Brazil’s JBS Plans to Buy Spanish Lab Meat Firm, Enters Cultivated Protein Sector

Brazilian meatpacker JBS said that it will be entering the cultivated protein market as it plans to spend $100 million to acquire Spanish company BioTech Foods and build a new research center in Brazil.

“The deal signals the company’s entry into the cultivated protein market,” said JBS in its announcement on Thursday, noting that the deal is still subject to the Spanish government’s approval.

The Spanish deal would make JBS the major shareholder of BioTech and would give the Brazilian company access to the lab meat firm’s technology and protein production.

BioTech would, in turn, “have at its disposal the industrial processing capacity, marketing structure and sales channels of JBS for bringing the new product to market,” said JBS.

The Brazilian firm added that the deal will include a $41 million investment for a new production plant in Spain.

Meanwhile, JBS expects to inaugurate a cultivated protein research center in Brazil by 2022 to supplement the new venture.

“Through the investment in the R&D center, JBS intends to develop new techniques that accelerate the economies of scale and reduce the costs of producing cultivated protein, bringing forward its commercialization on the market,” JBS added.

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