The largest meat processing company in the world, JBS, buys Spanish lab meat firm BioTech Foods as part of their $100 million investment in the industry.
Founded in 2017, BioTech Foods is one of the leaders in the development of biotechnology for producing cultivated protein, and has the support of the Spanish government and the European Union. JBS is no stranger to the alternative protein market as it already invests heavily on the plant-based alternative market, but this deal marks their debut in the cultivated protein field. The Brazilian meat giant proves it understands the importance of cultivated meat, creating a new research and development center in Brazil for cell-cultured meat as part of their push into the fast-growing sector.
This deal includes $41 million for the building of a new plant for BioTech to scale up production in Spain. This is quite a significant event for Spain as it deepens the country’s position on an international level, associated with the biggest meat company in the world. Additionally, it gives the opportunity to increase production locally.