Brazil's JBS agrees to buy Spanish lab meat firm in $100 mln push into sector

 

Reuters

via Financial Post (Canada) - Nov 17, 2021 

 

RIO DE JANEIRO — Brazilian meatpacker JBS said on Wednesday it had agreed to buy Spanish company BioTech Foods, while also creating a new research and development center in Brazil for lab meat as part of a $100 million push into the fast-growing sector.

 

“The acquisition marks the company’s entry into the cultivated protein market,” JBS said in a filing.

 

It added the Spanish deal would include $41 million assigned to building a new plant there to scale up production, and the accord was still reliant on regulatory approval.

 

(Reporting by Gabriel Stargardter Editing by Chris Reese)

 

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