BRAZIL, Sao Paulo. 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 meat company has reached an agreement to acquire BioTech Foods, a Spanish pioneer in cultivated protein, and to build a new production plant in Spain. Founded in 2017, BioTech Foods operates a pilot plant in the city of San Sebastián. With the new plant, BioTech expects to begin commercial production in mid-2024.
Along with the acquisition, JBS is also announcing the setting up of Brazil's first cultivated protein research and development center. In all, JBS will channel $100 mill. to the two projects. Under the terms of the deal, JBS becomes the majority shareholder of BioTech Foods. The acquisition of BioTech Foods is still subject to confirmation by the foreign investment authority of Spain, among other conditions common to this type of transaction.
When commercial operations begin, the cultivated protein will reach consumers in the form of prepared foods, such as hamburgers, steaks, sausage meats, and meatballs, among others, with the same quality, safety, taste and texture as traditional protein. The technology has the potential not only for the production of beef protein, but also chicken, pork and fish.