Marfrig (B3:MRFG3 and Level 1 ADR: MRRTY) and ADM (NYSE: ADM) today announced the completion of regulatory approvals and the formal launch of PlantPlus Foods, a joint venture that will offer a wide range of finished plant-based food products across North and South America, backed by unmatched technology, scale and experience.
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"We’re excited to take this important step forward as we bring together the tremendous resources of two leaders in nutrition," said Marcos Molina, founder and chairman, Marfrig. "PlantPlus Foods is born of two companies that had a common vision to create a new venture offering a complete portfolio of delicious, sustainable plant-based foods for consumers across the Western Hemisphere."
The Chicago-based joint venture will serve customers with a focus on North and South America, with the ability to reach other global markets.
"Consumers today are demanding food that is good for the environment, for the body, for the mind, and for the development of a better you – while still being delicious," said Juan Luciano, ADM Chairman and CEO. "Backed by the vast capabilities of ADM and Marfrig, PlantPlus Foods brings together a unique blend of innovation, scale, insight and expertise in this exciting, fast-growing market."
Marfrig, one of the world’s leading beef producers and the world’s largest beef patty producer, owns 70 percent of the venture; ADM, a leading global nutrition company, is a 30 percent owner. Marfrig will be responsible for finished product production and distribution, utilizing its facilities in South America, mainly in Várzea Grande, in the Brazilian state of Mato Grosso, and its facilities in the United States. ADM will supply innovative technical expertise, application development and an array of plant-based ingredients, flavors and systems from its specialty protein complex in Campo Grande, Mato Grosso do Sul, and its network of U.S.-based ingredient and flavor facilities, including its new pea protein plant in Enderlin, North Dakota.
Some of the above statements constitute forward-looking statements. ADM’s filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, ADM and Spiber assume no obligation to update any forward-looking statements.
Marfrig is responsible for managing 13 production units in Brazil, which produce ready-to-eat products such as canned beef, beef jerky, sauces and sachets. These products are sold in the domestic market through the retail, wholesale and foodservice channels and exported to around 100 countries. Marfrig also has 5 production units in Argentina, where it is the country’s leader in the production and sales of beef patties. In Uruguay, it operates 5 units and is the country’s largest cattle processor and beef exporter. In Chile, Marfrig is the leading importer of beef and operates a lamb primary processing unit, which serves numerous countries.
About Marfrig North America
National Beef, a Marfrig subsidiary located in the United States, exports to over 30 countries and has daily processing capacity of 13,100 head of cattle. The company operates 3 cattle processing units, 5 beef processing units, 1 tannery and one of the world’s largest beef patty plants, located in Ohio. It sells products in the U.S. market through the retail, wholesale and foodservice channels and is the country’s leading exporter of chilled beef, with a focus on the Japanese and South Korean markets. National Beef also offers further processed products and by-products, tannery and logistics operations and online sales of products directly to consumers.
At ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We’re a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.
Source: Corporate Release
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