provide Tyson Foods with innovative solutions aimed at providing a growing global population the protein they demand. Memphis Meats expects to put the investment toward accelerating product development. The company is currently recruiting to expand its team of chefs, scientists, creative people and business people...more

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