USA – Meat producer Tyson Foods has acquired a minority stake in Memphis Meats, producer of cultured meats to address the increasing demand for protein around the globe.
The acquisition will see an expansion of Tyson Foods’ broad portfolio of products and brands like Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair.
The company will join a group of other investors in Memphis Meats such as DFJ, Atomico, Cargill, Bill Gates and Richard Branson.
Tyson Foods is making a quick move to providing quality proteinaceous products as demand rises while establishing itself as the world’s second largest processor and marketer of chicken, beef and pork after JBS S.A.
“We’re excited about this opportunity to broaden our exposure to innovative, new ways of producing meat, especially since global protein demand has been increasing at a steady rate,” said Justin Whitmore, executive vice president corporate strategy and chief sustainability officer of Tyson Foods.
“We continue to invest significantly in our traditional meat business, but also believe in exploring additional opportunities for growth that give consumers more choices.”
Memphis Meats on the other hand was focusing on product development to offer customers a variety of products given the changing preferences and tastes.
The company recently announced the creation of Lab Meat with an aim to produce animal meat products such as beef, chicken and duck from animal cell cultures
Memphis Meats’ group of chefs, scientists, creative people and business people will help in delivering progress in the company as it strives to thwart competition from Beyond Meat and Impossible Foods, all with the common goal of transforming the way conventional meat is produced.
“We are excited that Tyson Foods will be joining us in our mission to bring meat to the table in a sustainable, affordable and delicious way,” said Uma Valeti, M.D., co-founder and CEO of Memphis Meats.
“Our vision is for the world to eat what it loves, in a way that addresses today’s challenges for the environment, animal welfare and public health.
We are accelerating our work and building out a world-class team to make this a reality.”