Archer Daniels and Brazil's Marfrig set up plant-based food joint venture
Archer Daniels Midland Co. and Brazilian beef processor Marfrig Global Foods SA said Wednesday they are creating a joint venture called PlantPlus Foods to create plant-based foods for the South and North American markets. The two companies have already been working together to produce plant-based meat substitutes for the South American market. Marfrig will own 70% of the new venture while ADM will own 30%. Marfrig will handle production and distribution of products using its South American facilities, mainly in Várzea Grande, in the Brazilian state of Mato Grosso, as well as plants in the U.S. Archer Daniels will provide technical expertise and plant-based ingredients, flavors and systems from a specialty protein plan in Campo Grande, Mato Grosso do Sul, and its network of U.S.-based ingredient and flavor facilities, including a new pea protein plant in Enderlin, North Dakota. Archer Daniels shares were up 2.3% premarket, but are down 18% in the year to date, while the S&P 500 has fallen 7%.
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